In May 2011, the IMF country report assessment of the economy of Kiribati is that "After two years of contraction, the economy recovered in the second half of 2010 and inflation pressure dissipated. It is estimated to have grown by 1.75% for the year. Despite a weather-related drop in copra production, private sector activity appears to have picked up, especially in retail. Tourist arrivals rebounded by 20% compared to 2009, although from a very low base.