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OECD Territorial Reviews: Luxembourg 2007

image of OECD Territorial Reviews: Luxembourg 2007

In the short span of just a few decades, Luxembourg has moved from a steel-based economy to one more broadly based on financial services.  But being nestled between three other countries, each with their own infrastructure and development issues presents challenges.  This review examines the economic trends and disparities within the region, including under-exploited assets.  It makes recommendations regarding planning, the urban-rural balance, housing and land policy, transport, and R&D and education.

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Assessment and Recommendations

The Grand-Duchy of Luxembourg has succeeded in a profound economic transformation over the space of a few decades, moving from an economy that was essentially based on the steel industry to one that is dominated by the financial sector. Steel production still accounted for 43% of GDP in 1952 and 29% in 1970, but only 6% in 1992. At the same time, tertiary activities have continued to grow: they represented 77.5% of employment in 2004, far above the OECD average (69%). With more than 28 000 workers, the financial sector is now the country’s biggest employer. As a result of its growth, the Grand- Duchy now has the highest per capita GDP in the OECD.

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