Luxembourg economy

Luxembourg economy. Luxembourg is considered to be one of a kind owing to its location at the heart of Europe, the fact that it is home Jan 5, 2024. Domestic consumption will sustain activity in 2023 and 2024, and a partial recovery Luxembourg’s economy is notable for its close connections with the rest of Europe, since Luxembourg itself is too small to create a self-sustaining internal market. 9%) and public administration, defence, education, human health and social work activities (17. Concerning merchandise, at least 65% of goods and services 'made in Luxembourg is considered to be the third-most-open economy in the world, with an openness ratio of 158. In 1957, Luxembourg became one of the six founding countries of the EEC (later Feb 24, 2021 · Luxembourg, one of Europe's smallest nations, has an area of only 2,586 sq. The trade balance in 2020 stood at 10% of GDP, which represents a decrease compared with 2019 (when it stood at 11. 5 percent of Luxembourg GDP, which helped stabilize the economy. Luxembourg gdp per capita for 2021 was $133,590, a 13. In 1957, Luxembourg became one of the six founding countries of the European Economic Community (later the European Union) and, in 1999, it joined the euro currency area. C: Use with caution. 8% in 2021. However, uncertainties and risks have risen, including from Russia’s war in Ukraine and global financial tightening, as well as high domestic real estate prices and household indebtedness. Stay current with all the latest and breaking news about Luxembourg Economy, compare headlines and perspectives between news sources on stories happening today. Data and research on economy including economic outlooks, analysis and forecasts, country surveys, monetary and financial issues, public finance and fiscal policy and productivity. 7 %. $145. The banking sector is the biggest industry in Data Quality Index numbers shown on a scale of 0-100. S. 3% in 2019. Jan 31, 2024 · In 1867, Luxembourg attained full independence under the condition that it promise perpetual neutrality. The brochure brings together previously unpublished statistical data on the country's geography and environment, population and labour market, social conditions, businesses, and economy and finances. However, prosperity and quality of life cannot be taken for granted. 50 percent in the second quarter of 2021 and a record low of -7. The country has an export-intensive economy, with a persistent trade deficit. Luxembourg gdp for 2020 was $73. Worldwide gross domestic product in 2022 was at about 12,703 USD per capita. 0%) and to recover only marginally in 2024 and 2025 (+0. Luxembourg’s economy rebounded strongly in 2021 with a growth rate of 6. The economy of Luxembourg slowed down markedly in 2023, with GDP contracting in the second and third quarters. The Statistics Portal of Luxembourg provides Real GDP in EUR, at Sep 18, 2023 · Additionally, the article will examine the sources of funding for government expenditure, such as taxes and borrowing. Full Year GDP Growth in Luxembourg averaged 3. Historically, Luxembourg - Real GDP growth rate reached a record high of 7. 01. 4% rise in the preceding year. Data are in current U. The occupation lasts for most of Nov 1, 2023 · Luxembourg is a member of the European Union (EU). Luxembourg gdp for 2019 was $69. Core inflation is forecast to rise steadily as growth In 2022, Luxembourg exported a total of $20. comparison ranking. The GDP figure in 2022 was $81,706 million, Luxembourg is number 72 in the ranking of GDP of the 196 countries that we publish. Domestically, persistent supply bottlenecks, including labor shortages, and a sharp drop in consumer confidence could weigh on prospects. Inflation refers to the general increase in prices over time, resulting in a decrease in the purchasing power of money. Luxembourg is a favourable market for Australian FDI based on its strong economic performance, dynamic services sector and business-friendly 12. The Luxembourg national accounts cover all transactions, except illegal activities per se, to be included in the estimation of the GDP. source: STATEC, Luxembourg. The country primarily exports commercial services, especially those related to finance. According to the latest available data, SMEs accounted for 99. Welcome to the only official airport car park in Luxembourg. Luxembourg Nominal GDP Growth data is updated quarterly, averaging 5. Is Luxembourg a wealthy country? This small, stable, high-income economy has historically featured solid growth, low inflation, and low unemployment. The U. Luxembourg’s rise to the top of the world’s economy was greatly facilitated by its membership in the European Union Nov 7, 2011 · The iron and steel industry in Luxembourg comprises approximately 11% of the overall economy. The absolute value of GDP in Luxembourg rose $3,935 million with respect to 2021. License : CC BY-4. Get the latest insights on Luxembourg's economy, politics and risk from The Economist Intelligence Unit. 36% decline from 2021. Access OECD's projections, reports, surveys and recommendations for Luxembourg's economy. · Opportunities and challenges in the wider alternatives market today. 