Luxembourg Economy

The following table shows the main economic indicators for the years 1980-2017. Inflation less than 2% is indicated by a green arrow. ^[four]

Industry

Heavy Industry

Until the mid-1990s, the leading industry was ferrous metallurgy, which developed on the rich deposits of iron ore (belong to the vast Lorraine basin) at the southern border of Luxembourg. For a long time, the steel industry played a major role in the country's economy. The steel concern , founded in 1911 , was the country's largest industrial enterprise, which later became part of Arcelor . In 1997 , the last blast furnace was extinguished and iron ore mining ceased; steel is smelted only from scrap metal and in electric furnaces. There are design and manufacturing companies Paul Wurth , which produced finished blast furnaces.

Other Views

The chemical, leather, cement, earthenware (glass, porcelain), woodworking, sewing, weaving, food and taste industries are developed. Telecommunication equipment, audio and video equipment.

Almost all of the energy consumed in Luxembourg is imported, including oil, natural gas, coal.

Hang gliding , mountain and balneological resorts .

In the 20th century, Luxembourg became one of the world's largest banking centers. Over 200 major banks of the world operate in the country. Since 1929, the government has been encouraging the registration of large multinational companies in the country, which is largely facilitated by the domestic liberal tax climate and offshore companies .

With high industrial development, the country continues to engage in traditional sectors of agriculture - meat and dairy farming, horticulture, viticulture. The vineyards along the Moselle River are especially famous for their excellent wine. In this valley, selected grape varieties are grown, from which the world-famous wines “Riesling”, “Moselskoe”, “Rivaner” are produced.

The minimum wage in Luxembourg is the highest in the world operating throughout the country, but not the highest in the world. In Switzerland there is no minimum wage, but in a separate Canton of Neuchatel it was adopted in 2017, and it amounted to 3400 francs per month and 19.70 francs per hour, which translated into euros amounted to € 3008 per month and € 16.96 per hour. Then in November of that year, the canton of Jura also introduced a minimum wage of 20 francs per hour. ^{[5] [6] [7]}

Starting August 1, 2018, the minimum wage in Luxembourg is € 2,048.54 (gross), and € 1,722 (net). The hourly rate is € 11.84 ^[8] . Starting January 1, 2019, the minimum wage in Luxembourg is € 2,071.10 (gross), and € 1,740 (net). The hourly rate is € 11.97 ^{[9] [10]} Luxembourg has set a special minimum for teenagers and youth, which is less than the general minimum. For adolescents from 15 to 17 years old, it is lower than the minimum for unskilled workers by 25%, for 17–18 year olds - by 20%. ^[eleven]

• Banking in Luxembourg

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• Bauler, A. Les fruits de la souveraineté nationale. Essai sur le développement de l'économie luxembourgeoise de 1815 à 1999: une vue institutionnelle. - Luxembourg City, 2001.
• Leboutte, R. Un siècle d'Histoire industrielle (1873-1973). Belgique, Luxembourg, Pays-Bas. Industrialization et sociétés / R. Leboutte, J. Puissant, D. Scuto. - Brussels, 1998.
• Margue, P. Le Luxembourg et sa monnaie / P. Margue, M.-P. Jungblut. - Luxembourg City, 1990.
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• Weber, P. Histoire de l'économie luxembourgeoise. - Luxembourg City, 1950.
• L'économie luxembourgeoise au 20e siècle. - Luxembourg City, 1999.

• Economic Survey of Luxembourg 2012 from the Organization for Economic Co-operation and Development (OECD)
• OECD general page on Luxembourg
• Government statistics Template: Fr-icon
• Luxembourg in The World Factbook