uses a darker blue
and is shorter; design was based on the flag of France

@Luxembourg:Economy

Overview: The stable, prosperous economy features moderate growth, low
inflation, and negligible unemployment. Agriculture is based on small
but highly productive family-owned farms. The industrial sector, until
recently dominated by steel, has become increasingly more diversified,
particularly toward high-technology firms. During the past decade,
growth in the financial sector has more than compensated for the
decline in steel. Services, especially banking, account for a growing
proportion of the economy. Luxembourg participates in an economic
union with Belgium on trade and most financial matters, is also
closely connected economically to the Netherlands, and as a member of
the 15-member European Union enjoys the advantages of the open
European market.

National product: GDP - purchasing power parity - $9.2 billion (1994
est.)

National product real growth rate: 2.6% (1994 est.)

National product per capita: $22,830 (1994 est.)

Inflation rate (consumer prices): 3.6% (1992)

Unemployment rate: 2.4% (1994)

Budget:
revenues: $4 billion
expenditures: $4.05 billion, including capital expenditures of $NA
(1994 est.)

Exports: $6.4 billion (f.o.b., 1991 est.)
commodities: finished steel products, chemicals, rubber products,
glass, aluminum, other industrial products
partners: EC 76%, US 5%

Imports: $8.3 billion (c.i.f., 1991 est.)
commodities: minerals, metals, foodstuffs, quality consumer goods
partners: Belgium 37%, Germany 31%, France 12%, US 2%

External debt: $800 million (1994 est.)

Industrial production: growth rate -0.5% (1990); accounts for 25% of
GDP

Electricity:
capacity: 1,238,750 kW
production: 1.374 billion kWh
consumption per capita: 3,395 kWh (1993)

Industries: banking, iron and steel, food processing, chemicals, metal
products, engineering, tires, glass, aluminum

Agriculture: accounts for less than 3% of GDP (including forestry);
principal products - barley, oats, potatoes, wheat, fruits, wine
grapes; cattle raising widespread

Economic aid: none

Currency: 1 Luxembourg franc (LuxF) = 100 centimes

Exchange rates: Luxembourg francs (LuxF) per US$1 - 31.549 (January
1995), 33,456 (1994), 34.597 (1993), 32.150 (1992), 34.148 (1991),
33.418 (1990); note - the Luxembourg franc is at par with the Belgian
franc, which circulates freely