From 1996 to 2002, Tuvalu was one of the best-performing Pacific Island economies and achieved an average real gross domestic product (GDP) growth rate of 5.6% per annum. Since 2002 economic growth has slowed, with GDP growth of 1.5% in 2008. Tuvalu was exposed to rapid rises in world prices of fuel and food in 2008, with the level of inflation peaking at 13.4%. The International Monetary Fund 2010 Report on Tuvalu estimates that Tuvalu experienced zero growth in its 2010 GDP, after the economy contracted by about 2% in 2009. On 5 August 2012, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Tuvalu, and assessed the economy of Tuvalu: "A slow recovery is underway in Tuvalu, but there are important risks. GDP grew in 2011 for the first time since the global financial crisis, led by the private retail sector and education spending. We expect growth to rise slowly". The IMF 2014 Country Report noted that real GDP growth in Tuvalu had been volatile averaging only 1 percent in the past decade. The 2014 Country Report describes economic growth prospects as generally positive as the result of large revenues from fishing licenses, together with substantial foreign aid.