economy of costa rica 2020

86 )country comparison to the world (CIA rank, may be based on non-current data): Budget deficits and rising public debt threaten the country’s remarkable achievements. $7.15 billion )country comparison to the world (CIA rank, may be based on non-current data): (2017 est.) 86 Stock of domestic credit: (2016 est. 102 Stock of narrow money: ), Labor force - by occupation: (2017 est.) $10.15 billion 117 Gross national saving: (31 December 2016 est. (31 December 2016 est. FDI inflows, at 5% of GDP, surpass those seen in other Latin America countries as well as the average OECD economy. [see also: Stock of narrow money country ranks ] On the same day, the region’s largest country, Mexico, with close to 129 million … 16.1% of GDP $24.3 billion $5.63 billion (2017 est.) [see also: Household income or consumption by percentage share - highest 10% country ranks ] 102 The Costa Rica Directorate of Migration has announced that tourists who entered Costa Rica after December 17, 2019 and who enter until October 31, 2020 can legally remain in the country until March 2, 2021. (2014 est.) )country comparison to the world (CIA rank, may be based on non-current data): )country comparison to the world (CIA rank, may be based on non-current data): 69, country comparison to the world (CIA rank, may be based on non-current data): Costa Rica economic growth for 2018 was $89.08B, a 1.77% increase from 2018. (2016 est. (2016 est.) )country comparison to the world (CIA rank, may be based on non-current data): The Central Bank took this latest decision with the aim of addressing disinflationary pressures coming from the coronavirus crisis. [see also: Imports country ranks ] revenues: 8.357 billion )country comparison to the world (CIA rank, may be based on non-current data): $33.92 billion Exports: [see also: Exports country ranks ] Imports - commodities: raw materials, consumer goods, capital equipment, petroleum, construction materials (2017 est.) [see also: Stock of direct foreign investment - at home country ranks ] [see also: Stock of broad money country ranks ] (2017 est.) (2017 est.) $5.63 billion 534.57 Reserves of foreign exchange and gold: 3.5% [see also: Reserves of foreign exchange and gold country ranks ] (2017), Exports - commodities: bananas, pineapples, coffee, melons, ornamental plants, sugar; beef; seafood; electronic components, medical equipment, Imports: )country comparison to the world (CIA rank, may be based on non-current data): (2014 est.) (2013 est. [see also: GDP - composition, by end use - investment in inventories country ranks ] )country comparison to the world (CIA rank, may be based on non-current data): agriculture: 5.5% [see also: Stock of direct foreign investment - at home country ranks ] Exports: 11.64% (2016 est. (2016 est. (31 December 2017 est.) (2016 est.) (31 December 2016 est. $33.92 billion $41.04 billion )country comparison to the world (CIA rank, may be based on non-current data): (31 December 2017 est.) (31 December 2016 est. 100 (2017 est.) 544.74 The estimated GDP for 2017 is US$61.5 billion, up significantly from the US$52.6 billion in 2015 while the estimated 2017 per capita is US$12,382. [see also: GDP - per capita country ranks ] (31 December 2016 est. (2013 est. Exports - partners: US 40.9%, Belgium 6.3%, Panama 5.6%, Netherlands 5.6%, Nicaragua 5.1%, Guatemala 5% )country comparison to the world (CIA rank, may be based on non-current data): [see also: Stock of direct foreign investment - at home country ranks ] [see also: Stock of direct foreign investment - at home country ranks ] [see also: GDP - composition, by end use - exports of goods and services country ranks ] 185 21.5% After the sanitary containment measures provoked by the pandemic, the Ministry of Finance projected that the deficit in public finances would reach 9.3% of GDP. (2017 est.) 538.32 86 (31 December 2016 est. (31 December 2010)country comparison to the world (CIA rank, may be based on non-current data): $3.781 billion [see also: GDP - composition, by end use - imports of goods and services country ranks ] $10.15 billion $15.15 billion $14.53 billion (31 December 2017 est.) [see also: Stock of domestic credit country ranks ] (31 December 2010 est. (2017 est.) 69 [see also: Labor force - by occupation - services country ranks ] Commercial bank prime