Luxembourg Economics and Business

Business

Luxembourg’s GDP per capita is one of the highest in the world. The economy is based on a strong export-oriented industry, dominated by the steel sector, and a service sector where international banking and trade is important. One third of the state’s revenue comes from the financial sector, and there are over 150 international banks in the country. The service industries account for the majority of employment, the industry accounting for 19 percent.

Luxembourg GDP (Nominal, $USD) 2003-2017

The mineral industry is financially dominated by iron and steel processing, and steel is a dominant export commodity. Mining is carried out by mainly private companies on a small scale for their own use. dolomite, limestone, sand, gravel and chalk. Cement is also produced. The development of the steel industry was originally based on iron ore assets in the southwest. Today, no ore is mined, but there are still large steel mills in Esch-sur-Alzette, Dudelange and Differdange operated by the multinational Arcelor-Mittal group. Other important industrial sectors are the chemical industry and the rubber, plastic and machine industries. The IT industry has recently grown in importance.

Luxembourg relies almost exclusively on imported energy sources. More than half of the energy demand is covered by oil and natural gas, together with 7 percent of renewable energy sources.

  • COUNTRYAAH: Find major trading partners of Luxembourg, including major exports and major imports with latest trade value and market share as well as growth rate.

About 50 percent of the country’s area is usable land and about 35 percent is covered by forest. Agriculture is very varied, highly mechanized and efficient. Despite accounting for only about 1 percent of employment and 0.4 percent of GDP, there is still a high degree of self-sufficiency. You grow cereals in the north and wine in the south. Production of meat and dairy products has increased.

The export value amounts to just over 80 percent of GDP. The most important export products are machinery, steel and metal products and chemicals. Germany, France and Belgium are the most important trading countries.

Tourism and gastronomy

Abbreviated as LUX by abbreviationfinder.org, the country of Luxembourg is visited annually by more than 900,000 foreign tourists and tourism is an important source of income. The most important tourist destinations are the capital Luxembourg, which hosts both international fairs, and also has an old-fashioned cityscape with the castle, the Cathedral Notre-Dame and several museums. Other tourist destinations are the many medieval castles that are scattered throughout the country; the main ones are Clervaux, Esch-sur-Sûre, Vianden and Wiltz. Furthermore, the country has a well-developed system of hiking trails, including. in the Our and Moselle valleys.

Note: the capital city of Luxembourg is Luxembourg City with a population of 116,000 (2018). Other major cities include Esch-sur-Alzette with a population of 35,000, Differdange with a population of 27,000, Dudelange with a population of 21,000 (2018).

The country’s kitchen clearly shows the strong ties that exist with neighboring countries Belgium, France and Germany. Most of the food notes are written in French and strikingly many of the dishes served are also French. A certain tendency towards large portions and quite heavy food, a lot of cabbage and long cooks in pots can give a German impression, but in Belgium as well as in northern France you have really the same tradition; it is the availability of raw materials and not the political boundaries that dictate the menus. In Luxembourg there is an abundance of plums. geheck (pork soup, calf lung and plum). Common dishes based on the local fauna are pike that are cooked whole or turned into quenelles (trout balls), trout in various shapes and hare. Plums are also available in the desserttarte au quetsch (pie with plum soaked in plum brandy). Beer is the most common meal drink, which is often followed by a glass of plum wine or spirits.

Luxembourg Economics and Business

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