The IMF concluded the First Post-Program Monitoring Discussions with the Republic of Latvia in July 2012 announcing that Latvia's economy has been recovering strongly since 2010, following the deep downturn in 2008–09. Real GDP growth of 5.5 percent in 2011 was underpinned by export growth and a recovery in domestic demand. The growth momentum has continued into 2012 and 2013 despite deteriorating external conditions, and the economy is expected to expand by 4.1 percent in 2014. The unemployment rate has receded from its peak of more than 20 percent in 2010 to around 9.3 percent in 2014.