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||1996 - 2015
Located at the heart of Europe, with the continent’s three top industrialized nations as its neighbors, Luxembourg has historically featured solid growth, low inflation, and low unemployment. The industrial sector, initially dominated by steel, has become increasingly diversified to include chemicals, rubber, automobile components, and other products. Growth in the financial sector, which accounts for about 40 percent of GDP, has more than compensated for the decline in steel. Like all EU members, it suffered from the global economic crisis, but unemployment remained below the EU average. Luxembourg's economy contracted by 0.8 percent in 2008 and 5.4 percent in 2009, but rebounded in 2010-11 before declining again in 2012. It returned to its 5 percent growth rates in 2013-14. The country continues to enjoy an extraordinarily high standard of living, as its GDP per capita ranks among the highest in the world and is the highest in the Euro Area. The government budget showed a 0.6 percent surplus in 2014 and a public debt of 23.6 percent of GDP, one of the lowest among European countries (surpassed only by Estonia). External balance of exports and imports is the main component of GDP and accounts for 35 percent of its total use, followed by household expenditure (30 percent), gross fixed capital formation (18 percent) and government consumption (17 percent). This page provides - Luxembourg GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for - Luxembourg GDP Annual Growth Rate - was last refreshed on Sunday, October 4, 2015.