417 billion (2020 est. 7% of real GDP growth in 2022 and 2. Learn about the new government's policy priorities, the impact of the Red Sea crisis, the OECD global tax deal and more. 2024: 05. 4%. Exports. Jan 10, 2024 · Luxembourg: Distribution of gross domestic product (GDP) across economic sectors from 2012 to 2022 Basic Statistic Employment by economic sector in Luxembourg 2021 Luxembourg. Perhaps most importantly, the grand duchy was an original member of the Benelux Economic Union (1944), which linked its economic life with that of the Netherlands and of Belgium and would subsequently form the core of the European Economic The new edition of "Luxembourg in Figures" offers a statistical overview of the country and luxembourgish society on 56 pages. CEIC calculates Real GDP Growth from quarterly Real GDP. The Government of Luxembourg also provided a major economic stimulus package of 11 billion euros ($13 billion), equivalent to 18. Luxembourg gdp for 2021 was $85. Luxembourg, the only Grand Duchy in the world, is a landlocked country in northwestern Europe surrounded by Belgium, France, and Germany. On the expenditure side, external balance of exports and imports is the main component of GDP and Mar 13, 2024 · Background. World Bank national accounts data, and OECD National Accounts data files. dollars. The most recent exports are led by Iron Blocks ($1. 20% in December of 2021 and a record low of -0. 11. Conversely, for Unemployment and Inflation, a lower rank (closer to 0%) indicates a stronger economy. 20 percent in February from 3. Luxembourg experienced strong economic and population growth between 2008 and 2018. Overrun by Germany in both world wars, it ended its neutrality in 1948 when it entered into the Benelux Customs Union and when it joined NATO the following year. The government system is a constitutional monarchy; the chief of state is the grand duke, and the head of government is the prime minister. The government has adopted ambitious energy sector targets, including a 50-55% reduction of greenhouse gas emissions by 2030. 02B from $16. Road signs and markings are clear and primarily worded in French. Luxembourg is a founding member of the International Bank for Reconstruction and Development (IBRD) . Benefiting from its proximity to France, Belgium, and Germany, Luxembourg has a mixed economy in which At the same time, investment is expected to remain weak due to the uncertain economic outlook in combination with the impact of higher interest rates. It is based on the information available at the time it was completed on May 12, 2022. 3%) Luxembourg’s top 10 exports generated well over two-thirds (70. [1] Luxembourg has a population of half a million people in an area of approximately 2,586 square kilometres (999 sq mi). 329 % in Jun 2023. 65% decline from 2018. Luxembourg economy has remained resilient in the face of successive shocks, supported by solid fundamentals and a strong policy response. 310 % for Mar 2023. $177. 2024 Trading Economics provides the current actual value, an historical data chart and related indicators for Luxembourg - Real GDP growth rate - last updated from the EUROSTAT on February of 2024. Crops include barley, wheat, oats, potatoes, and grapes for wine. LUXEMBOURG 106 A domestic demand driven recession in 2020 The COVID-19 crisis will push Luxembourg’s economy into recession in 2020 with real GDP forecast to decline by 4½%, compared to an already low 2. 1% in 2023. 56% increase from 2020. During the same period, the number of job offers increased by 49. Luxembourg is now Europe’s capital for private banking and focal point for reinsurance companies. · How the Luxembourg government is supporting the funds industry to retain the Duchy’s position as a leading European jurisdiction. In May 1940 the German army invaded and occupied Luxembourg for the second time. 831 billion (2021 est. The economic climate in Luxembourg remained rather dreary during the interwar period, though. Luxembourg’s service economy made it the 72 nd largest economy in the world in terms of GDP, but per-capita it’s the world’s 2 nd largest economy. New loans to all enterprises decreased in 2020 compared to 2019, marking the lowest level since data are recorded. As can be observed on the physical map of Luxembourg, the country is divided into two regions, Oesling and Gotland. 5 days ago · In the 20th century Luxembourg became a founding member of several international economic organizations. 45 percent in January of 2024. 8% in 2023, slightly more than expected in autumn, mainly affected by a contraction in financial services and in the construction sector. GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. 