The impact of the financial crisis is very evident within the services sector. In addition, to banking, there is a very sharp decline of output in the trade sector. The impact is more pronounced than for the industrial sector because services are largely oriented toward the domestic economy, whereas a large portion of industrial output is actual devoted to the export market, which expanded substantially in the aftermath of the crisis. In the three-year period of 1996-99, the output of the banking sector contracted by 60 percent, and even with some subsequent recovery, output in 2003 was still 50 percent below the 1996 peak. Output reductions of that magnitude could not be absorbed through equivalent cuts in the inputs, and the decline in TFP averaged 10 percent over the seven-year period.