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Luxembourg: Economy

Iron ore made the fortune of modern Luxembourg in the post–World War II years, and although its ores are now depleted and the size of its steel industry reduced, the steel industry continues to contribute to the economy. The country is now important as a hub for banking and financial services and an information technology and telecommunications center. Luxembourg derives great economic benefits as a center for many European Union functions, including the European Investment Bank and the European Court of Justice. Tourism also is significant. Other industries are food processing, cargo transport, and the production of chemicals, metal products, tires, glass, and aluminum. Much of the labor force consists of foreign workers. Grapes, grains, potatoes, and fruits are grown and livestock is raised. Machinery and equipment, steel and rubber products, chemicals, and glass are the main exports; imports include minerals, metals, foodstuffs, consumer goods, and fuel. Germany, Belgium, France, and the Netherlands are the principal trading partners.

The Columbia Electronic Encyclopedia, 6th ed. Copyright © 2012, Columbia University Press. All rights reserved.

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