2023 data is based on IMF growth rate estimates Luxembourg – small sovereign country located in Western Europe, bordered by Belgium, France, and Germany. Luxembourg is an export-intensive economy. Copies of this report are available to the public from. The statistic shows the distribution of employment in Luxembourg by economic sector from 2011 to 2021. Although its recorded history can be traced back to Roman times, the history of Luxembourg proper is considered to begin in 963. This rebound is due to a well-performing financial sector which managed to quickly revert to telework and only suffered limited effects of the pandemic. 9% of GDP). 97% increase from 2019. However, the introduction of new international taxation rules may pose a risk to the outlook for Luxembourg’s economy. 1% is the average growth rate of the Luxembourg economy over the last 5 years, which is almost four times higher than that of the Euro zone. 10 percent from 1996 until 2023, reaching an all time high of 12. Due to its small size and location, Luxembourg is highly open to foreign trade, which represents 389% of its GDP (the highest level in the world - World Bank). 12. It is also one of the safest countries in the world. This page provides - Luxembourg Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. 51B, a 15. 30 percent in the first quarter of 2009. In 2021, 1. Luxembourg was also a founding member of the European Economic Community (EEC) in 1957 (which became the EU in 1993) and the North Atlantic Treaty Organization (NATO) in 1959. For most of that decade, energy demand and carbon dioxide emissions fell significantly, but they started to increase again in 2016. It ranks 17 th in services exports and 18 th in services imports globally. 78% decline from 2021. Dairy, eggs and honey was the fastest grower among the top 10 export categories, up by 23. Label. 0 = Poor, 100 = Excellent. Its remarkable economic success is reflected in the GDP per capita, which currently stands at nearly 130,000 dollars, according to the International Monetary Fund's latest data, which covers some 190 countries. 03 Labour market indicators - Employment and unemployment: 01. 02 Selected other real economy indicators: 08. 559 billion (2019 est. 99B, a 5. News from Luxembourg Economy. 14 percent of the employees in Luxembourg were active Economy (Hyundai i20 or similar) is the most frequently booked rental car type in Luxembourg. The growth of the real gross domestic product in Luxembourg was forecast to increase between 2023 and 2028 by in total 2. B: Good. Luxembourg's economy is dependent on the banking, steel, and industrial sectors. 7%. Luxembourg’s services exports totaled $97 billion and its service imports topped $73. Sep 18, 2023 · Luxembourg’s economy has experienced fluctuations in its inflation rate, which is an important indicator of the overall health and stability of the country’s economy. Indicators of economy in Luxembourg The main economic performance of a country can be seen from its gross domestic product. SMEs employed approximately 66% of the labour force and generated 63% of the economy’s total value added. 20 percent in 1999 and a record low of -3. In terms of size, Luxembourg’s government expenditure represents a substantial portion of its GDP (Gross Domestic Product). The international comparative figures also make it possible to SELECTED ISSUES. Over the past decade, it has consistently accounted for around 40% to 50% of the country’s GDP. Agriculture is a small part of the economy. 6% in 2022 before picking up to 2% in 2024. Luxembourg. 5%). Luxembourg economic growth for 2018 was $67. Aug 7, 2022 · Luxembourg is a small, landlocked country located in western Europe and bordered by Belgium, France, and Germany. GDP growth (annual %) - Luxembourg. The latest macroeconomic forecast for Luxembourg. 1961 - 2022. 20 percent in 2009. Estimates are made for certain types of under-reporting, such as tax evasion and other informal activities. Luxembourg gdp per capita for 2019 was $112,622, a 3. 5B, making it the number 78 exporter in the world. GDP at purchaser's prices is the sum of gross value added by all resident producers in Banking, tourism, and other services are the most important parts of the economy. Discover how Luxembourg attracts and integrates a motivated and productive international workforce. In 1867, Luxembourg attained full independence under the condition that it promise perpetual neutrality. Luxembourg’s economy is characterized by its financial system and a high degree of international openness. 61B), Rubber Tires ($761M), Gas Turbines ($633M), Cars ($561M), and Data on Luxembourg across agriculture,development,economy,education,energy,environment,finance,government,health,innovation and technology,jobs,society Find, compare and share OECD data by country. Financial and trade information, plus best banks and safest banks rankings are also included. But first, here are the answers to some FAQs. It is a landlocked country of thick, green forests that cover rolling hills and low mountains. 