The decline of net results for 2007 by 11.5% does also not warrant optimism for the contribution of the financial sector to GDP in the last quarter of the year. This figure is, however, not yet published for Luxembourg.
Importantly, what some analysts described as ‘a continent on the mend’ proved fairly resilient to the global financial crisis of 2008-09, even if this was (in part) due to the relatively loose linkages of African countries to the world’s major financial centres.