Dominica's currency is the East Caribbean Dollar. In 2008, Dominica had one of the lowest per capita gross domestic product (GDP) rates of Eastern Caribbean states. The country nearly had a financial crisis in 2003 and 2004, but Dominica's economy grew by 3.5% in 2005 and 4.0% in 2006, following a decade of poor performance. Growth in 2006 was attributed to gains in tourism, construction, offshore and other services, and some sub-sectors of the banana industry. Around this time the International Monetary Fund (IMF) praised the Government of Dominica for its successful macroeconomic reforms, but also pointed out remaining challenges, including the need for further reductions in public debt, increased financial sector regulation, and market diversification.