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Economy of Luxembourg vs Romania compared: GDP & Debt

Updated on by Georank team

Luxembourg has a GDP of $93.3B compared to $383B for Romania, ranking 74/197 and 42/197 by economy size, respectively.

Luxembourg has $24.5B in government debt (26.3% of GDP), compared to $220B (57.4% of GDP) in Romania.

Luxembourg vs Romania GDP by year

Luxembourg
Romania
1x
Year GDP, current $
Luxembourg Romania
2024 $93,279,851,863 $382,564,217,989
2023 $88,788,881,539 $347,757,995,759
2022 $80,801,680,397 $295,319,437,557
2021 $86,386,759,695 $285,071,280,114
2020 $73,670,782,100 $250,625,048,304
2019 $69,872,035,114 $250,080,428,512
2018 $71,085,623,495 $241,791,427,224
2017 $65,712,180,343 $210,147,385,855
2016 $62,216,885,436 $185,290,759,249
2015 $60,071,584,216 $177,885,131,240
2014 $68,804,811,898 $199,722,319,676
2013 $65,203,276,467 $189,798,603,751
2012 $59,776,383,527 $179,117,323,107
2011 $61,696,281,326 $192,623,977,894
2010 $56,213,985,987 $170,064,350,672
2009 $54,467,289,898 $174,110,532,659
2008 $58,844,277,702 $214,315,932,061
2007 $51,587,401,416 $174,588,782,939
2006 $42,910,146,296 $122,023,735,993
2005 $37,672,280,120 $98,454,380,120
2004 $35,064,843,793 $74,973,656,852
2003 $29,667,268,248 $57,806,384,143
2002 $23,649,833,332 $46,065,502,703
2001 $21,387,533,703 $40,395,116,581
2000 $21,230,182,989 $37,253,739,511
1999 $21,899,317,599 $35,953,156,754
1998 $20,150,053,345 $41,696,091,974
1997 $19,563,836,265 $35,575,214,078
1996 $20,895,314,658 $36,937,074,278
1995 $20,853,093,870 $37,430,162,103
1994 $17,701,798,891 $30,072,805,104
1993 $15,925,521,222 $26,361,160,450
1992 $15,518,702,635 $25,121,666,667
1991 $13,834,219,728 $28,850,634,900
1990 $12,778,792,854 $38,247,882,300
1989 $10,037,674,038 $41,450,777,202
1988 $9,418,167,855 $40,424,528,302
1987 $8,320,902,215 $38,067,567,568
1986 $6,685,595,088 -
1985 $4,577,211,767 -
1984 $4,438,435,493 -
1983 $4,524,217,751 -
1982 $4,602,316,793 -
1981 $5,053,665,797 -
1980 $6,019,805,490 -
1979 $5,516,982,664 -
1978 $4,718,539,772 -
1977 $3,789,321,328 -
1976 $3,423,586,207 -
1975 $3,123,333,333 -
1974 $3,183,637,117 -
1973 $2,609,875,802 -
1972 $1,901,697,370 -
1971 $1,518,773,421 -
1970 $1,457,768,455 -
1969 $1,245,432,991 -
1968 $1,075,561,623 -
1967 $983,052,315 -
1966 $976,717,015 -
1965 $929,477,285 -
1964 $910,877,686 -
1963 $797,902,154 -
1962 $747,846,862 -
1961 $710,163,719 -
1960 $709,941,874 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/luxembourg/romania | CC BY

