Luxembourg: Capturing data-driven opportunities
Data is increasingly considered as an extremely precious asset. In Luxembourg, one of the most advanced economies in the European Union, data-driven innovation is helping a number of economic sectors thrive ...
Nestled between Belgium, Germany and France, Luxembourg is a regional economic hotspot with notably the highest GDP per capita in the world. Although this indicator is influenced by the very significant number of cross-border workers who contribute to the country’s GDP, it says a lot about the economic power of this tiny country that is one of the founding members of the EU.
Other indicators of Luxembourg’s successful long-term economic performance include its growth rate above the EU average (2.3% in 2019, compared to the EU average of 1.7%), low inflation, AAA-rated economy and rank as the 12th most competitive economy in the world (IMD, May 2019).
Once a world leader in steel production—steel giant ArcelorMittal has its global headquarters in the Grand Duchy and is one of the country’s biggest employers—Luxembourg is today widely renowned as a major financial centre. The financial industry contributed with 26.5% of GDP and 11% of total employment in 2018. Luxembourg is also a pioneer in media and communications and home to the world’s leading satellite operator, SES, as well as other leading digital companies such as Amazon and Microsoft.