The International Monetary Fund reported in mid-2016 that the economy of the Republic had expanded by about 0.5 percent in the Fiscal Year 2015 thanks to an improved fisheries sector. A surplus of 3% of GDP was recorded "owing to record-high fishing license fees. Growth is expected to rise to about 1.5 percent and inflation to about 0.5 percent in FY2016, as the effects of the drought in earlier 2016 are offset by the resumption of infrastructure projects."