The US Central Intelligence Agency (CIA) reports that in 2000 Tuvalu's gross domestic product (GDP) was estimated at $12.2 million. The per capita GDP was estimated at $1,100. The annual growth rate of GDP was estimated at 3%. Inflation averaged3.73% from 1997–2001, but for 2001 was 5%. The CIA defines GDP as the value of all final goods and services produced within a nation in a given year and computed on the basis of purchasing power parity (PPP) rather than value as measured on the basis of the rate of exchange.