During the First and Second World Wars the Grand Duchy was occupied by the German armed forces. The tertiary sector is a major contributor to Luxembourg's economy. One twelfth of the workforce is employed in financial services. The city of Luxembourg is an international financial centre - many banks and financial institutions including the EU Investment Bank are located in Luxembourg. Insurance and reinsurance are important commercial activities.
Tourism is also important to Luxembourg 's tertiary sector.
The Grand Duchy attracts many visitors each year. THE ARTS Luxembourg's artists of note include Joseph Kutter, Bertemes and Wercollier . There are a number of national sports ' days for recreational activities such as fishing, football and volleyball. The rivers and lakes provide plenty of opportunity for water sports and there is skiing in the winter. Other sports including hot air ballooning and aviation are available.