After several consecutive years of high growth, repercussions of the financial crisis of 2007–2008 resulted in a 3.6% contraction of GDP in 2009 and increased unemployment. Industrial output declined 10%, mining by 31%, and ferrous and metal production marked a 60% drop. Positive growth was restored in 2010 but intercompany debt exceeded $59 billion, meaning that 60% of all Bulgarian companies were mutually indebted. By 2012, it had increased to $97 billion, or 227% of GDP. The government implemented strict austerity measures with IMF and EU encouragement to some positive fiscal results, but the social consequences of these measures, such as increased income inequality and accelerated outward migration, have been "catastrophic" according to the International Trade Union Confederation.