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Luxembourg

The Grand Duchy of Luxembourg occupies a unique position in the Eurozone. Situated between France, Belgium and Germany, this small country has outpaced its neighbors in terms of economic performance in recent years. GDP growth of more than 4% annually since 2013 is expected to continue with estimates of 4.2% growth in 2017. Luxembourg boasts a broad swathe of positive economic indicators: exports of non-financial services, investment, and consumption have all been increasing. Improvment in financial markets is boosting the banking and finance sector, and consumer confidence is at record highs. Employment is also growing at its fastest rate in a decade. In 2016, a net of 11,700 salaried jobs were created, of which financial and business services accounted for 43%. As a result, unemployment has been declining and currently stands at 6.1%. Also beneficial to Luxembourg is the presence of European institutions. Luxembourg is privy to host the Court of Justice and Court of First Instance, Court of Auditors, European Investment Bank, as well as the General Secretariat of the European Parliament and some European Commission services, providing an economic boost, prestige and international importance. In total, the Luxembourg economy stands out among other European countries.

The Grand Duchy is a small country of just 590,000 inhabitants, but is growing fast. Despite its petite size, it is very popular amongst international retailers due to the high spending power of the local population. The median household disposable income in Luxembourg is more than 45,000 EUR, among the highest in the world. Additionally, the demography of these high earners is diverse. Only 53% of Luxembourg residents are native Luxembourgers. 42% of the population come from other parts of Europe. A significant portion of workers in Luxembourg commute from neighboring countries daily. 

The most important cities in terms of retail activity are Luxembourg City and Esch-sur-Alzette. Luxembourg City is by far the most populous city with 114,000 inhabitants, situated within the larger Canton of Luxembourg with 180,000 people. The main high streets are Grand-Rue and Avenue de la Gare occupying the mass market sector, and Rue Philippe II offering luxury retail shopping. The city of Esch-sur-Alzette is the second largest city in the Grand Duchy with 34,000 inhabitants and features the high street Rue de l'Alzette. Within Esch is the fast-growing area of Belval, where the University of Luxembourg is spurring significant new development. 

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Despite its small size, Luxembourg should be considered as a cosmopolitan European hub. The country has the second highest per capita gross national income in the world.

Currency

Euro (EUR)
EUR €1
USD $1.23
GBP £0.88

Language

French and German
Hello: 'Bonjour", 'Guten Tag"
Thank you: 'Merci", 'Danke"

International Dialing Code

+352

Time Zone

+1

Cost of a Pair of Jeans

100.00 EUR

Cost of a Cup of Coffee

4.30 EUR

Cities in Luxembourg

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Sébastien Vander Steene
Avenue Lloyd George 7, 1000 Brussels, Belgium
| sebastien.vandersteene@cbre.com