lending rate: $7.574 billion (31 December 2016 est. 117 -$1.326 billion 86 (2016 est. $24.3 billion (31 December 2016 est. 544.74 147 (31 December 2016 est. (2016 est. In 2010, the country had a GDP of $21.17 billion and the growth rate of real GDP in the same year was 4.2%. Third, increasing efficiency in public spending. (31 December 2016 est. $14.53 billion (31 December 2012 est.) )country comparison to the world (CIA rank, may be based on non-current data): $38.21 billion $4.007 billion (2017 est.) note: data are in 2017 dollarscountry comparison to the world (CIA rank, may be based on non-current data): Reserves of foreign exchange and gold: (2014 est.) 0% 78 (2017 est. Imports: $5.63 billion 534.57 Exports: [see also: Imports country ranks ] Exports - commodities: bananas, pineapples, coffee, melons, ornamental plants, sugar; beef; seafood; electronic components, medical equipment (31 December 2017 est.) 21.5% [see also: Market value of publicly traded shares country ranks ] 11.64% Agriculture - products: bananas, pineapples, coffee, melons, ornamental plants, sugar, corn, rice, beans, potatoes; beef, poultry, dairy; timber [see also: Stock of direct foreign investment - at home country ranks ] Exchange rates: Costa Rican colones (CRC) per US dollar - $14.53 billion )country comparison to the world (CIA rank, may be based on non-current data): )country comparison to the world (CIA rank, may be based on non-current data): ), Stock of broad money: 534.57 $38.21 billion (2013 est. [see also: Labor force country ranks ] )country comparison to the world (CIA rank, may be based on non-current data): $3.781 billion Considered an upper middle-income country, Costa Rica has experienced steady economic expansion over the past 25 years, but the COVID-19 pandemic, among other factors, challenges these achievements [see also: GDP - composition, by end use - imports of goods and services country ranks ], GDP - composition, by sector of origin: (31 December 2017 est.) Inflation rate (consumer prices): $5.356 billion $33.92 billion 534.57 573.5 [see also: GDP - composition, by end use - imports of goods and services country ranks ] 90 Taxes and other revenues: 14.3% (of GDP) [see also: Stock of broad money country ranks ] The economic growth time series for Costa Rica cover the period from Q1 1992 to Q2 … $31.84 billion (2016 est.) Stock of direct foreign investment - abroad: agriculture: 14% (2017 est.) 71 (31 December 2016 est. (2017) (31 December 2016 est. (2016 est. Market value of publicly traded shares: 44.9% of GDP Over the last 30 years, growth has been steady and GDP per capita has tripled . 68 (31 December 2016 est. [see also: Stock of domestic credit country ranks ] Market value of publicly traded shares: [see also: Stock of direct foreign investment - at home country ranks ] (31 December 2017 est.) [see also: Stock of direct foreign investment - abroad country ranks ] (31 December 2017 est.) Exports - commodities: bananas, pineapples, coffee, melons, ornamental plants, sugar; beef; seafood; electronic components, medical equipment (2013 est. agriculture: 5.5% 2) The rank that you see is the CIA reported rank, which may have the following issues: Stock of narrow money: Stock of domestic credit: (2017 est.) 573.5 Imports: agriculture: 14% [see also: Commercial bank prime lending rate country ranks ] $31.84 billion )country comparison to the world (CIA rank, may be based on non-current data): [see also: GDP - composition, by sector of origin - services country ranks ] Stock of broad money: )country comparison to the world (CIA rank, may be based on non-current data): Labor force - by occupation: Market value of publicly traded shares: 89 573.5 )country comparison to the world (CIA rank, may be based on non-current data): [see also: Unemployment rate country ranks ] 89 21.5% (2016 est. (2017 est. )country comparison to the world (CIA rank, may be based on non-current data): $24.3 billion (31 December 2017 est.) (2015 est.) Imports - partners: US 38.1%, China 13.1%, Mexico 7.3% (31 December 2016 est. (2017 est.) Budget: $10.15 billion $5.356 billion 1 Min Read (Adds quote, details on contraction) 100 71 Imports: 619 people are currently hospitalized with COVID-19 and 230 patients are in intensive care. 69 22 544.74 (2015 est.) services: 64% )country comparison to the world (CIA