Luxembourg Background and Facts
12/18/2007 03:12 p.m.
Flag: 
Background: Founded in 963, Luxembourg became a grand duchy in 1815 and an independent state under the Netherlands. It lost more than half of its territory to Belgium in 1839, but gained a larger measure of autonomy. Full independence was attained in 1867. Overrun by Germany in both World Wars, it ended its neutrality in 1948 when it entered into the Benelux Customs Union and when it joined NATO the following year. In 1957, Luxembourg became one of the six founding countries of the European Economic Community (later the European Union), and in 1999 it joined the euro currency area.
Location: Western Europe, between France and Germany
Map: 
Area: slightly smaller than Rhode Island
Climate: modified continental with mild winters, cool summers
Ethnic Groups: Celtic base (with French and German blend), Portuguese, Italian, Slavs (from Montenegro, Albania, and Kosovo) and European (guest and resident workers)
Religions: Roman Catholic 87%, other (includes Protestant, Jewish, and Muslim) 13% (2000)
Languages: Luxembourgish (national language), German (administrative language), French (administrative language)
Economy: 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. 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, has suffered from the global economic slump, the country enjoys an extraordinarily high standard of living - GDP per capita ranks second in the world.
Currency: euro (EUR)
note: on 1 January 1999, the European Monetary Union introduced the euro as a common currency to be used by financial institutions of member countries; on 1 January 2002, the euro became the sole currency for everyday transactions within the member countries
Tags: country background and facts, luxembourg
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