(WIPO code: LU) (last revised November 2019)

by MARKS & CLERK (LUXEMBOURG) LLP, Luxembourg

General Information

Area

2,586 sq. km.

Population

614,000 (estimated July 2019).

Capital

Luxembourg, with 120,000 inhabitants (2018).

Languages

French, German, Luxembourgish.

Currency

Euro (EUR).

General Remarks

Luxembourg is a member of the European Union.
The industrial sector accounts for approximately 21% 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 95,500 EUR per capita (2017).

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 centered around the chemical, rubber and plastic industry.

The service sector is very important, both in terms of jobs provided (78% 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 plays an important part in the European money market, has attracted many foreign banks, mainly during the 1970s.

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.