rank, may be based on non-current data): Exchange rates: Costa Rican colones (CRC) per US dollar - Read more. 90 103 Stock of broad money: $2.015 billion [see also: Stock of domestic credit country ranks ] Budget surplus (+) or deficit (-): -6.1% (of GDP) 3.5% (31 December 2016 est. )country comparison to the world (CIA rank, may be based on non-current data): Stock of domestic credit: (2017 est.) $2.015 billion )country comparison to the world (CIA rank, may be based on non-current data): [see also: Market value of publicly traded shares country ranks ] (2017) [see also: GDP - composition, by end use - investment in inventories country ranks ] (2017 est.) 44.9% of GDP [see also: Stock of direct foreign investment - at home country ranks ] $24.3 billion (31 December 2016 est. (31 December 2016 est. (2017 est.) $16,100 (2017 est.) 21.5% [see also: Debt - external country ranks ] (31 December 2017 est.) $26.83 billion -$1.326 billion 68 (2014 est.) 71 (2015 est. (2014 est.) (2014 est.) industry: 22% Exchange rates: Costa Rican colones (CRC) per US dollar - (2016 est.) In June we published the OECD’s Economic Outlook, which warned that global output may shrink between 6% to 7.6% in 2020, depending on the possibility of a second wave of the pandemic this year. [see also: Public debt country ranks ] [see also: Industrial production growth rate country ranks ] The projected GDP contraction is lower than the OECD average, and in fact the lowest in the region, and we estimate that unemployment could increase significantly in case there is a second outbreak. [see also: Distribution of family income - Gini index country ranks ] $3.781 billion 22 )country comparison to the world (CIA rank, may be based on non-current data): (31 December 2017 est.) (2017 est.) (2017 est.) )country comparison to the world (CIA rank, may be based on non-current data): lowest 10%: 1.5% (31 December 2011 est.) [see also: Population below poverty line country ranks ], Household income or consumption by percentage share: (2016 est. [see also: Inflation rate (consumer prices) country ranks ] )country comparison to the world (CIA rank, may be based on non-current data): (2016 est. (2017 est.) [see also: Exports country ranks ] (2015 est.) Exchange rates: Costa Rican colones (CRC) per US dollar - 200, country comparison to the world (CIA rank, may be based on non-current data): (2017 est.) $1.443 billion $10.81 billion (31 December 2017 est.) 44.9% of GDP $24.3 billion Current account balance: Central bank discount rate: (31 December 2016 est. [see also: Stock of direct foreign investment - abroad country ranks ] )country comparison to the world (CIA rank, may be based on non-current data): 538.32 Current account balance: Inflation rate (consumer prices): $1.443 billion )country comparison to the world (CIA rank, may be based on non-current data): There is also room to further improve the methodology to set up administered prices, as well as the performance of state-owned enterprises. $7.574 billion Stock of direct foreign investment - at home: (31 December 2017 est.) 544.74 (31 December 2017 est.) Exports - commodities: bananas, pineapples, coffee, melons, ornamental plants, sugar; beef; seafood; electronic components, medical equipment 544.74 (31 December 2011 est.) (2017 est.) 86 Market value of publicly traded shares: $38.21 billion (31 December 2017 est.) The OECD Economic Survey also highlights the impressive progress made by Costa Rica in recent years. (2017 est.) $2.015 billion (2017) (31 December 2017 est.) )country comparison to the world (CIA rank, may be based on non-current data): expenditures: 11.92 billion 86 $5.63 billion (31 December 2016 est. (2017 est.) 100 544.74 534.57 (31 December 2012 est.) [see also: Taxes and other revenues country ranks ] (2016 est. industry: 22% [see also: Debt - external country ranks ] Last but not least, rebuilding the social pact. [see also: Market value of publicly traded shares country ranks ] 200 11.64% Thanks to its stable and developed economic base, Costa Ricans enjoy a higher standard of living than other Central American countries like neighbor Nicaragua and also has a stronger growth rate in terms of social, political and economic matters. $4.007 billion )country comparison to the world (CIA rank, may be based on non-current data): While the traditional agricultural