After a sustained external deficit in the 1990s, the region overall ran a current account surplus between 2003 and 2007 on the back of surging export prices and buoyant global demand. Other driving factors were larger remittance flows from workers in the United States and Spain and broad access to external financing, at relative levels approximating those of the 1970s. Later, the 2008-2009 global financial crisis and the countries' responses to it led to a slump in net exports and an end to the surpluses.