Luxembourg Economy Overview
Luxembourg, officially the Grand Duchy of Luxembourg, is primarily a service economy, exporting $97 billion in services according to the most recent data.
The tiny country exported $57.4 billion in financial services and $16.4 billion in other professional services. Luxembourg also provides transportation, travel, and computer services, totaling over $13.2 billion.
Luxembourg's Top 5 Commodity Exports
- Iron Blocks – $46 million
- Non-woven Textiles – $33 million
- Coated Flat-Rolled Iron – $30 million
- Iron Sheet Piling – $30 million
- Commodities not elsewhere specified – $27 million.
Luxembourg's Other Notable Exports
- Cars – $55 million
- Rubber Tires – $37 million
- Rubberworking Machinery – $30 million
- Trailers – $27 million
- Cellulose Fibers Paper – $26 million.
GDP of Luxembourg
Luxembourg's service economy made it the 72nd largest economy in the world in terms of GDP, but per-capita it's the world's 2nd largest economy. Luxembourg's services exports totaled $97 billion and its service imports topped $73.7 billion. It ranks 17th in services exports and 18th in services imports globally.
Luxembourg's Top 5 Commodity Imports
- Refined Petroleum – $140 million
- Commodities not elsewhere specified – $75 million
- Cheese – $26 million
- Raw Plastic Sheeting – $18 million
- Scrap Aluminium – $16 million
Luxembourg's Other Notable Imports
- Cars – $236 million
- Planes, Helicopters, and/or Spacecraft – $110 million
- Scrap Iron – $44 million
- Packaged Medicaments – $38 million
- Telephones – $30 million.
Details on Luxembourg's Imports/Exports
Luxembourg imposes tariffs on some of its commodity imports. Here are the five highest tariffs in percentage of price.
- Sugar beet – 178.2%
- Whey – 173.0%
- Mushrooms, prepared or preserved, not in vinegar – 135.8%
- Vegetables: mushrooms of the genus Agaricus, provisionally preserved but unsuitable in that state for immediate consumption – 125.4%
- Concentrated, unsweetened milk and cream – 108.6%
Sources & Further Reading
- All figures based on OEC 2018 calculations and projections unless otherwise stated.
- Encyclopedia Brittanica – Luxembourg
All currency is reported in US dollars.
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