GDP per capita in Luxembourg vs Romania by year

Luxembourg
GDP per capita

GDP per capita, PPP
Romania
GDP per capita

GDP per capita, PPP
1x
Year Current $
Luxembourg Romania
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $137,782 $155,941 $20,080 $49,077
2023 $133,231 $150,508 $18,244 $45,982
2022 $123,720 $146,919 $15,504 $41,979
2021 $134,966 $136,772 $14,908 $37,534
2020 $116,860 $122,067 $13,009 $34,194
2019 $112,697 $121,372 $12,910 $33,425
2018 $116,927 $116,638 $12,416 $29,383
2017 $110,193 $114,986 $10,728 $26,943
2016 $106,899 $113,365 $9,405 $23,905
2015 $105,462 $107,860 $8,977 $21,625
2014 $123,679 $105,296 $10,032 $20,633
2013 $120,000 $100,925 $9,498 $19,678
2012 $112,585 $96,636 $8,930 $19,808
2011 $119,025 $94,475 $9,561 $18,804
2010 $110,886 $90,336 $8,400 $17,355
2009 $109,420 $86,919 $8,548 $16,641
2008 $120,422 $90,971 $10,435 $16,782
2007 $107,475 $85,126 $8,360 $13,703
2006 $90,789 $78,861 $5,758 $11,554
2005 $80,988 $68,788 $4,618 $9,602
2004 $76,545 $64,686 $3,495 $8,989
2003 $65,689 $60,192 $2,679 $7,559
2002 $53,006 $58,576 $2,120 $7,162
2001 $48,440 $56,136 $1,825 $6,520
2000 $48,660 $55,136 $1,660 $5,850
1999 $50,872 $49,845 $1,600 $5,596
1998 $47,445 $44,270 $1,853 $5,545
1997 $46,642 $42,488 $1,577 $5,564
1996 $50,444 $39,722 $1,633 $5,746
1995 $51,032 $38,345 $1,650 $5,429
1994 $43,933 $37,551 $1,323 $4,995
1993 $40,067 $35,899 $1,158 $4,699
1992 $39,571 $34,108 $1,102 $4,515
1991 $35,747 $33,191 $1,254 $4,795
1990 $33,465 $29,949 $1,648 $5,280
1989 $26,618 - $1,790 -
1988 $25,219 - $1,753 -
1987 $22,443 - $1,659 -
1986 $18,150 - - -
1985 $12,482 - - -
1984 $12,127 - - -
1983 $12,374 - - -
1982 $12,591 - - -
1981 $13,837 - - -
1980 $16,531 - - -
1979 $15,204 - - -
1978 $13,034 - - -
1977 $10,486 - - -
1976 $9,491 - - -
1975 $8,701 - - -
1974 $8,967 - - -
1973 $7,447 - - -
1972 $5,487 - - -
1971 $4,435 - - -
1970 $4,298 - - -
1969 $3,690 - - -
1968 $3,203 - - -
1967 $2,935 - - -
1966 $2,925 - - -
1965 $2,804 - - -
1964 $2,779 - - -
1963 $2,462 - - -
1962 $2,332 - - -
1961 $2,241 - - -
1960 $2,261 - - -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/luxembourg/romania | CC BY

Luxembourg's GDP per capita is $137,782, ranking 3/197, compared to $20,080 in Romania, ranking 58/197. Adjusted for purchasing power (GDP per capita PPP), Luxembourg ranks 1st at $155,941, while Romania ranks 47th at $49,077.

Economic indicators

Luxembourg Romania
Gross domestic product
$93.3B
2024
$383B
2024
GDP rank
74/197
2024
42/197
2024
GDP growth
0.36%
2023-2024
0.92%
2023-2024
GDP per capita
$137,782
2024
$20,080
2024
GDP per capita rank
3/197
2024
58/197
2024
GDP per capita, PPP
$155,941
2024
$49,077
2024
GDP per capita PPP rank
1/197
2024
47/197
2024
Government debt
$24.5B
2024
$220B
2024
Debt-to-GDP ratio
26.3%
2024
57.4%
2024
Government debt per person
$36,221
2024
$11,533
2024
Government debt per person rank
19/185
2024
48/185
2024
Average annual personal income after taxes
$69,593
2026
$13,912
2026
Market capitalization of domestic companies
$41.9B
2024
$47.4B
2024
Number of billionaires
1
2025
6
2025
Income share by richest 10%
25%
2023
21.8%
2023
Income share by poorest 10%
2.8%
2023
2.4%
2023
Government expenditure, % of GDP
46.9%
2024
39.9%
2024
Consumer prices inflation
2.05%
2023-2024
5.6%
2023-2024
Central bank interest rate n/a
6.5%
2024
Unemployment rate
6.42%
2024
5.43%
2024
Population
693885
18839108

