Luxembourg Essay

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Luxembourg is a country located in Western Europe, mainly composed of French and Germanic speaking and cultures. Luxembourg has an area of nearly 2,586 square kilometers making it one of the smallest sovereign states in Europe. In 2012 Luxembourg had a small population of 524,853 which is ranked 8th of least populous countries in Europe. Luxembourg ranked in size 179th out of 194 independent countries of the world. Luxembourg borders Belgium to the West, Germany to the East, and France to the South. The country being a representative democracy is headed by Grand Duke Henri. Luxembourg has a very developed and advanced economy, ranking to be with one of the world’s highest Gross Domestic Product per capita. Luxembourg is made up of a high income
The domestic market is relatively small, but the countries financial center is mainly international. In 2009 there was considered to be 152 banks, with over 27,000 employees. Another big resource of Luxembourg is the Steel industry, founding of the Arbed company in 1911. The iron and steel industry is located on the French border. Steel accounts for almost 29% of all exports and 3.9% of the work force. The relative decline in the steel sector arose when Arbed became Arcelor, taken over by Mittal Steel the largest steel producer in the world. Tourism is another important part of the national economy, bringing in about 8.3% of GDP in 2009. Luxembourg welcomes over 900,000 travelers a year. Luxembourg has a small agricultural sector, which most farmers are working in dairy and meat production. Agriculture has 0.3% composition of GDP, while industry has 11.3% and services at 88.3%. Products of the agriculture industry are grapes, barley, oats, potatoes, wheat, and fruits. Some of the industries are composed of banking and financial services, construction, iron, metals, and steel, chemicals, engineering and tourism. The labor force of Luxembourg is around 265,800, which excludes foreign workers, having nearly 150,000 workers form France, Belgium and
With one of the highest GDP per capita of around $80,000, you could imagine the amount of luxurious items owned by individuals of Luxembourg. They have a stable market system governed lightly with freedom of interest and business. With steel accounting for most of the markets exports, rubber, plastics and agriculture. Traveler’s come in every year to experience the vast banking and economical services used by the government of Luxembourg, which is another reason for the big amount of income by Luxembourg. The country is a small populated area but as you can tell has a well fluctuated economy with many things to offer for foreigners looking for business and partners in trade and

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