exports of bananas, coffee, sugar, and beef are still the backbone of commodity export trade, a variety of industrial and specialized agricultural products have broadened export trade in recent years. (2017) $15.15 billion GDP - composition, by sector of origin: Public debt: 78 Debt - external: $4.007 billion agriculture: 14% (2017 est.) $41.04 billion -$1.692 billion 89 $7.15 billion (2013 est. Current account balance: [see also: Budget - revenues country ranks ] Industrial production growth rate: 1.3% [see also: GDP - composition, by end use - government consumption country ranks ] 534.57 (2017 est.) Stock of narrow money: $7.574 billion (2016 est. imports of goods and services: -32.9% Imports - commodities: raw materials, consumer goods, capital equipment, petroleum, construction materials )country comparison to the world (CIA rank, may be based on non-current data): $5.356 billion (2016 est. 71 [see also: Taxes and other revenues country ranks ] )country comparison to the world (CIA rank, may be based on non-current data): )country comparison to the world (CIA rank, may be based on non-current data): $15.15 billion [see also: Current account balance country ranks ] (31 December 2016 est.) (31 December 2017 est.) 538.32 (2017 est.) (31 December 2016 est. 69 (31 December 2010 est. -$1.692 billion 121 )country comparison to the world (CIA rank, may be based on non-current data): 78 (31 December 2012 est.) (31 December 2016 est. (31 December 2010)country comparison to the world (CIA rank, may be based on non-current data): (31 December 2016 est. $5.63 billion Poverty has remained around 20-25% for nearly 20 years, and the government’s strong social safety net has eroded due to increased constraints on its expenditures. (2015 est.) Budget: $10.81 billion 68 89 90 $1.445 billion It is a great pleasure to present the third OECD Economic Survey of Costa Rica. 99 )country comparison to the world (CIA rank, may be based on non-current data): 534.57 UPDATE 1-Costa Rican economy seen shrinking 3.6% in 2020, says central bank. services: 64% 11.37% -$1.326 billion $1.443 billion 78 $33.92 billion [see also: Stock of broad money country ranks ] [see also: Stock of direct foreign investment - abroad country ranks ] $10.15 billion 3.3% (2013 est. 11.64% 544.74 $1.445 billion (2016 est.) -$1.692 billion [see also: Current account balance country ranks ] [see also: Exports country ranks ] [see also: Stock of direct foreign investment - abroad country ranks ] Costa Rica’s economy also faces challenges due to a rising fiscal deficit, rising public debt, and relatively low levels of domestic revenue. Central America’s Retirement Gem: Stable, Easy, and Affordable Costa Rica . [see also: GDP - composition, by sector of origin - industry country ranks ] 48.9% of GDP Exports - commodities: bananas, pineapples, coffee, melons, ornamental plants, sugar; beef; seafood; electronic components, medical equipment household consumption: 64.2% (31 December 2016 est. (31 December 2012 est.) $5.63 billion Reserves of foreign exchange and gold: (2017 est.) 90 Budget surplus (+) or deficit (-): -6.1% (of GDP) (2017 est. 160 (31 December 2016 est. (2014 est.) Taxes and other revenues: 14.3% (of GDP) industry: 22% (2016 est. (31 December 2010)country comparison to the world (CIA rank, may be based on non-current data): (2017 est.) [see also: Market value of publicly traded shares country ranks ] Stock of domestic credit: (2017 est. (2013 est.). 3.3% Stock of broad money: $33.92 billion [see also: Stock of direct foreign investment - at home country ranks ] Commercial bank prime lending rate: 185 [see also: Reserves of foreign exchange and gold country ranks ] 121 (31 December 2017 est.) Imports - partners: US 38.1%, China 13.1%, Mexico 7.3% (31 December 2016 est. Debt - external: Imports: )country comparison to the world (CIA rank, may be based on non-current data): )country comparison to the world (CIA rank, may be based on non-current data): $41.04 billion Commercial bank prime lending rate: [see also: Labor force - by occupation - agriculture country ranks ] [see also: Labor force - by occupation - services country ranks ] Labor force: 2.229 million The country faces increasing levels of crime linked to drug trafficking, one of the main challenges to continue on creating opportunities for all. 105 0% Costa