Luxembourg banking
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Information
Economy—overview: The stable prosperous economy features moderate growth low inflation and low unemployment. Agriculture is based on small family-owned farms. The industrial sector until recently dominated by steel has become increasingly more diversified. During the past decades growth in the financial sector has more than compensated for the decline in steel. Services especially banking account for a growing proportion of the economy. Luxembourg participates in an economic union with Belgium on trade and most financial matters is also closely connected economically to the Netherlands and as a member of the EU enjoys the advantages of the open European market.
GDP: purchasing power parity—$13.48 billion (1997 est.)
GDP—real growth rate: 3.6% (1997 est.)
GDP—per capita: purchasing power parity—$33 700 (1997 est.)
GDP—composition by sector:
agriculture: 5%
industry: 21%
services: 74% (1995)
Inflation rate—consumer price index: 2.3% (1995)
Labor force:
total: 213 100 (one-third of labor force is foreign workers mostly from Portugal Italy France Belgium and Germany)
by occupation: trade restaurants hotels 20% mining quarrying manufacturing 16% other market services 18% community social personal services 14% construction 11% finance insurance real estate business services 9% transport storage communications 8% agriculture hunting forestry fishing 1% electricity gas water 1% (1995 est.)
Unemployment rate: 3.5% (1997)
Budget:
revenues: $5.46 billion
expenditures: $5.44 billion including capital expenditures of $NA (1997 est.)
Industries: banking iron and steel food processing chemicals metal products engineering tires glass aluminum
Industrial production growth rate: 3.3% (1995 est.)
Electricity—capacity: 138 000 kW (1995)
Electricity—production: 470 million kWh (1995)
Electricity—consumption per capita: 13 518 kWh (1995)
Agriculture—products: barley oats potatoes wheat fruits wine grapes; livestock products
Exports:
total value: $7.1 billion (f.o.b. 1996)
commodities: finished steel products chemicals rubber products glass aluminum other industrial products
partners: Germany 28% France 18% Belgium 15% UK 7% Netherlands 5%
Imports:
total value: $9.4 billion (c.i.f. 1996)
commodities: minerals metals foodstuffs quality consumer goods
partners: Belgium 38% Germany 25% France 11% Netherlands 4%
Debt—external: $NA
Economic aid:
donor: ODA $50 million (1993)
Currency: 1 Luxembourg franc (LuxF) = 100 centimes; note—centimes no longer in use
Exchange rates: Luxembourg francs (LuxF) per US$1—37.459 (January 1998) 35.774 (1997) 30.962 (1996) 29.480 (1995) 33.456 (1994) 34.597 (1993); note—the Luxembourg franc is at par with the Belgian franc which circulates freely in Luxembourg
Fiscal year: calendar year
Source - world66.com
*If you have assets worth $300,000 USD or more and would like it safeguarded in an Luxembourg Bank Account, click here for a consultation request..
* Bayerische Landesbank International
Specialized in money-market forex transactions, securities, corporate and private banking.
* Cortal Bank Luxembourg
Specializes in the management of investment funds and portfolios.
* Banque Ippa & Associes
* Credit Lyonnais Luxembourg SA
* BCEE - Banque et Caisse d'Epargne de l'Etat, Luxembourg
Founded in 1856, BCEE is a universal bank maintaining 100 branches throughout the Grand Duchy of Luxembourg as well as representative offices in New York and Singapour.
* Banque Carnegie Luxembourg
Provides private banking services for high net worth individuals and specially tailored investment fund services for fund managers and promoters.
* Banque UCL
Investment counseling, portfolio management, financial engineering.