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The national economy is characterized by low rates of inflation and unemployments. In the national economy long time a leaging role was played by steelmaking branch. Occurrence and development of manufacture of ferrous metals were promoted by operation lotharingian iron-ore pool which part is located in a southwest part of the country. The ore extracted here, has the high maintenance of phosphorus, and up to 1879 when has been opened the process of processing of steel, extraction of iron had no commercial value. Prompt growth of metallurgical branch also has begun with this moment. Last years dependence of the country on the American and multinational companies has increased, which were interested in cars manufacture, chemicals, metal working. Agricultural resources of the country are extremely small. Poor ground interfere with gathering of good harvests. The majority of farmers conduct the mixed facilities: are engaged in animal industries and plant growing. 80% of cost of agricultural products takes meat-dairy and animal industries. Wheat, barley, root crops is grown up. Vineyards along the river Moselle give excellent wine. In XX century Luxembourg became the largest world bank center. In territory of the country operate over 200 largest banks of the world. In 1929 the government began to encourage registration of the large transnational companies in the country: these associations have branches worldwide, but very rigidly are taxed in native lands. The liberal climate and almost full absence of the taxation of offshore operations involves numerous foreign capitals to the country. Luxembourg is the second capital of EU. Here the office of the European investment bank, the Supreme European court, administrative offices of EU is located. Tourism is developed as well. The country exports steel, aluminium, rubber, glass, production of the chemical industry. Imports — mineral raw material, metals, the foodstuffs, consumer goods. The basic trading partners are Germany, Belgium, France, the Great Britain, the Netherlands. |
