Lima is the leading industrial, financial, and retail center in the nation. With nearly 30 percent of the country's population, the city dictates the national economy and accounts for more than two-thirds of the nation's gross domestic product (GDP). Most of the country's imports and exports pass through the port of Callao. Almost all of the country's heavy industry is located in and around Lima. Despite its economic importance, Lima is not flushed with jobs. The national government has been a traditional leading employer, but the privatization of state companies left thousands of people out of work during the mid-1990s. The city suffers from severe unemployment and underemployment, and many people who work just barely manage to feed their families. Lima's economy grew rapidly during the mid 1990s, but a severe two-year recession that started in 1997 left one out of two Peruvians living in poverty.