International Financial Recruitment Ltd.
Profile - Luxembourg
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Luxembourg
Background - Founded in 963, Luxembourg became a grand duchy in 1815 and an
independent state under the Netherlands. It lost more than half of its territory to Belgium in
1839, but gained a larger measure of autonomy. Full independence was attained 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.
Location/Geography - Western Europe, between France and Germany
Climate - modified continental with mild winters, cool summers
Size - 2,586 sq km
Population - 486,006 (July 2008 est.)
National Holiday - National Day (Birthday of Grand Duchess Charlotte) 23 June; note - the
actual date of birth was 23 January 1896, but the festivities were shifted by five months to allow
observance during a more favorable time of year
Currency - euro (EUR)
Exchange Rate 2008 (est) - euros per US dollar - 0.6734 (2007 - 0.7345)
Capital - Luxembourg , time difference: UTC+1 (6 hours ahead of Washington, DC during
Standard Time)
daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October
Government/Legal System - constitutional monarchy , based on civil law system
Economy - This stable, high-income economy - benefiting from its proximity to 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 28% 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 about
60% 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 - GDP per capita
ranks second in the world. After two years of strong economic growth in 2006-07, turmoil in the
world financial markets slowed Luxembourg's economy in 2008, but growth remained above
the European average and is likely to remain so in 2009.
Background - Founded in 963, Luxembourg became a grand duchy in 1815 and an
independent state under the Netherlands. It lost more than half of its territory to Belgium in
1839, but gained a larger measure of autonomy. Full independence was attained 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.
Location/Geography - Western Europe, between France and Germany
Climate - modified continental with mild winters, cool summers
Size - 2,586 sq km
Population - 486,006 (July 2008 est.)
National Holiday - National Day (Birthday of Grand Duchess Charlotte) 23 June; note - the
actual date of birth was 23 January 1896, but the festivities were shifted by five months to allow
observance during a more favorable time of year
Currency - euro (EUR)
Exchange Rate 2008 (est) - euros per US dollar - 0.6734 (2007 - 0.7345)
Capital - Luxembourg , time difference: UTC+1 (6 hours ahead of Washington, DC during
Standard Time)
daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October
Government/Legal System - constitutional monarchy , based on civil law system
Economy - This stable, high-income economy - benefiting from its proximity to 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 28% 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 about
60% 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 - GDP per capita
ranks second in the world. After two years of strong economic growth in 2006-07, turmoil in the
world financial markets slowed Luxembourg's economy in 2008, but growth remained above
the European average and is likely to remain so in 2009.
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Copyright 2009. All rights reserved. International Financial Recruitment Ltd. Some information on this page obtained through The World Factbook.