Luxembourg has a GDP of $93.2B compared to $280M for the Marshall Islands, ranking 73/197 and 194/197 by economy size, respectively.
Luxembourg has $24.2B in government debt (26.4% of GDP), compared to $46.8M (15.3% of GDP) in the Marshall Islands.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Luxembourg
|
Marshall Islands
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1960 | $709,941,874 | $8,747,570,888 | - | - |
| 1961 | $710,163,719 | $9,082,601,376 | - | - |
| 1962 | $747,846,862 | $9,206,004,653 | - | - |
| 1963 | $797,902,154 | $9,522,609,145 | - | - |
| 1964 | $910,877,686 | $10,271,641,280 | - | - |
| 1965 | $929,477,285 | $10,196,151,536 | - | - |
| 1966 | $976,717,015 | $10,308,911,196 | - | - |
| 1967 | $983,052,315 | $10,331,253,782 | - | - |
| 1968 | $1,075,561,623 | $10,763,500,261 | - | - |
| 1969 | $1,245,432,991 | $11,836,928,852 | - | - |
| 1970 | $1,457,768,455 | $12,045,250,967 | $8,408,486 | $45,931,280 |
| 1971 | $1,518,773,421 | $12,366,526,037 | $9,116,810 | $46,992,252 |
| 1972 | $1,901,697,370 | $13,182,493,346 | $9,973,652 | $47,500,634 |
| 1973 | $2,609,875,802 | $14,278,312,012 | $11,607,366 | $63,614,160 |
| 1974 | $3,183,637,117 | $14,879,781,081 | $15,217,532 | $73,361,848 |
| 1975 | $3,123,333,333 | $13,901,975,445 | $16,691,301 | $73,406,056 |
| 1976 | $3,423,586,207 | $14,254,297,207 | $18,153,647 | $73,671,297 |
| 1977 | $3,789,321,328 | $14,478,058,110 | $20,210,069 | $75,461,688 |
| 1978 | $4,718,539,772 | $15,068,034,768 | $22,209,370 | $79,705,581 |
| 1979 | $5,516,982,664 | $15,421,471,918 | $25,545,346 | $81,407,557 |
| 1980 | $6,019,805,490 | $15,551,149,194 | $26,710,653 | $75,550,102 |
| 1981 | $5,053,665,797 | $15,465,469,051 | $31,020,000 | $80,412,894 |
| 1982 | $4,602,316,793 | $15,640,429,654 | $34,918,000 | $84,297,825 |
| 1983 | $4,524,217,751 | $16,107,934,816 | $41,749,000 | $97,370,735 |
| 1984 | $4,438,435,493 | $17,104,523,017 | $45,144,000 | $101,135,112 |
| 1985 | $4,577,211,767 | $17,582,030,661 | $43,879,000 | $94,806,793 |
| 1986 | $6,685,595,088 | $19,337,409,140 | $55,989,000 | $118,074,749 |
| 1987 | $8,320,902,215 | $20,101,425,486 | $62,983,000 | $129,130,978 |
| 1988 | $9,418,167,855 | $21,802,666,470 | $70,688,000 | $139,189,050 |
| 1989 | $10,037,674,038 | $23,938,904,807 | $72,798,000 | $136,834,516 |
| 1990 | $12,778,792,854 | $25,212,438,592 | $78,476,000 | $140,496,545 |
| 1991 | $13,834,219,728 | $27,391,849,868 | $82,507,000 | $140,619,900 |
| 1992 | $15,518,702,635 | $27,890,286,478 | $91,063,000 | $150,661,400 |
| 1993 | $15,925,521,222 | $29,061,858,948 | $99,461,000 | $159,710,500 |
| 1994 | $17,701,798,891 | $30,172,289,819 | $108,071,000 | $169,097,800 |
| 1995 | $20,853,093,870 | $30,604,417,414 | $120,230,000 | $182,986,300 |
| 1996 | $20,895,314,658 | $31,032,290,275 | $110,858,000 | $164,133,300 |
| 1997 | $19,563,836,265 | $32,714,187,914 | $109,884,700 | $153,553,800 |
| 1998 | $20,150,053,345 | $34,897,700,608 | $112,070,100 | $152,518,700 |
| 1999 | $21,899,317,599 | $37,750,651,094 | $113,352,100 | $150,483,000 |
| 2000 | $21,230,182,989 | $40,369,840,253 | $114,838,500 | $154,176,500 |