Spending and national debt comparison by year

Luxembourg
Spending

Debt
Romania
Spending

Debt
1x
Year % of GDP
Luxembourg Romania
Government spending Government debt Government spending Government debt
2024 46.9% 26.3% 39.9% 57.4%
2023 46.4% 24.7% 36.6% 52.1%
2022 44.3% 24.9% 37.4% 51.7%
2021 42.4% 24.2% 37% 51.5%
2020 47% 24.5% 38.1% 49.3%
2019 43.1% 22.3% 33.2% 36.5%
2018 42.3% 20.9% 31.7% 36.2%
2017 41.3% 21.8% 31% 37.1%
2016 40% 19.6% 31.8% 39.5%
2015 40.4% 21.1% 34.2% 39.4%
2014 40.6% 21.9% 33.8% 40.5%
2013 41.2% 22.4% 34.2% 39.3%
2012 41.8% 20.8% 33.5% 36.2%
2011 41.5% 18.5% 35% 32.6%
2010 42% 19.1% 37.4% 30.2%
2009 42.7% 15.3% 36.3% 22.5%
2008 37.9% 14.6% 35.3% 13%
2007 37.4% 8.09% 34.6% 12.4%
2006 39.4% 8.21% 33.9% 12.7%
2005 43.4% 7.95% 32.3% 17.8%
2004 43.7% 7.83% 33.7% 21.3%
2003 43.3% 7.43% 31.8% 24.9%
2002 41.8% 7.45% 32.1% 27.4%
2001 38.1% 7.62% 33.2% 27.4%
2000 38% 7.49% 35% 29.6%
1999 41.7% 8.39% 35.1% 21.7%
1998 43.9% 9.51% 34.7% 16.5%
1997 44.2% 10.1% 33.5% 15%
1996 42.5% 10.2% 33.5% 11%
1995 42% 10.3% 34.4% 6.91%
1994 - - 33.1% -
1993 - - 33.5% -
1992 - - 41.5% -
1991 - - 38.3% -
1990 - - 38.4% -
1989 - - 40.1% -
1988 - - 36.6% -
1987 - - 40.7% -
1986 - - 42.5% -
1985 - - 41.6% -
1984 - - 28.6% -
1983 - - 25.8% -
1982 - - 28.5% -
1981 - - 30.4% -
1980 - - 33.6% -
1979 - - 42% -
1978 - - 42.1% -
1977 - - 39.9% -
1976 - - 37.5% -
1975 - - 40.6% -
1974 - - 37.6% -
1973 - - 32.6% -
1972 - - 29.9% -
1971 - - 27.2% -
1970 - - 28.1% -
1969 - - 32.1% -
1968 - - 31.8% -
1967 - - 30.6% -
1966 - - 27.3% -
1965 - - 25.6% -
1964 - - 25.1% -
1963 - - 23.1% -
1962 - - 43.4% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1962–1999, retrieved 2026-02-20).

GeoRank.org/economy/luxembourg/romania | CC BY

In 2024, Luxembourg's government spending was $43.7B, accounting for 46.9% of its GDP, while Romania spent $153B, or 39.9% of GDP.

Debt-to-GDP ratio is 26.3% in Luxembourg and 57.4% in Romania, ranking 162/185 and 87/185, respectively.

