Cyprus and Malta joined the EU on 1 May 2004. The economies of both countries had improved over the previous year, as private consumption and net exports improved. The global credit crunch compounded an already slowing global economy, marked by falling commodity prices and slowing demand for oil. With the exception of those in Africa, Commonwealth small states across the regions registered lower average growth rates for 2005-09 (Figure 1.4). Recovery from the crisis for small states, which make up 60 per cent of the Commonwealth's membership, took longer in comparison with larger, more resilient and better-resourced states. Economic structure and global exposure have also been critical in determining the level and degree of the crisis in small states.