| 2001 | $21,387,533,703 | $41,610,952,661 | $122,406,100 | $164,861,000 |
| 2002 | $23,649,833,332 | $42,953,079,744 | $131,960,000 | $170,855,000 |
| 2003 | $29,667,268,248 | $44,078,183,529 | $131,128,500 | $168,186,800 |
| 2004 | $35,064,843,793 | $45,943,523,456 | $132,900,000 | $167,500,000 |
| 2005 | $37,672,280,120 | $47,084,243,707 | $138,000,000 | $170,500,000 |
| 2006 | $42,910,146,296 | $49,917,168,650 | $143,200,000 | $170,800,000 |
| 2007 | $51,587,401,416 | $53,959,794,030 | $150,500,000 | $177,100,000 |
| 2008 | $58,844,277,702 | $53,797,819,881 | $146,600,000 | $163,700,000 |
| 2009 | $54,467,289,898 | $52,055,333,193 | $151,200,000 | $169,700,000 |
| 2010 | $56,213,985,987 | $54,012,829,513 | $161,100,000 | $179,100,000 |
| 2011 | $61,696,281,326 | $54,576,884,710 | $172,300,000 | $178,200,000 |
| 2012 | $59,776,383,527 | $55,477,349,892 | $180,700,000 | $175,900,000 |
| 2013 | $65,203,276,467 | $57,236,974,872 | $186,400,000 | $182,600,000 |
| 2014 | $68,804,811,898 | $58,738,350,400 | $186,000,000 | $180,300,000 |
| 2015 | $60,071,584,216 | $60,071,584,216 | $183,700,000 | $183,700,000 |
| 2016 | $62,216,885,436 | $63,062,061,884 | $201,800,000 | $188,300,000 |
| 2017 | $65,712,180,343 | $63,892,707,251 | $213,700,000 | $195,000,000 |
| 2018 | $71,085,623,495 | $64,922,207,641 | $220,000,000 | $205,700,000 |
| 2019 | $69,872,035,114 | $66,707,126,419 | $232,900,000 | $227,200,000 |
| 2020 | $73,670,782,100 | $66,366,885,631 | $241,800,000 | $220,900,000 |
| 2021 | $86,386,759,695 | $70,965,934,441 | $258,900,000 | $223,600,000 |
| 2022 | $80,801,680,397 | $70,188,819,484 | $253,400,000 | $221,100,000 |
| 2023 | $87,574,021,092 | $69,701,966,861 | $259,300,000 | $212,400,000 |
| 2024 | $93,197,329,012 | $70,421,024,000 | $280,357,844 | $218,285,536 |
Economic indicators
|
Luxembourg
|
Marshall Islands
|
|
|---|---|---|
| Gross domestic product |
$93.2B
2024 |
$280M
2024 |
| GDP rank |
73/197
2024 |
194/197
2024 |
| GDP growth |
6.42%
2023-2024 |
8.12%
2023-2024 |
| GDP per capita |
$137,517
2024 |
$7,467
2024 |
| GDP per capita rank |
3/197
2024 |
100/197
2024 |
| GDP per capita, PPP |
$150,772
2024 |
$8,198
2024 |
| Government debt |
$24.2B
2024 |
$46.8M
2024 |
| Debt-to-GDP ratio |
26.4%
2025 |
15.3%
2025 |
| Government debt per person |
$35,728
2024 |
$1,245
2024 |
| Government debt per person rank |
20/185
2024 |
136/185
2024 |
| Average annual personal income after taxes |
$64,450
2025 |
$5,868
2025 |
| Market capitalization of domestic companies |
$41.9B
2024 |
n/a |
| Number of billionaires |
1
2025 |
n/a |
| Income share by richest 10% |
25%
2023 |
27.5%
2019 |
| Income share by poorest 10% |
2.8%
2023 |
2.8%
2019 |
| Government expenditure, % of GDP |
48.2%
2025 |
71.9%
2025 |
| Consumer prices inflation |
2.05%
2023-2024 |
5.2%
2024-2025 |
| Unemployment rate |
6.42%
2024 |
9.82%
2021 |
| Population |
690832
|
36281
|
GDP per capita in Luxembourg vs Marshall Islands
Luxembourg's GDP per capita is $137,517, ranking 3/197, compared to $7,467 in the Marshall Islands, ranking 100/197. Adjusted for purchasing power (GDP per capita PPP), Luxembourg ranks 1st at $150,772, while the Marshall Islands ranks 137th at $8,198.