Government deficit by year

Deficit/surplus
Luxembourg

Romania
1x
Year Deficit/surplus, % of GDP
Luxembourg Romania
2024 1.03% -8.68%
2023 -0.78% -5.61%
2022 0.18% -5.83%
2021 1% -6.7%
2020 -3.09% -9.54%
2019 2.68% -4.55%
2018 3.17% -2.74%
2017 1.37% -2.86%
2016 1.89% -2.5%
2015 1.3% -1.35%
2014 1.33% -1.76%
2013 0.84% -2.44%
2012 0.5% -2.39%
2011 0.65% -4.14%
2010 -0.26% -6.22%
2009 -0.21% -6.86%
2008 3.37% -4.6%
2007 4.35% -3.05%
2006 1.9% -1.36%
2005 -0.21% -0.69%
2004 -1.39% -3.39%
2003 0.28% -2.29%
2002 2.03% -2.59%
2001 5.62% -3.2%
2000 5.55% -3.99%
1999 3.24% -3.58%
1998 2.98% -5.33%
1997 2.65% -5.19%
1996 2.37% -4.74%
1995 2.71% -3.32%
1994 - -2.2%
1993 - -0.35%
1992 - -4.55%
1991 - 3.23%
1990 - 1.03%
1989 - -2.87%
1988 - 8.4%
1987 - 2.37%
1986 - 5.72%
1985 - 6.36%
1984 - 15.2%
1983 - 9.35%
1982 - 0.36%
1981 - 0.61%
1980 - -1.95%
1979 - 0%
1978 - 0%
1977 - 0.23%
1976 - 0.66%
1975 - 0.41%
1974 - 0.51%
1973 - 1.53%
1972 - 1.21%
1971 - 0.89%
1970 - 0.52%
1969 - 0.93%
1968 - 1.65%
1967 - 1.23%
1966 - 0.91%
1965 - -1.29%
1964 - -3.11%
1963 - -1.61%
1962 - -4.86%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1962–1989, retrieved 2026-02-20).

GeoRank.org/economy/luxembourg/romania | CC BY

In 2024, Luxembourg's government surplus, the difference between spending and revenue, was $961M, equivalent to 1.03% of GDP. This compares to Romania's deficit of $33.2B, or 8.68% of GDP.

Over the past 30 years, Luxembourg recorded a fiscal deficit in 6 of those years, while Romania ran a deficit in 30 years. On average, Luxembourg posted an annual surplus equal to 1.57% of GDP, compared to deficit of 4.05% of GDP for Romania.

Inflation comparison by year

Inflation
Luxembourg

Romania
1x
Year Consumer prices inflation
Luxembourg Romania
2024 2.05% 5.6%
2023 3.74% 10.4%
2022 6.34% 13.8%
2021 2.53% 5%
2020 0.82% 2.6%
2019 1.74% 3.8%
2018 1.53% 4.6%
2017 1.73% 1.3%
2016 0.29% -1.6%
2015 0.47% -0.6%
2014 0.63% 1.1%
2013 1.73% 4%
2012 2.66% 3.3%
2011 3.41% 5.8%
2010 2.27% 6.1%
2009 0.37% 5.6%
2008 3.4% 7.8%
2007 2.31% 4.8%
2006 2.67% 6.6%
2005 2.49% 9%
2004 2.23% 11.9%
2003 2.05% 15.4%
2002 2.07% 22.5%
2001 2.66% 34.5%
2000 3.15% 45.7%
1999 1.03% 45.8%
1998 0.96% 59.1%
1997 1.37% 154.8%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/luxembourg/romania | CC BY

Over the past 28 years, Luxembourg has recorded an average annual inflation rate of 2.1%, compared with 17.5% in Romania. In 2024, inflation was 2.05% in Luxembourg and 5.6% in Romania.

