Luxembourg, a grand duchy and independent state under the Netherlands, became fully independent in 1867. Overrun by Germany in both World Wars, it ended its neutrality in 1948 when it entered into the Benelux Customs Union and when it joined NATO the following year.
In 1957, Luxembourg became one of the six founding countries of the European Economic Community (later the European Union), and in 1999 it joined the euro currency area.
Facts and Figures
National Name
:
Grand Duchy of Luxembourg / Luxembourg
Size
:
2586 sq km
Population
:
468,571
Capital
:
Luxembourg
Largest Cities
:
Esch, Dudelange, Troisvierges
Main Religion
:
Roman Catholic
Monetary Unit
:
Euro
Climate
:
Moderate Continental
Economy
This stable, high-income economy, lying between France, Belgium, and Germany, features solid growth, low inflation, and low unemployment. The industrial sector, initially dominated by steel, has become increasingly diversified to include chemicals, rubber, and other products. Growth in the financial sector, which now accounts for about 22% of GDP, has more than compensated for the decline in steel. Most banks are foreign-owned and have extensive foreign dealings. Agriculture is based on small family-owned farms. The economy depends on foreign and cross-border workers for more than 30% of its labor force.
Although Luxembourg, like all EU members, has suffered from the global economic slump, the country enjoys an extraordinarily high standard of living.
Industries
Banking, iron and steel, food processing, chemicals, metal products, engineering, tires, glass, aluminum, information technology, tourism and banking
Telecommunications Infrastructure
The telecommunications network consists of a highly developed, completely automated and efficient system, mainly buried cables.
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