The banking sector, with its tax haven status, also contributes substantially to the economy with revenues raised exclusively through import tariffs (the financial and insurance sector accounts for approximately 19% of GDP). However, during the European sovereign-debt crisis of the 21st century, the tourist industry suffered a decline, partly caused by a drop in the prices of goods in Spain, undercutting duty-free shopping and increasing unemployment. On 1 January 2012, a business tax of 10% was introduced, followed by a sales tax of 2% a year later, which raised just over 14 million euros in its first quarter.