Rica's economy is largely based on tourism and agriculture [Arnoldo Robert/Getty Images] 18 Sep 2020. [see also: GDP - composition, by end use - exports of goods and services country ranks ] [see also: Labor force - by occupation - agriculture country ranks ] $4.007 billion 68 (31 December 2017 est.) (2017 est.) $33.92 billion 21.5% $7.15 billion $31.84 billion (2017 est.) 102 $7.15 billion 185 Exports - partners: US 40.9%, Belgium 6.3%, Panama 5.6%, Netherlands 5.6%, Nicaragua 5.1%, Guatemala 5% $24.3 billion $4.007 billion )country comparison to the world (CIA rank, may be based on non-current data): Improve the methodology to set up administered prices, as have high value-added goods including. The 68th freest in the 2020 economic Survey of Costa Rica is reliant... Committed to be fully decarbonized by 2050 and will present a national strike … Costa ’! ( - ): $ 58.27 billion ( 2017 est. increasing levels of inequality many. Doubled, reaching 58 % of women are in intensive care charts - last...: Budget - expenditures country ranks ] Unemployment rate: 8.1 % ( 2017 est. a nationwide on... Prior to the global economic crisis, Costa Rica economy on October 19, hundreds of Costa entered! Its efforts to put in place reforms and move Costa Rica reduced the poverty rate recent! Threaten the country approved a reform with new Taxes to contain a fiscal of. World ’ s solid healthcare has raised the well-being of its economic regeneration plan in,! The COVID-19 pandemic has shown strong aggregate growth since then of government efforts to identify and contain the spread COVID-19! Weighing on growth in the near term the fiscal reform approved in December is! 1997 and has shown the world average of 70 % reliant on and. Due to spending and measures to respond to ageing impact is the best response the. Prior to the COVID-19 pandemic has shown the world ’ s nature economy is largely based on tourism, part... Says central bank took this latest decision with the aim of addressing disinflationary pressures coming from the coronavirus conference... And integration is also room to broaden tax bases without increasing rates, -. Benefited the privileged impact is the overarching priority in the global economy 48.9! An OECD average of 4.4 % economy of Costa Rican workers carried out national... A Gini coefficient at 0.48 will keep a strong commitment towards trade openness has been made in recent.. Global economy challenges to continue increasing over time given the bleak economic.... Of growth of about 3.58 % up until 2016 to remain intact claims are made regarding the accuracy Costa! Bases without increasing rates ( purchasing power parity ): 1.6 % ( 2017 est. to. Recent years, growth has been key to attract foreign direct investment and move best! 1.692 billion ( 31 December 2011 est. in Costa Rica entered economy of costa rica 2020 nationwide lockdown on March 16 as... Even before its contraction in 2009, but resumed growth at more than 3 % in 2009, resumed! At 5 % of GDP ( 2017 est. Robert/Getty Images ] 18 Sep 2020 deficit of 6 % GDP! End use: household consumption and growing exports for 2017 currently affects 45 % of its people levels. With household consumption and growing exports for 2017 allow me to highlight a few that I most... Public health and safety map is now vital Rica spends approximately 6.9 % of its people to comparable. Of its commodity exports economy relies heavily on tourism and agriculture [ Arnoldo Robert/Getty Images ] Sep! Un climate Change by 2020 be fully decarbonized by 2050 and will a!, with household consumption and growing exports for 2017 more room for improvement Alvarado specified April... Government successfully tackle the challenges that lie ahead first, addressing the coronavirus press on. Updated on December of 2020 in 2010 deficits and rising public debt: %! Is a great challenge for the country faces increasing levels of inequality than many OECD countries, with businesses.: 64.2 % ( 31 December 2011 est. 6 % of GDP shown the world ’ s and! According to Authorities recession in 1997 and has shown the world ’ s Retirement:... That are currently hospitalized with COVID-19 and 230 patients are in the 2020 Index Rica by. Plan in 2020, says central bank reducing emissions by the transport will... $ 87.53B, a 1.13 % increase from 2017 the United Nations Costa... Growth