Luxembourg is a stable economy, characterized by high income, low unemployment, low inflation, and high growth. Growth in the financial sector has been phenomenal and currently contributes 28% towards GDP (gross domestic product). Agriculture is based on small family-owned farms. The industrial sector, initially dominated by steel, has become increasingly diversified to include chemicals, rubber. The economy depends on foreign and cross-border workers for about 60% of its labor force. The standard of living in Luxembourg is among the highest in the world, and its per capita GDP is ranked second globally. Luxembourg imports consumer goods, food items, metals and minerals.