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macrohistory & world report

The Grand Duchy of Luxembourg

Map of Luxembourg

Luxembourg and neighboring states

World Factbook as of November 2014: "This small, stable, high-income economy – benefiting from its proximity to France, Belgium, and Germany – 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 now accounts for about 36% of GDP, has more than compensated for the decline in steel. Most banks are foreign-owned and have extensive foreign dealings, but Luxembourg has lost some of its advantages as a favorable tax location because of OECD and EU pressure. The economy depends on foreign and cross-border workers for about 40% of its labor force. Luxembourg, like all EU members, suffered from the global economic crisis that began in late 2008, but unemployment has trended below the EU average... The country continues to enjoy an extraordinarily high standard of living – GDP per capita ranks among the highest in the world, and is the highest in the euro zone... Public debt remains among the lowest of the region although it has more than doubled since 2007 as percentage of GDP. Luxembourg's economy, while stable, grew slowly in 2012 due to ongoing weak growth in the euro area."

Economic growth rate
2013: 0.5%
2012: -2.0%
2011: 1.7%

Unemployment rate
2012: 4.8%

In addition to its urban area, Luxembourg has family-owned farms, producing oats, barley, wheat, potatoes, fruit, wine grapes and livestock

Its currency is the euro.

People

Population:
July 2014: 520,642

Population growth rate
2014: 1.12%, 109th among 233 countries

Living in an urban area
2010: 85%

Geography

Between France and Germany. Equivalent to 51 by 51kilometers or roughly 32 by 32 miles. Rather flat. Landlocked, but many airports. Capital: Luxembourg.

Government

Luxembourg is the world's only Grand Duchy, having become a Grand Duchy in 1815. It was a part of the Netherlands, gaining full independence in 1867. Luxembourg is a constitutional monarchy, that monarch being the Grand Duke Jean Benoit Guillaume Robert Antoine Louis Marie Adolphe Marc d'Aviano.

Luxembourg has been a member of NATO since 1949. It is one of the six founding countries of the European Community, which became the European Union

SOURCES:
The World Factbook

Copyright © 2009-2013 by Frank E. Smitha. All rights reserved.