5% in 2021, 3. 7 Real GDP growth is forecast to reach 5. km (998 sq mi). Luxembourg's economy is estimated to have contracted by 1. The country’s main trading partners are Germany, France and Belgium. dollars (+25. In the following years, economic activity is expected to return gradually to historic trends with 3. Employment and wage growth remain robust. 22% of the countries in the dataset. The history of Luxembourg consists of the history of the country of Luxembourg and its geographical area. Luxembourg economic growth for 2018 was $66. May 23, 2019 · The city of Luxembourg is the seat of the EU's Court of Justice. Luxembourg also produces iron and steel, machinery, chemicals, tires, and other goods. 8%) of the overall value of its global shipments. Inflation Rate in Luxembourg decreased to 3. Today, the country is a member of the five institutions that form the World Bank Group, including the International Development Association (since 1964), the International Finance Corporation (1956), the Multilateral Investment According to the European Commission, Luxembourg’s public debt is expected to increase to 25. Luxembourg economy: open, dynamic, reliable 6 Although small in size (2,586 km2), Luxembourg has a thriving economy and is renowned for its standard of living. The data reached an all-time high of 11. 2% of GDP. It lost more than half of its territory to Belgium in 1839 but gained a larger measure of autonomy. In 2022, agriculture contributed around 0. Feb 6, 2024 · Published by Statista Research Department , Feb 6, 2024. A level that Luxembourg had not experienced since late 2008 and early 2009. As most Luxembourgers are fluent in (at least) two languages (French and Luxembourgish/German), and the small country seems non-threatening to most of the EU, Luxembourgers Foreign Trade in Figures. World Economics has developed a database presenting GDP in Purchasing Power Parity terms with added estimates for the size of the informal economy and adjustments for out-of-date GDP base year data. 5% to Luxembourg for Tourism, 11. 5B in 2017 to $20. Luxembourg gdp per capita for 2022 was $126,426, a 5. On highways, a digital alert system warns drivers of incidents or detours. Mar 26, 1995 · The most important sectors of Luxembourg’s economy in 2020 were the financial and insurance activities (25. It covers topics such as progress on the SDGs, the fair transition, the energy mix, the environmental investment, the fiscal sustainability, the business environment and the public administration. economic relationship with the EU is the largest and most complex in the world, and the United States and the EU continue to pursue initiatives to create new opportunities for transatlantic commerce. 27B, a 3. The use of the Belgian currency in Luxembourg is permitted. The Largest Industries In Luxembourg Banking . 21% increase from 2018. The index measures the amount of human capital that a child born today can expect to attain by age 18, given the risks of poor health and poor Apr 29, 2022 · In March 2022, the unemployment rate was 4. 9 percent. Luxembourg gdp per capita for 2020 was $117,370, a 4. , Like many countries, Luxembourg is seeing its post-pandemic recovery lose momentum as Russia’s war of aggression against Ukraine weighs on economic activity and drives up inflation, according to a new OECD report. 18 hours ago · · The current state of the economic environment in Luxembourg. 1% from 2021 to 2022. Its Jun 1, 2018 · Luxembourg Nominal GDP Growth was reported at 4. 93B, a 1. 2. Valuation: At market prices. E: Extremely poor quality. $139. The GDP per capita of Luxembourg in 2022 was $126,598, $8,327 higher than in 2021, it was $134,925. The economy of Luxembourg is dependent on the banking, steel, and industrial sectors and the country has one of the highest GDP per capita in the world. With additional drag coming from net exports, we expected GDP to have contracted in 2023 (-1. 04 Labour market indicators – Employment breakdown: 01. 3 % in Mar 2009. Founded in 963, Luxembourg became a grand duchy in 1815 and an independent state under the Netherlands. 1% year-on-year in 2023, following a 1. 3% in 2021 and 28. 03. ) note: data are in current year dollars. This package includes direct subsidies and compensatory payments to companies, state-guaranteed loans, deferral of taxes, and social security contributions. Organisation for Economic Co-operation and Development (OECD) Jan 31, 2024 · In 1867, Luxembourg attained full independence under the condition that it promise perpetual neutrality. Cattle and pigs are the main livestock. 167 % in Mar 2006 and a record low of Sep 22, 2021 · Luxembourg is famous for being the second richest country in the world, being a European economic powerhouse, and for having award-winning wines. Nov 17, 2022 · Learn how Luxembourg recovered from the COVID-19 pandemic and faces inflationary pressures, labour market shortages, fiscal sustainability and digital challenges. Dec 28, 2021 · This small, stable, high-income economy has historically featured solid growth, low inflation, and low unemployment. 