1960 most oil extracted in Chile came from Tierra del Fuego. Industrial activity experienced enormous growth in the 1940s, it expanded at least 6.1% annually in that decade. The industries share of GDP rose from 16.7 to 23.7 in the 1940–1955 period. Starting in 1953 the growth rate of Chilean economy decreased to an annual average of 0.7% but increased to an annual average of 2.4–3.0% in the 1957–1960 period. The decline in the economic growth from 1953 onwards was variously attributed to excessive state intervention, neglect of agriculture and mining, unequal wealth distribution and dependency on state intervention. The agrarian production in Chile contracted from 1950 onwards. A government plan set up in 1954 to address this ended with meager results and in 1958 a new plan was presented. Structural reforms (1958–1970) The 1958 agriculture plan allowed CORFO to develop investments in dairy plants, refrigerated slaughterhouses, sugar refineries and transport infrastructure. Statism and collectivism (1970–1973) Salvador Allende won the 1970 Chilean presidential election as leader of the Unidad Popular ("Popular Unity") coalition. His economic policy included a number of measures referred to as the Vuskovic Plan. Under this the Chilean copper mines were nationalized. Their revenue represent a large share of the Chilean government budget revenue. During 1972, the macroeconomic problems continued to mount. Inflation surpassed 200 percent, and the fiscal deficit surpassed 13 percent of GDP. Domestic credit to the public sector grew at almost 300 percent, and international reserves dipped below US$77 million. Real wages fell 25 percent in 1972. At the same time, the United States conducted a campaign to deepen the inflation crisis. Neoliberal reforms (1973–1990) From an economic point of view, the era can be divided into two periods. The first, from 1973 to the Crisis of 1982, corresponds to the period when most of the reforms were implemented. The period ended with the international debt crisis and the collapse of the Chilean economy. At that point, unemployment was extremely high, above 20 percent, and a large proportion of the banking sector had become bankrupt. During that first period, an economic policy that emphasized export expansion was implemented. Some economists argue that the economic recovery of the second period, from 1982 to 1990, was due to Pinochet's nationalisation of banks and reintroduction to the private market in 1984. Monetarist shock therapy and "seven modernizations" (1973–1982) After the military took over the government in 1973,