Luxembourg Economy

Working abroad sounds like an adventure to many people. However, job search in Luxembourg requires more than just the obvious Luxembourg CV writing and translation, it requires thorough preparation. You will experience problems that probably did not even come to your mind when you decided to get a Luxembourg employment.

Do not take too lightly the influence a work in Luxembourg can have on the effect of your adventure! For instance, you will experience the different immigration rules and practices, strange job application procedures, unfamiliar candidate selection criteria and unusual management culture.

art_warning Luxembourg EconomyMost visits to Luxembourg are trouble-free but you should be aware of the global risk of indiscriminate international terrorist attacks, which could be against civilian targets, including places frequented by foreigners.

Luxembourg economy - overview: This stable, high-income economy - benefiting from its proximity to France, Belgium and Germany - features solid growth, low inflation, and low unemployment. The industrial sector, initially dominated by steel, has become increasingly diversified to include chemicals, rubber, and other products.

Growth in the financial sector, which now accounts for about 28% of GDP, has more than compensated for the decline in steel. Most banks are foreign owned and have extensive foreign dealings, but Luxembourg has lost some of its advantages as a tax haven because of OECD and EU pressure.

Agriculture is based on small family-owned farms. The economy depends on foreign and cross-border workers for about 60% of its labor force. Although Luxembourg, like all EU members, suffered from the global economic slump in the early part of this decade, the country continues to enjoy an extraordinarily high standard of living - GDP per capita ranks second in the world, after Qatar.

Turmoil in the world financial markets and lower global demand during 2008-09 prompted the government to inject capital into the banking sector and implement stimulus measures to boost the economy. Government stimulus measures and support for the banking sector, however, led to a 5% government budget deficit in 2009. Nevertheless, the deficit was cut to 1.1% in 2011.

Even during the financial crisis and recovery, Luxembourg retained the highest current account surplus as a share of GDP in the euro zone, owing largely to their strength in financial services. Public debt remains among the lowest of the region although it has more than doubled since 2007 as percentage of GDP.

Labor force - by occupation: agriculture: 1.2%, industry: 20.9%, services: 77.9% (2005 est.)

Unemployment rate: 6% (2011 est.), 4.7% (2008 est.), 4.1% (2002 est.)

Natural resources: iron ore (no longer exploited), arable land

Industries: banking, iron and steel, food processing, chemicals, metal products, engineering, tires, glass, aluminum

euro_banknotes Luxembourg EconomyCurrency: Euro (€) = 100 cents. Notes are in denominations of €500, 200, 100, 50, 20, 10 and 5. Coins are in denominations of €2 and 1, and 50, 20, 10, 5, 2 and 1 cents

Credit/Debit Cards and ATMs: All major credit and debit cards are widely accepted, as well as Eurocheque cards. Many retailers require a minimum (e.g. €10-25) before accepting credit/debit cards. ATMs are widely available.

Traveler is Cheques: Widely accepted. To avoid additional exchange rate charges, travelers are advised to take traveler’s cheques in Euros, Pounds Sterling or US Dollars

Exchange rates: Euros (EUR) per US dollar - 0.7107 (2011 est.), 0.755 (2010 est.), 0.7198 (2009 est.), 0.6827 (2008 est.), 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.06 (2002), 1.12 (2001), 1.09 (2000), 0.94 (1999)

Inflation rate (consumer prices): 3.4% (2011 est.), 4% (2008 est.)

Other Luxembourg Economy Info

We hope that your Luxembourg job search has been successful and you will get Luxembourg visa too. So, if your Luxembourg cover letter and Luxembourg CV are ready, you may distribute them to your future employers and start preparing for a Luxembourg job interview.

In addition, on the international info, job search, visa, work permit, cover letter, CV & resume, job interview and dress code pages you will find many useful tips for overseas job seekers.

Good luck with the Luxembourg economy info!

Translate


Copyright © 2016 jobERA.com. All Rights Reserved.