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Luxembourg Economy and Business

Luxembourg economy and business has been showing a prospective growth due to its close proximity with Belgium, France and Germany. The steel industry is the dominant
player in the industrial sector of Luxembourg. But with time, the other kind of Luxembourg business has also emerged in the fields of rubber, chemicals and other products.

There is a low inflation in the financial sector of Luxembourg. It is about 28% of the GDP. Banking is another major type of business in Luxembourg. It supports the Luxembourg economy to a great extent. The standard of living of the people is very high. As per the report of 2004, the total number of labor engaged in agriculture is 1%; in industry is 13% and in other service sectors is 86%.

The above figure shows a healthy growth in the Luxembourg economy and business. The main industries in Luxembourg are the iron and steel, telecommunications, engineering, aluminum, glass, tourism and so on. The major agriculture products include fruits, barley, grapes, livestock products and dairy products.

To earn foreign revenue, Luxembourg exports steel products, glass, machinery and equipment, chemicals, rubber products, etc. The Euro is the official currency for running economy and business in Luxembourg.

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