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Luxembourg

(WIPO code: LU)
(latest review November 2023)
by MARKS & CLERK (LUXEMBOURG) LLP, Luxembourg

Area

2,586 sq. km.

Population

660,809 (estimated January 2023).

Capital

Luxembourg, with 132,780 inhabitants (January 2023).

Currency

Euro (EUR).

Language(s)

French, German, Luxembourgish.

Luxembourg is a member of the European Union.

The industrial sector accounts for approximately 20% of the total working population. The steel industry developed during the second half of the 19th century, thanks to the local iron ore. It provided the basis for the high standard of living in Luxembourg – the highest in the European Union, with an average of 104,000 EUR per capita (2019). In 2022, Luxembourg was ranked as having the highest per capita GDP in the world at 125,570 EUR with the city having developed into a banking and administrative centre.

During the last three decades, government policy favoring industrial diversification has led to the establishment of many small and medium-sized enterprises, especially in the chemical and metallic fabrication fields. A second industrial sector has formed around the chemical, rubber and plastic industry.

The service sector is very important, both in terms of jobs provided (87% of the working population) and in terms of value added. The general service sector is mainly influenced by the national market, but the banking sector, which is the largest sector in the Luxembourg economy and plays an important part in the European money market, has attracted and continues to attract many foreign banks.

Luxembourg is the seat of the following institutions of the European Communities: the European Court of Justice, the European Court of Auditors, the General Secretariat of the European Parliament and the Publications Office. The European Investment Bank is also situated in Luxembourg.

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