Top exports between countries

Luxembourg
Export category Export value
Business & finance services $86.5M
Machinery & equipment $44M
Metals $19.5M
Chemicals & pharma $17.4M
Raw materials & minerals $10M
Animal & marine products $8.49M
Textiles & consumer goods $7.21M
Wood & paper products $7.18M
Transport & tourism services $6.49M
Processed food, beverages & tobacco $4M
Romania
Export category Export value
Transport & tourism services $219M
IT & IP services $194M
Business & finance services $84.3M
Machinery & equipment $10.9M
Manufacturing & construction services $7.88M
Metals $4.11M
Wood & paper products $3.48M
Processed food, beverages & tobacco $2.7M
Textiles & consumer goods $1.98M
Chemicals & pharma $918K

Balance of trade

Luxembourg Romania
Current account balance
$4.1B
2024
-$31.2B
2024
Current account balance ranking
35/190
2024
185/190
2024
Current account balance, % of GDP
+4.4%
2024
-8.16%
2024
Goods imports
$29.4B
2024
$129B
2024
Goods exports
$31.3B
2024
$93.3B
2024
Service imports
$117B
2024
$30.2B
2024
Service exports
$150B
2024
$42.9B
2024
Imports of goods and services, % of GDP
159.7%
2024
41.6%
2024
Exports of goods and services, % of GDP
191.5%
2024
35.6%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Luxembourg Romania
Economic freedom 79.7 65.4
Economic freedom ranking 7/197 64/197
Property rights 96.6 81
Government integrity 88.7 50
Judicial effectiveness 99.1 67
Tax burden 62.3 89.1
Government spending 36.9 56.7
Fiscal health 98.6 21.4
Business freedom 89.5 74.4
Labor freedom 56.7 63.6
Monetary freedom 74.1 72.7
Trade freedom 79.4 79.4
Investment freedom 95 70
Financial freedom 80 60

Economic freedom comparison by year

Luxembourg
Romania
1x
Year Economic freedom index
Luxembourg Romania
2026 79.7 65.4
2025 79.5 66.5
2024 79.2 64.4
2023 78.4 64.5
2022 80.6 67.1
2021 76 69.5
2020 75.8 69.7
2019 75.9 68.6
2018 76.4 69.4
2017 75.9 69.7
2016 73.9 65.6
2015 73.2 66.6
2014 74.2 65.5
2013 74.2 65.1
2012 74.5 64.4
2011 76.2 64.7
2010 75.4 64.2
2009 75.2 63.2
2008 74.7 61.7
2007 74.6 61.2
2006 75.3 58.2
2005 76.3 52.1
2004 78.9 50
2003 79.9 50.6
2002 79.4 48.7
2001 80.1 50
2000 76.4 52.1
1999 72.4 50.1
1998 72.7 54.4
1997 72.8 50.8
1996 72.5 46.2
1995 - 42.9

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/luxembourg/romania | CC BY

The Economic Freedom Index for Luxembourg is 79.7, ranking 7/197, compared to 65.4 for Romania, ranking 64/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Luxembourg Romania
Services, % of GDP
81.2%
2024
62.6%
2024
Industry, % of GDP
9.66%
2024
25.3%
2024
Agriculture, forestry, and fishing, % of GDP
0.21%
2024
2.81%
2024
GNI, Atlas method
$57.3B
2024
$335B
2024
GNI per capita, PPP
$110,650
2024
$47,920
2024
Total reserves including gold
$2.79B
2024
$73.4B
2024
Total reserves ranking
119/177
2024
35/177
2024
Net foreign direct investment
$21.4B
2024
-$5.17B
2024
Net inflows of foreign direct investment
$106B
2024
$7.16B
2024
Net outflows of foreign direct investment
$109B
2024
$1.99B
2024
Poverty at national poverty lines
17.3%
2021
19%
2023
Gross capital formation, % of GDP
15.8%
2024
25%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/luxembourg/romania | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. International Monetary Fund (IMF) | Public Finances in Modern History (1962–1999, retrieved 2026-02-20)
  4. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2022–2024, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

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.