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• GDP: US$34.5 billion (2006).
• Main exports: Machinery and equipment, steel products, chemicals, rubber products and glass.
• Main imports: Minerals, metals, food and quality consumer goods.
• Main trade partners: Germany, Belgium, France, China and UK.
• Main exports: Machinery and equipment, steel products, chemicals, rubber products and glass.
• Main imports: Minerals, metals, food and quality consumer goods.
• Main trade partners: Germany, Belgium, France, China and UK.
Economy
Luxembourg is one of the most prosperous countries in Western Europe. Two very different industries (banking and steel) have historically been the mainstays of the economy. The steel industry has ceased to be so dominant as other industries, notably chemicals, rubber, plastics, metal products and light manufacturing have prospered.
The banking and finance sector is also in a healthy condition: companies originally attracted to Luxembourg by favourable banking secrecy laws and low taxation have prospered despite the gradual harmonisation of taxes and tariffs across the EU. There is also a small but healthy agricultural sector mainly producing crops.
In 2006, growth was 6.2%, with inflation at 2.7% and unemployment was 4.1%. The Luxembourgeois economy has long been linked with that of Belgium, initially through the 1921 economic union, supplemented by a further treaty in 1958 and latterly, by mutual membership of the EU. Luxembourg was an inaugural adopter of the Euro at the beginning of 1999.
The banking and finance sector is also in a healthy condition: companies originally attracted to Luxembourg by favourable banking secrecy laws and low taxation have prospered despite the gradual harmonisation of taxes and tariffs across the EU. There is also a small but healthy agricultural sector mainly producing crops.
In 2006, growth was 6.2%, with inflation at 2.7% and unemployment was 4.1%. The Luxembourgeois economy has long been linked with that of Belgium, initially through the 1921 economic union, supplemented by a further treaty in 1958 and latterly, by mutual membership of the EU. Luxembourg was an inaugural adopter of the Euro at the beginning of 1999.
Business Etiquette
Businesspeople are expected to wear suits. It is advisable to make prior appointments and business cards are often used. Avoid business visits during Christmas and New Year, Easter week and July and August.
Office hours: Generally Mon-Fri 0830-1200 and 1400-1800.
Office hours: Generally Mon-Fri 0830-1200 and 1400-1800.
Conferences & Conventions
The location of the Grand Duchy of Luxembourg at the heart of the EU ensures its status as one of the most popular destinations for conferences and conventions in Western Europe.
Business Contacts
Belgium/Luxembourg Chamber of Commerce in the UK
105 Ferriby Road, Hessle, HU13 0HX, UK
Tel: 0870 246 1610.
Website: www.blcc.co.uk
Luxembourg Chamber of Commerce
7 rue Alcide de Gasperi, L-2981 Luxembourg
Tel: 423 9391.
Website: www.cc.lu
Luxembourg-Congrès, Hémicycle Européen
1 rue de Fort Thüngen, L-1499 Luxembourg-Ville, Luxembourg
Tel: 4302 57751.
Website: www.luxcongress.lu
105 Ferriby Road, Hessle, HU13 0HX, UK
Tel: 0870 246 1610.
Website: www.blcc.co.uk
Luxembourg Chamber of Commerce
7 rue Alcide de Gasperi, L-2981 Luxembourg
Tel: 423 9391.
Website: www.cc.lu
Luxembourg-Congrès, Hémicycle Européen
1 rue de Fort Thüngen, L-1499 Luxembourg-Ville, Luxembourg
Tel: 4302 57751.
Website: www.luxcongress.lu