1%), wholesale and retail trade, transport, accommodation and food services (14. Aug 25, 2021 · GDP of Luxembourg. 1%. 2023: 05. Luxembourg is considered to be the third-most-open economy in the world, with an openness ratio of 158. This statistic shows the distribution of the gross domestic product (GDP) across economic sectors in Luxembourg from 2012 to 2022. Luxembourg is a small, landlocked country in western Europe bordered by Belgium, France, and Germany. This alliance later transformed into the current politico-economic Benelux Union (French: Union Benelux, German: Benelux-Union, Luxembourgish: Benelux-Unioun). 24 percent Gross domestic product (GDP) growth rate in Luxembourg 2028. For example, Luxembourg’s Exports rank is higher than 81. Employment in the country is increasing by an average of 3. This budget increase is in line with the Government’s ambition to further strengthen the development of this economic sector. 82% increase from 2020. 90% in December of 2020. 0. Luxembourg’s prosperity was originally based on the iron and steel industry, which in the 1960s represented as much as 80 percent of the total value of exports. World Economics estimates Luxembourg's GDP to be $85 billion - 10% larger than official estimates. 4 million (3. The data reached an all-time high of 18. Luxembourg's openness rate is 168. Luxembourg is considered to be one of a kind owing to its location at the heart of Europe, the fact that it is home Paper, paper items: $553. 9% in 2022. Luxembourg is one of the most prosperous economies in the OECD. 05. 9% for Luxembourg Convention Bureau. 5%, making it the most open economy in the world. 5B in 2022. Core inflation is forecast to rise steadily as growth Introduction to Luxembourg's economy. Compared to March 2021, the number of job seekers decreased by 22% and the number of people receiving unemployment benefits decreased by 23. Grade definitions: A: As good as it gets. [2] Luxembourg is a parliamentary representative democracy with a constitutional monarchy, ruled by a Grand Duke. The financial sector is the main driving force behind the Grand Duchy’s economy, representing about one-third of the country’s GDP, making Luxembourg vulnerable to external shocks. 8% in 2023 from 1. The European Commission publishes a full set of macroeconomic forecasts for the EU and its Member States in spring (May) and autumn (November) and publishes interim forecasts updating GDP and inflation figures in winter (February) and summer (July). Investment is expected to rise, alongside stronger consumption, supporting growth even as financial and business services activity normalises. 5% of all non-financial firms in Luxembourg in 2018. You can’t park any closer! Please note that our parking spaces are only available in a limited number. During the past few decades there has been a relative decline in the steel sector, offset by Dec 12, 2022 · 1921 - Luxembourg enters economic union with Belgium. In second place for improving export sales was paper including items made Luxembourg is considered to be the third-most-open economy in the world, with an openness ratio of 158. Also Show Share Details. 06 Non-financial accounts by institutional sector - time series: 05. 7 percentage GDP Annual Growth Rate in Luxembourg averaged 3. Economic Overview. 2 % in Jun 1997 and a record low of -7. It is a developed nation with one of the highest GDPs per capita on the planet and an advanced economy. The gross domestic product in current prices in Luxembourg was forecast to continuously increase between 2023 and 2028 by in total 22. 05 Consumer confidence survey: 06. 1940 - Luxembourg is again occupied by Germany. In total, 23 stories have been published about Luxembourg Economy which Ground News has aggregated in the past 3 months. In other words, the total quantity of all goods and services sold within Luxembourg minus intermediate consumption. With a population of 642,371, Luxembourg is the only Grand Duchy in the world. For Exports, FDI and GDP measures, a higher rank (closer to 100%) indicates a stronger economy. 1% per year. Luxembourg has a modern, well-maintained system of highways and secondary roads. 6% respectively). 511 % from Mar 1996 to Jun 2023, with 110 observations. Luxembourg fared better than the EU growth rate of 5 percent. 57% decline from 2018. Two-way trade in 2022 was $245. 02. Learn about Luxembourg's dynamic and open economy, its main sectors, its global performance and its diversification efforts. D: Poor. The first concerns housing: strong population growth and supply constraints have made prices surge, which worsens affordability and creates vulnerabilities for some The Luxembourg economy is set to strengthen further, growing 6. 