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| Capital city: |
Luxembourg |
| Surface area: |
2,600 sq km |
| Population: |
479,000 |
| Official language(s): |
French, German, Letzebuergesch |
| Head of State: |
H.R.H. The Grand Duke Henri of Luxembourg |
| Head of Government: |
H.E. Prime Minister Mr Jean-Claude Juncker |
| Australian exports to Luxembourg: |
A$1,248,000 |
| Australian imports from Luxembourg: |
A$23,222,000 |
| Luxembourg's principal export destinations: |
Germany, France, Belgium |
| Luxembourg's principal import sources: |
Belgium, Germany, China | (Source: Department of Foreign Affairs and Trade - Country economic fact sheet) |
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Economic climate
Finance, transport and communications are the strong sectors in Luxembourg.
The major industries are:
- iron and steel
- plastic and rubber
- chemicals
- mechanical and electrical equipment
The agricultural and manufacturing sectors are relatively small, thus foodstuffs and consumer goods imports are high.
Key economic indicators and statistics for 2008*:
- GDP – US$57 billion
- GPD per capita – US$117,231
- Real GDP growth – 3.1 per cent
- Inflation – 2.9 per cent
*IMF forecast
(Source: Department of Foreign Affairs and Trade - Country economic fact sheet) |
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The Grand Duchy of Luxembourg is a constitutional monarchy. The Head of State is Grand Duke Henri. The Prime Minister (Minister of Finance and Treasury, and Minister of State) is Mr. Jean-Claude Juncker. Both the Prime Minister and Cabinet are appointed by the Head of State.
The Chamber of Deputies (legislative branch of government) comprises 60 seats; deputies are elected by a system of proportional representation.
The current government is a coalition of the Christian Social Party and the Democratic Party.
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Trade relations and statistics
Luxembourg is the smallest member-nation of the European Union (EU) as well as being a founding member. The EU accounts for about 85 per cent of Luxembourg’s exports and imports. Approximately 25 per cent of total exports are destined for Germany, with 20 per cent going to France. The Saar-Lor-Lux region, comprising Germany’s Saarbrucken region, France’s Lorraine region and the Grand Duchy of Luxembourg, is an important financial and monetary centre within the EU.
Luxembourg and Belgium have had an economic union (BLEU) since 1921. The BLEU is the world's 11th largest trading entity in value terms, accounting for about three per cent of total worldwide trade. Belgium provides approximately 35 per cent of Luxembourg’s imports; Germany about 25 per cent.
Luxembourg, along with Belgium and the Netherlands, established the Benelux Customs Union in 1948.
Major Australian exports to Luxembourg (2007):
- Live animals – A$554,000
- Measuring and controlling instruments – A$267,000
- Non-electrical machinery, tools – A$58,000
- Musical instruments – A$49,000
Major Australian imports from Luxembourg (2007):
- Heating and cooling equipment – A$4,195,000
- Rubber tyres – A$2,867,000
- Rail and iron or steel – A$1,907,000
- Batteries and electric accumulators – A$1,655,000
(Source: Department of Foreign Affairs and Trade - Country economic fact sheet)
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