Flag description:
three equal horizontal bands of red (top), white, and light blue;
similar to the flag of the Netherlands, which uses a darker blue and
is shorter; design was based on the flag of France
Economy Luxembourg
Economy - overview:
This stable, high-income economy features solid growth, low
inflation, and low unemployment. The industrial sector, initially
dominated by steel, has become increasingly diversified to include
chemicals, rubber, and other products. Growth in the financial
sector, which now accounts for about 22% of GDP, has more than
compensated for the decline in steel. Most banks are foreign-owned
and have extensive foreign dealings. Agriculture is based on small
family-owned farms. The economy depends on foreign and trans-border
workers for more than 30% of its labor force. Although Luxembourg,
like all EU members, has suffered from the global economic slump,
the country has maintained a fairly strong growth rate and enjoys an
extraordinarily high standard of living.
GDP:
purchasing power parity - $21.94 billion (2002 est.)
GDP - real growth rate:
0.4% (2002 est.)
GDP - per capita:
purchasing power parity - $48,900 (2002 est.)
GDP - composition by sector:
agriculture: 1%
industry: 30%
services: 69% (2000 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
1.6% (2002 est.)