Luxembourg despite its modest territorial size is considered a highly developed country and is included in the top rating of the richest countries in Europe. The main source of GDP comes from profits from the service, trade, and financial sectors. The financial well-being of the population is also due to the fact that more than half of all able-bodied citizens are engaged in the main sectors of the Luxembourg economy. In the middle of the last century, the most important branch of industry in Luxembourg was ferrous metallurgy. This was due to the discovery of many deposits containing huge reserves of iron ore. Based on this, the steel industry flourished. However, by the end of the last century this sector ceased to exist and the most recent blast furnace was shut down.
The Grand Duchy is rich in places of interest. In Luxemburg, tourists will find ancient palaces, museums and unique nature parks, so an excursion …
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Luxembourg is a dwarfish state in the heart of Europe, bordering Germany, France and Belgium. The cuisine of these countries had a decisive influence …
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The monetary policy of the State is determined by the Central Bank of Luxembourg. This has been in effect since 1998. Its main policy is not only to attract investors from outside, but also to maintain economic prosperity within the country. The level of taxation is constantly decreasing. For example, over the last 10 years, corporate taxes have decreased from 37% to 29%. Under such conditions, the most favorable climate for massive capital inflows is created, and due to the high quality of education of the citizens of the country, a highly skilled workforce has been developed. The standard of living in Luxembourg is considered to be one of the highest in the European Union. Public debt is only 7% of GDP. Annual growth rates stands at about 2.3%, although the rate of growth of indicators has taken a hit because of the global economic crisis. Unemployment in the country is also at a rather low level, with the official number of unemployed citizens less than 4% of the total number of able-bodied citizens.