Although finance and the related business services account for an important share of wealth creation, there is substantial depth and variety in the economy.
The Grand Duchy’s steel industry is now one of the most sophisticated on the planet, and home to the headquarters of the world’s leading steel company, ArcelorMittal.
Twenty-five years ago, Luxembourg was quick to grasp the potential of satellite communications, spawning the company that was to become SES, which has its global headquarters in the Grand Duchy, from where it also operates its European satellites.
More recently, Luxembourg has developed an active and thriving e-commerce and communications sector, which has motivated companies such as eBay, Skype or Paypal to relocate their headquarters.
With a population of about 500,000, foreign trade is the main vector for economic growth. More than 80% of the goods and services produced in the Grand Duchy are exported.