From 1996 to 2002, Tuvalu was one of the best-performing Pacific Island economies and achieved an average real gross domestic product (GDP) growth rate of 5.6% per annum. Economic growth slowed after 2002, with GDP growth of 1.5% in 2008. Tuvalu was exposed to rapid rises in world prices of fuel and food in 2008, with the level of inflation peaking at 13.4%. Tuvalu has the smallest GDP of any sovereign nation in the world.