Kennedy ended a period of tight fiscal policies, loosening monetary policy to keep interest rates down and to encourage growth of the economy. He presided over the first government budget to top the $100 billion mark, in 1962, and his first budget in 1961 resulted in the nation's first non-war, non-recession deficit. The economy, which had been through two recessions in three years and was in one when Kennedy took office, accelerated notably throughout his administration. Despite low inflation and interest rates, the GDP had grown by an average of only 2.2% per annum during the Eisenhower administration (scarcely more than population growth at the time), and it had declined by 1% during Eisenhower's last twelve months in office.