| Year | Current $ | |||
|---|---|---|---|---|
|
Luxembourg
|
Marshall Islands
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1960 | $2,261 | - | - | - |
| 1961 | $2,241 | - | - | - |
| 1962 | $2,332 | - | - | - |
| 1963 | $2,462 | - | - | - |
| 1964 | $2,779 | - | - | - |
| 1965 | $2,804 | - | - | - |
| 1966 | $2,925 | - | - | - |
| 1967 | $2,935 | - | - | - |
| 1968 | $3,203 | - | - | - |
| 1969 | $3,690 | - | - | - |
| 1970 | $4,298 | - | $373 | - |
| 1971 | $4,435 | - | $390 | - |
| 1972 | $5,487 | - | $416 | - |
| 1973 | $7,447 | - | $472 | - |
| 1974 | $8,967 | - | $602 | - |
| 1975 | $8,701 | - | $638 | - |
| 1976 | $9,491 | - | $672 | - |
| 1977 | $10,486 | - | $724 | - |
| 1978 | $13,034 | - | $771 | - |
| 1979 | $15,204 | - | $859 | - |
| 1980 | $16,531 | - | $868 | - |
| 1981 | $13,837 | - | $969 | - |
| 1982 | $12,591 | - | $1,046 | - |
| 1983 | $12,374 | - | $1,199 | - |
| 1984 | $12,127 | - | $1,245 | - |
| 1985 | $12,482 | - | $1,162 | - |
| 1986 | $18,150 | - | $1,425 | - |
| 1987 | $22,443 | - | $1,543 | - |
| 1988 | $25,219 | - | $1,670 | - |
| 1989 | $26,618 | - | $1,670 | - |
| 1990 | $33,465 | $29,929 | $1,758 | $2,102 |
| 1991 | $35,747 | $33,168 | $1,811 | $2,131 |
| 1992 | $39,571 | $34,086 | $1,963 | $2,293 |
| 1993 | $40,067 | $35,875 | $2,112 | $2,452 |
| 1994 | $43,933 | $37,526 | $2,265 | $2,617 |
| 1995 | $51,032 | $38,320 | $2,491 | $2,858 |
| 1996 | $50,444 | $39,707 | $2,273 | $2,583 |
| 1997 | $46,642 | $42,478 | $2,231 | $2,434 |
| 1998 | $47,445 | $44,267 | $2,254 | $2,422 |
| 1999 | $50,872 | $49,845 | $2,258 | $2,400 |
| 2000 | $48,660 | $55,124 | $2,265 | $2,490 |
| 2001 | $48,440 | $56,142 | $2,394 | $2,700 |
| 2002 | $53,006 | $58,576 | $2,566 | $2,825 |
| 2003 | $65,689 | $60,200 | $2,539 | $2,824 |
| 2004 | $76,545 | $64,694 | $2,566 | $2,880 |
| 2005 | $80,988 | $68,788 | $2,659 | $3,017 |
| 2006 | $90,789 | $78,878 | $2,754 | $3,110 |
| 2007 | $107,475 | $85,129 | $2,892 | $3,309 |
| 2008 | $120,422 | $90,971 | $2,818 | $3,118 |
| 2009 | $109,420 | $86,873 | $2,907 | $3,253 |
| 2010 | $110,886 | $90,346 | $3,095 | $3,473 |
| 2011 | $119,025 | $94,475 | $3,319 | $3,537 |
| 2012 | $112,585 | $96,636 | $3,514 | $3,590 |
| 2013 | $120,000 | $100,925 | $3,678 | $3,845 |
| 2014 | $123,679 | $105,296 | $3,735 | $3,931 |
| 2015 | $105,462 | $107,889 | $3,764 | $4,125 |
| 2016 | $106,899 | $113,365 | $4,230 | $4,366 |
| 2017 | $110,193 | $114,986 | $4,593 | $4,719 |
| 2018 | $116,927 | $116,638 | $4,858 | $5,232 |
| 2019 | $112,697 | $121,372 | $5,292 | $6,045 |
| 2020 | $116,860 | $122,067 | $5,662 | $6,137 |
| 2021 | $134,966 | $136,772 | $6,259 | $6,706 |
| 2022 | $123,720 | $143,382 | $6,323 | $7,332 |
| 2023 | $131,408 | $142,425 | $6,678 | $7,532 |
| 2024 | $137,517 | $150,772 | $7,467 | $8,198 |
Spending and national debt comparison
In 2024, Luxembourg's government spending was $43.7B, accounting for 48.2% of its GDP, while the Marshall Islands' spent $201M, or 71.9% of GDP.
