COUNTRY- LUXEMBOURG SECTION ONE- GROSS DOMESTIC PRODUCT TOTAL

The above presented graphs show the Gross Domestic Product total for Luxembourg. The first graph shows quarterly data from 2007 to 2010. The second graph on the other hand shows the yearly data for years 2003 to 2010. The year 2011 figure is a predicted figure reported by the World Bank. Numerically speaking, the GDP real growth rate is seen to be at approximately 3.2%. This figure is seen to have improved from the real growth rate of 2009 when the percentage was nearly 3.4 in negative. Now, looking at the total GDP figures, it is worth mentioning that Luxembourg has an astonishing total of 52.43 billion dollars in 2010. This figure is nearly the second best GDP total after Qatar in world ranking for GDP total. Although the Luxembourg economy is small, it is considered to be one of the fastest growing economies in the Euro zone. The high income economy has seen tremendous growth over the last two decades and continues to flourish under the present economic system after recovering from economic crisis. The small and stable economy of Luxembourg heavily relied on its steel production until late 1960s until it began to diversify and explored chemical products market too. In recent years, the financial sector has seen great growth in Luxembourg contributing nearly28% to its Gross Domestic Product total. At the same time, various monetary policies by the government to support the financial system resulted in 5% government budget deficit. This meant nearly 5% was spent less in 2010 from the total GDP figure. The exports figure on the other hand in 2010 accounted for nearly 17.82 million dollars. This figure included exports of plant and machinery, steel, chemical and rubber products. Lastly, the GDP figure if presented by sector composition showed that nearly 0.4% came from agriculture, 13.6% from industries and nearly 86% from services sector. Therefore, thats how the GDP of Luxembourg looks like sector wise economically.

SECTION TWO- GDP per capita (PPP)

The above graph shows the GDP per capita based on PPP calculation for Luxembourg. The figure for GDP per capita in 2010 was calculated to be at almost 81, 800 dollars in 2010. The graph above shows the figure for 2009 latest which stood at $ 105,044. This fall in GDP per capita for Luxembourg was a result of the economic recession faced by the world particularly European countries in 2008-09. However, the fact that despite the recession Luxembourg continued to be the 3rd best GDP per capita country in the world is commendable. Since recent times, banking has grown to be the largest sector in the Luxembourg economy contributing heavily to the GDP per capita figure. This shows that how efficient the Luxembourg economy is as it managed to avert the banking crisis affect its economy heavily.