In the early 1980s, rapidly rising oil revenues enabled the government to finance large-scale development projects. GDP grew an average of 5% annually, one of the highest rates in Africa. The government has mortgaged a substantial portion of its petroleum earnings, contributing to a shortage of revenues. On 12 January 1994, the devaluation of Franc Zone currencies by 50% resulted in an inflation of 46% in 1994, but inflation has subsided since.