Steel Kingdom - Luxembourg (LUXEMBURG)
The Grand Duchy of Luxembourg is located in western Europe, bordering Belgium, Germany and France. It covers an area of ??2,586 square kilometers and has a population of 430,000. It is the smallest country in terms of area and population among the 15 member states of the European Union. The country is divided into three provinces, with jurisdiction over 12 districts and 118 towns. The capital, Luxembourg, has a population of more than 70,000. It is the seat of the Secretariat of the European Parliament and the European Court of Auditors, Eurostat and the European Court of Justice.
Among the EU member states, Luxembourg has one of the lowest inflation and unemployment rates. In 1999, Luxembourg's inflation rate was 0.9%, the unemployment rate was 2.8%, and the economic growth rate was 5%. In the same year, Rwanda's GDP reached 699 billion rupiah (the rupiah is equivalent to the birran, 1 euro = 40.3399 rupiah). In recent years, Rwanda's economic growth rate has generally been higher than the average level of EU countries, and its financial situation is good. The financial industry, radio and television industry, and metallurgical manufacturing industry are the three main economic pillars of Luxembourg.
Luxembourg is lacking in mineral resources, with only a small amount of iron ore, and mining has been stopped in the past few years. The forest coverage rate is as high as 34%, and it can produce more than 300,000 cubic meters of wood annually. Arable land and forests account for 89% of the country's land area. The output value of agriculture and animal husbandry accounts for only 0.8% of the GDP, and the agricultural population accounts for 2.4% of the working population. The animal husbandry is developed, and dairy products are the pillar products of agriculture. The main crops include wheat, barley, grapes and vegetables.
Luxembourg’s service trade is highly developed. Trade in services accounts for 78.1% of its GDP. The banking, insurance, and securities industries play an important role in service trade. The Luxembourg government's macroeconomic policies are stable, its legal system is sound, its tax policies are favorable, and its employees are of high quality. In addition, it implements strict bank secrecy laws and does not impose savings interest tax on residents' deposits (including deposits of foreign citizens), thus attracting a large number of external deposits. . In 1999, there were 213 banks of various types registered in Luxembourg, with 22,000 employees, accounting for 9.25% of the entire labor market. The output value created accounts for about 20% of its GDP, and the taxes paid account for one-third of the national fiscal revenue.
As of 1999, Luxembourg managed more than 5,800 funds and reserves, with assets under management of nearly 30 trillion francs, surpassing France to become the world's second largest fund business management center after the United States. The clearing center of the Luxembourg Stock Exchange is responsible for processing more than 24,000 securities of more than 2,600 companies in 67 countries around the world, becoming an important medium for European securities trading. With the development of the European integration process, accounting, auditing, consulting, market research, network technology and other service industries targeting enterprises, as well as tourism, catering and other businesses, have also developed rapidly in Luxembourg. This type of business The output value of the sex service industry currently accounts for 36.8% of its GDP.
Luxembourg’s radio and television programs cover the entire Europe, and the Luxembourg Radio and Television Company broadcasts television programs to more than 20 European countries. In 1997, the Luxembourg Radio and Television Company merged with the German UFA Film and Television Company to form CLT-UFA, Europe's largest radio and television media company. Currently, the company participates in the operation of 22 television stations and 18 radio stations in 9 European countries. In 1999, the company's turnover was 130.4 billion francs and profit was 1.685 billion francs. In addition, Eurosat Luxembourg is also a multinational communications company. It leads Europe in the field of direct reception satellite systems. The company owns 8 ASTRA satellites and transmits television and radio programs to all parts of Europe through these satellites. In 1999, the group's turnover was 29.254 billion francs.
The steel industry is Luxembourg’s traditional industry. However, with the adjustment of the industrial structure, the proportion of the steel industry in the GDP has dropped from 28% in the past to 2% now, and steel exports account for 2% of Luxembourg’s exports. The proportion also dropped from 68% to 30%. However, the Luxembourg Albed Group is still the third largest steel group in the world. In 1999, the group's crude steel output reached 22.18 million tons, with a turnover of 430.6 billion francs and a profit of 9 billion francs. The group has gradually shifted to focus on external growth. Domestically, it focuses on the development and research of patented steel technologies, shifting steel production to developing countries such as Latin America, and taking the path of external expansion. There are still three steel plants in Rwanda, with an annual output of more than 2.5 million tons of crude steel, all of which use scrap steel as raw materials and use electric furnaces to make steel.
Luxembourg is located in the center of Western Europe. Domestic highways and railways criss-cross the country and are connected to important cities in France, Germany and Belgium. Air passenger and cargo transportation is connected to the airports of major European cities, and water transportation on the Mosset River within the territory The route leads directly to the Rhine River. Postal and communication services are developed and the market is prosperous.
In 1999, the total import and export trade of Luxembourg's goods and services was 1,389.9 billion francs, of which exports were 756.7 billion francs and imports were 633.2 billion francs. The general pattern of Luxembourg's merchandise trade is that imports exceed exports, but its service trade surplus can far offset its merchandise trade deficit. Therefore, its current account balance has a relatively high surplus. Luxembourg's export commodities mainly include: steel, metal products, chemical products, rubber, glass, etc.; its imported commodities mainly include: equipment, daily consumer goods, food, etc. 85% of Luxembourg's foreign trade is with European countries, and its largest trading partners are Germany, France and Belgium.