Debt-to-GDP ratio is 26.4% in Luxembourg and 15.3% in the Marshall Islands, ranking 167/185 and 176/185, respectively.
| Year | % of GDP | |||
|---|---|---|---|---|
|
Luxembourg
|
Marshall Islands
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 1995 | 42% | 10.3% | - | - |
| 1996 | 42.5% | 10.2% | - | - |
| 1997 | 44.2% | 10.1% | 55% | 8.73% |
| 1998 | 43.9% | 9.51% | 50.5% | 18.1% |
| 1999 | 41.7% | 8.39% | 48.7% | 26.1% |
| 2000 | 38% | 7.49% | 56.5% | 27.3% |
| 2001 | 38.1% | 7.62% | 58.8% | 32.7% |
| 2002 | 41.8% | 7.45% | 55.2% | 37.2% |
| 2003 | 43.3% | 7.43% | 52.9% | 43.7% |
| 2004 | 43.7% | 7.83% | 54.5% | 46.8% |
| 2005 | 43.4% | 7.95% | 85.3% | 45.8% |
| 2006 | 39.4% | 8.21% | 61.2% | 44.4% |
| 2007 | 37.4% | 8.09% | 67.2% | 42.2% |
| 2008 | 37.9% | 14.6% | 64.3% | 44.1% |
| 2009 | 42.7% | 15.3% | 63.1% | 41.2% |
| 2010 | 42% | 19.1% | 59.2% | 38.8% |
| 2011 | 41.5% | 18.5% | 55.9% | 35.9% |
| 2012 | 41.8% | 20.8% | 53.2% | 37.6% |
| 2013 | 41.2% | 22.4% | 55% | 33.4% |
| 2014 | 40.6% | 21.9% | 49.2% | 34.9% |
| 2015 | 40.4% | 21.1% | 56.3% | 33.9% |
| 2016 | 40% | 19.6% | 56.8% | 29.2% |
| 2017 | 41.3% | 21.8% | 63.7% | 26.5% |
| 2018 | 42.3% | 20.9% | 60.5% | 24.7% |
| 2019 | 43.1% | 22.3% | 65.5% | 25.1% |
| 2020 | 47% | 24.5% | 67.8% | 21.7% |
| 2021 | 42.4% | 24.2% | 69.8% | 20.1% |
| 2022 | 44.3% | 24.9% | 67.7% | 19.8% |
| 2023 | 47% | 25% | 66% | 18.7% |
| 2024 | 46.9% | 26% | 71.8% | 16.7% |
| 2025 | 48.2% | 26.4% | 71.9% | 15.3% |
Government deficit by year
In 2024, Luxembourg's government surplus, the difference between spending and revenue, was $961M, equivalent to 1.03% of GDP. This compares to the Marshall Islands' surplus of $1.65M, or 0.59% of GDP.
Over the past 28 years, Luxembourg recorded a fiscal deficit in 6 of those years, while the Marshall Islands ran a deficit in 5 years. On average, Luxembourg posted an annual surplus equal to +1.5% of GDP, compared to surplus of +2.43% of GDP for the Marshall Islands.
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Luxembourg
|
Marshall Islands
|
|
| 1995 | 2.71% | - |
| 1996 | 2.37% | - |
| 1997 | 2.65% | 7.91% |
| 1998 | 2.98% | 13.5% |
| 1999 | 3.24% | 9.01% |
| 2000 | 5.55% | 7.84% |
| 2001 | 5.62% | 7.83% |
| 2002 | 2.03% | 5.12% |
| 2003 | 0.28% | 10.5% |
| 2004 | -1.39% | -1.6% |
| 2005 | -0.21% | -22.3% |
| 2006 | 1.9% | 0.24% |
| 2007 | 4.35% | 0.27% |
| 2008 | 3.37% | 3.68% |
| 2009 | -0.21% | 1.51% |
| 2010 | -0.26% | 3.51% |
| 2011 | 0.65% | 2.13% |
| 2012 | 0.5% | -0.76% |
| 2013 | 0.84% | -0.23% |
| 2014 | 1.33% | 3.2% |
| 2015 | 1.3% | 2.81% |
| 2016 | 1.89% | 3.88% |
| 2017 | 1.37% | 4.38% |
| 2018 | 3.17% | 2.55% |
| 2019 | 2.68% | -1.8% |
| 2020 | -3.09% | 2.54% |
| 2021 | 1% | 0.18% |
| 2022 | 0.18% | 0.68% |
| 2023 | -0.79% | 0.69% |
| 2024 | 1.03% | 0.59% |
| 2025 | -0.78% | 0.51% |
Inflation comparison by year
Over the past 21 years, Luxembourg has recorded an average annual inflation rate of 2.16%, compared with 2.72% in the Marshall Islands. In 2024, inflation was 2.05% in Luxembourg and 5.2% in the Marshall Islands.
