After independence, the state was managed as a democratic socialist welfare economy. From the 1990s, liberalisation of the mixed economy allowed Licence Raj restrictions against capitalism and foreign direct investment to be lightened, leading to economic expansion and an increase in employment. In the fiscal year 2018-19, the nominal gross state domestic product (GSDP) was . GSDP growth; 11.4% in 2018-2019 and 10.5% in 2017-2018 had been high compared to an average of 2.3% annually in the 1980s and between 5.1% and 5.99% in the 1990s. The state recorded 8.93% growth in enterprises from 1998 to 2005, higher than the national rate of 4.80%. The "Kerala phenomenon" or "Kerala model of development" of very high human development and in comparison low economic development has resulted from a strong service sector.