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Main article: Economy of Tuvalu See also: National Bank of Tuvalu and Tuvaluan dollar 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%.[89] 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.[90] 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.[91] Banking services are provided by the National Bank of Tuvalu. Public sector workers make up about 65% of those formally employed. Remittances from Tuvaluans living in Australia and New Zealand, and remittances from Tuvaluan sailors employed on overseas ships are important sources of income for Tuvaluans.[92][93] Approximately 15% of adult males work as seamen on foreign-flagged merchant ships. Agriculture in Tuvalu is focused on coconut trees and growing pulaka in large pits of composted soil below the water table. Tuvaluans are otherwise involved in traditional subsistence agriculture and fishing. Tuvaluans are well known for their seafaring skills, with the Tuvalu Maritime Training Institute on Amatuku motu (island), Funafuti, providing training to approximately 120 marine cadets each year so that they have the skills necessary for employment as seafarers on merchant shipping. The Tuvalu Overseas Seamens Union (TOSU) is the only registered trade union i