Luxembourg is a small, landlocked country in western European bordered by Belgium, France, and Germany. The government system is a constitutional monarchy; the chief of state is the grand duke, and the head of government is the prime minister. Benefiting from its proximity to France, Belgium, and Germany, Luxembourg has a mixed economyA country's economic system which has both private and state... in which the economyThe management of money, currency and trade of a nation. The... includes high levels of openness and entrepreneurial activity, combined with centralized economic planning and government regulation. Luxembourg is a member of the European UnionEU. Previously called the European Community. An internation... (EU).
Luxembourg experienced uneven economic growthAn increase in a region's or nation's production of goods an... in the aftermath of the global economic crisis that began in late 2008. Luxembourg’s GDP contracted 3.6% in 2009, rebounded in 2010-12, fell again in 2013-14, but recovered in 2015. UnemploymentAn economic situation in which jobless people, often those w... has remained below the EU average despite having increased from a historically low rate of 4% in the 2000s to 7.1% in 2014.
The country continues to enjoy an extraordinarily high standard of living – GDP per capitaFor each person in the population. Per head. An expression o... ranks among the highest in the world and is the highest in the euro zone. Luxembourg has one of the highest current accountA bank account which can be used to make deposits, withdrawa... surpluses as a shareAny of the equal units into which a company's capital stock ... of GDP in the euro zone, and it maintains a healthy budgetary position and the lowest public debtAlso known as National Debt. The total amount of money owed ... level in the region. Luxembourg has lost some of its advantage as a favorable taxA fee imposed by a government on personal or corporate incom... location because of OECD and EU pressure. In 2015, the government’s compliance with EU requirements to implement automatic exchange of taxA fee imposed by a government on personal or corporate incom... information on savings accounts – thus ending banking secrecy – has depressed banking activity and dampened GDP growth. Likewise, changes to the way EU members collect taxes from e-commerceElectronic Commerce. The buying and selling of products and ... has cut Luxembourg’s taxA fee imposed by a government on personal or corporate incom... revenues, requiring the government to raise additional levies and to reduce some direct social benefits.
Important Details
- Country ISO3 : LUX
- Country Code : 442
- Income Group : High Income
- Lending Category : P2PPeer-to-peer is a model for computer connectivity and file-
- Region : Europe and Central Asia
- Currency Unit: Euro (EUR)
- WTO Member : Yes
- TradeThe buying and selling or exchange of goods and services. Th... organisations : EU, WTO and OECD
- world rank : 19
- Regional Ranking : 9th in Europe