| Year | Inflation | ||
|---|---|---|---|
|
Luxembourg
|
Marshall Islands
|
Luxembourg
|
Marshall Islands
|
| 1996 | 1.18% | - | |
| 1997 | 1.37% | - | |
| 1998 | 0.96% | - | |
| 1999 | 1.03% | - | |
| 2000 | 3.15% | - | |
| 2001 | 2.66% | - | |
| 2002 | 2.07% | - | |
| 2003 | 2.05% | - | |
| 2004 | 2.23% | 2% | |
| 2005 | 2.49% | 3.5% | |
| 2006 | 2.67% | 5.3% | |
| 2007 | 2.31% | 2.6% | |
| 2008 | 3.4% | 14.7% | |
| 2009 | 0.37% | 0.5% | |
| 2010 | 2.27% | 1.8% | |
| 2011 | 3.41% | 5.4% | |
| 2012 | 2.66% | 4.3% | |
| 2013 | 1.73% | 1.9% | |
| 2014 | 0.63% | 1.1% | |
| 2015 | 0.47% | -2.2% | |
| 2016 | 0.29% | -1.5% | |
| 2017 | 1.73% | 0.1% | |
| 2018 | 1.53% | 0.8% | |
| 2019 | 1.74% | -0.1% | |
| 2020 | 0.82% | -0.7% | |
| 2021 | 2.53% | 2.2% | |
| 2022 | 6.34% | 2.8% | |
| 2023 | 3.74% | 7.4% | |
| 2024 | 2.05% | 5.2% | |
| 2025 | - | 5.2% | |
Top exports between countries
|
Luxembourg
|
|
|---|---|
| Export category | Export value |
| Machinery & equipment | $34K |
| Chemicals & pharma | $12K |
|
Marshall Islands
|
|
|---|---|
| Export category | Export value |
Balance of trade
|
Luxembourg
|
Marshall Islands
|
|
|---|---|---|
Current account balance
|
$6.43B
2024 |
$76.3M
2021 |
| Current account balance ranking |
28/189
2024 |
69/189
2021 |
| Current account balance, % of GDP |
+6.9%
2024 |
+29.5%
2021 |
| Goods imports |
$29.7B
2024 |
$133M
2021 |
| Goods exports |
$31B
2024 |
$121M
2021 |
| Service imports |
$138B
2024 |
$73.1M
2021 |
| Service exports |
$171B
2024 |
$9.44M
2021 |
| Imports of goods and services, % of GDP |
182.7%
2024 |
71.2%
2023 |
| Exports of goods and services, % of GDP |
215.5%
2024 |
38.9%
2023 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Luxembourg
|
Marshall Islands
|
|
|---|---|---|
| Economic freedom | 79.5 | 58 |
| Economic freedom ranking | 6/197 | 110/197 |
| Property rights | 97.8 | n/a |
| Government integrity | 85.7 | n/a |
| Judicial effectiveness | 97.2 | n/a |
| Tax burden | 62.7 | n/a |
| Government spending | 39.4 | n/a |
| Fiscal health | 98.5 | n/a |
| Business freedom | 89.2 | n/a |
| Labor freedom | 57.5 | n/a |
| Monetary freedom | 71.9 | n/a |
| Trade freedom | 79.6 | n/a |
| Investment freedom | 95 | n/a |
| Financial freedom | 80 | n/a |
More economic indicators
|
Luxembourg
|
Marshall Islands
|
|
|---|---|---|
| Services, % of GDP |
81.9%
2024 |
70.5%
2023 |
| Industry, % of GDP |
9.01%
2024 |
11.1%
2023 |
| Agriculture, forestry, and fishing, % of GDP |
0.17%
2024 |
19.5%
2023 |
|
GNI, Atlas method
|
$62B
2024 |
$315M
2024 |
| GNI per capita, PPP |
$106,980
2024 |
$9,720
2024 |
| Total reserves including gold |
$2.79B
2024 |
n/a |
| Total reserves ranking |
119/177
2024 |
n/a |
|
Net foreign direct investment
|
$53.6B
2024 |
-$499K
2021 |
|
Net inflows of foreign direct investment
|
$106B
2024 |
$1.7M
2024 |
|
Net outflows of foreign direct investment
|
$109B
2024 |
$2.94M
2006 |
| Poverty at national poverty lines |
17.3%
2021 |
7.2%
2019 |
|
Gross capital formation, % of GDP
|
15.2%
2024 |
19.7%
2023 |
GDP per capita map
GDP per capita
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Economy comparisons
The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.
Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.
A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).
Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.
Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.
Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.