One report from the Manila-based Asian Development Bank about Vanuatu's economy gave mixed reviews. It noted the economy was "expanding", noting that the economy grew at an impressive 5.9% rate from 2003 to 2007, and lauded "positive signals regarding reform initiatives from the government in some areas" but described certain binding constraints such as "poor infrastructure services". Since a private monopoly generates power, "electricity costs are among the highest in the Pacific" among developing countries. The report also cited "weak governance and intrusive interventions by the State" that reduced productivity.