83B, a 1. Streets in the city, construction sites, and crossroads are well illuminated at night. LineBarMap. Despite its small landmass and small population, Luxembourg is the fifth-wealthiest country Nov 13, 2020 · Overview. The country’s one thousand square miles of land, houses over 160 banks and credit institutions and 14000 holding companies. GDP growth is projected to slow to 0. . In the event of a global recession and in the wake of the coronavirus outbreak, forecasts indicate that the growth of Luxembourg's economy Luxembourg The Human Capital Index (HCI) database provides data at the country level for each of the components of the Human Capital Index as well as for the overall index, disaggregated by gender. 4% in 2022, Luxembourg's economy experienced a notable slowdown in 2023, characterized by a contraction in GDP during the second and third quarters. Luxembourg is known for its capital city, also called Luxembourg, having a curious network of underground tunnels and for having three national languages. 9% and +1. 22% increase from 2019. Besides steel, exports now include chemical and rubber products and finished glass, but the most profitable export is financial services. Which car rental companies are at Luxembourg airport (LUX)? Car rental companies onsite at Luxembourg airport include Hertz , Budget , Alamo , Sixt , Enterprise Rent-A-Car , National and keddy by Europcar . The Belgium-Luxembourg Economic Union (BLEU) was established in 1921 and provided for a customs and monetary union between the two countries. This Survey focuses on three main challenges. 6 million. Overall, economic activity is estimated to have decreased by 0. Growth in 2021 is expected to rebound to around 4% before settling Jan 5, 2024 · Aaron O'Neill , Jan 5, 2024. GDP in Purchasing Power Parity terms with added estimates for the size of the informal economy and adjustments for out-of-date GDP base year data. Main export partners are Germany (27 percent of total exports), France (15 percent), Belgium (12 percent), the Netherlands (6 percent), the UK (4 percent), Italy (4 The 2019 budget includes an allocation of 16. 09 percent from 1996 until 2023, reaching an all time high of 8. It may happen that certain products are temporarily unavailable. On the expenditure side, external balance of exports and imports is the main component of GDP and accounts for 35 percent of its total use, as exports of goods and services account for 200 The Luxembourg economy is set to strengthen further, growing 6. Nov 10, 2023 · Aaron O'Neill , Nov 10, 2023. Save time, pre-book your parking space online and benefit from economy parking and online-exclusive parking spaces. To view the evolution of the GDP per Economic forecast for Luxembourg. · How the Luxembourg economy has been impacted by global economic trends. 7% in 2023. This paper on Luxembourg was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. copy the linklink copied! Australia is currently negotiating a bilateral tax treaty with Luxembourg which will further encourage economic integration through foreign investment and trade. 75B, a 1. 5% for the Regional Tourism Offices and 3. Valuation. After growing 1. In 1957, Luxembourg became one of the six founding countries of the EEC (later 3 days ago · Despite being one of the smallest countries in the European Union, Luxembourg stands out as the wealthiest nation in the world. This report provides an overview of Luxembourg's economic situation and economic developments based on the 2019-2022 CSRs, the RRP, the RRF, the EU-level targets and other indicators. 4% of GDP in 2020, 27. Browse a full set of economic indicators, selected by Global Finance editors, including real GDP growth rate, with latest forecasts and historical data, GDP per capita, GDP composition by sector, inflation and unemployment rates, public debt statistics and more. The northern region, (Oesling) is a ridged Real GDP Growth YoY data in Luxembourg is updated quarterly, available from Mar 1996 to Dec 2022, with an average rate of 2. 9 billion U. 7% in 2022 and 3. Measured activity in the key financial and insurance services sector is weakening, and tightening financial conditions are slowing private investment. Luxembourg is the wealthiest country in the European Union, and its finance sector is the biggest contributor to its economy. Domestic consumption will sustain activity in 2023 and 2024, and a partial recovery exposures to Russia and Ukraine are limited, Luxembourg’s economic prospects depend on the reverberations of the war in Ukraine and monetary policy normalization throughout the globe. 7 billion. During the last five reported years the exports of Luxembourg have changed by $4. Luxembourg gdp for 2022 was $82. This records an increase from the previous number of 4. Over the following five centuries, the powerful House of Luxembourg emerged, but its extinction put an end to Luxembourg economy: open, dynamic, reliable 6 Although small in size (2,586 km2), Luxembourg has a thriving economy and is renowned for its standard of living. 59% increase from 2017. fq xh iz bw lj kn hx ge is jf