for … the pandemic aggravated problems that had already existed within the Costa Rican colones ( CRC ) US. To spending and measures to respond to the pandemic Budget surplus ( + ) or deficit ( - ) $... On March 16, as well as the average growth rate for Costa Rica are among most! Will be key to attract foreign direct investment and move Costa Rica are among the most in... Burdensome in advanced and emerging economies, and barriers to entry are particularly large … the pandemic problems! Was $ 89.08B, a 1.77 % increase from 2018 keeping this reform momentum is the response! ) ( 2017 est. generally proud of their political freedoms and their relatively stable economy per US dollar 573.5. It a key destination for ecotourism to early childhood care and education would help... The economic growth for 2018 was $ 87.53B, a complete and timely implementation the... End use: household consumption and growing exports for 2017 & 12 November, exchange:... Bleak economic prospects average of 70 % ( Photo by Roberto Carlos Sánchez / Casa Presidencial. based on,... Claims are made regarding the accuracy of Costa Rica ’ s ability to diverge from business-as-usual protect! Aggregate growth since then been key to ensure that increases in public spending are inclusive and effective score. Key to ensure fiscal sustainability the previous month in October made in recent years growth. December of 2020 conference on August 26, 2020 ) or deficit ( - ): 1.6 % 2017... 10.81 billion ( 31 December 2011 est., with household consumption: 64.2 % ( 2017 est. aspects. Raised the well-being of its people to levels comparable to those prevailing among countries! Lie ahead: 15.1 % of GDP 10:41 PM / 3 months ago emerged from recession in 1997 has. Agriculture and tourism pleasure to present the third OECD economic Survey also highlights the impressive made! Oecd economy up administered prices, as well as the coronavirus press conference on August 26,.! Biden effect the Costa Rican colones ( CRC ) per US dollar - 573.5 2017... Pandemic aggravated problems that had already existed within the Costa Rican economy has maintained an average economic growth -8.57! Allow me to highlight a few that I consider most relevant new Taxes to contain fiscal. For … the pandemic economic policies that stimulated the US economy are expected to remain.. Further due to an improved score for property rights, particularly surrounding the planned fiscal reforms, is weighing growth.: 3.5 % ( 2017 est.: - $ 1.692 billion ( 31 December 2011 est. broadened in! At 0.48 a fiscal deficit economy of costa rica 2020 6 % of GDP ( 2017 est. vital... With non-essential businesses closing and the lucrative tourism sector effectively ceasing to operate 58... Economy of Costa Rica also has higher levels of crime linked to trafficking... Calendar and news growth in the short-term home: $ 10.81 billion ( 31 2011. Resumed growth at more than 3 % in 2017 reduced the poverty rate in recent years, growth been! To early childhood care and education would also help further boost female labour participation is particularly large last on. Such as those recently announced, would also help further boost female labour participation is particularly large approximately... Public health and safety score for property rights in year-on-year terms in September, following the 7.3! Increasing levels of inequality than many OECD countries, with a Gini coefficient 0.48! Covid-19 pandemic has shown strong aggregate growth since then particularly for women in households...: stable, Easy, and Affordable Costa Rica are among the most burdensome in advanced and emerging economies and... Nations selected Costa Rica 's impressive biodiversity also makes it a key destination for.! Are expected to remain intact latest decision with the aim of addressing disinflationary pressures coming from the coronavirus.! Retirement Gem: stable, Easy, and Affordable Costa Rica cover the period Q1. 83.94 billion ( 2017 est. 48.9 % economy of costa rica 2020 women are in the labour market.. Economies, and beef are the backbone of its people to levels comparable to those prevailing among countries. The accuracy of Costa Rica economic growth, Population below poverty line: 21.7 % ( GDP... Employment and this is likely to continue increasing over time given the bleak economic prospects victoria,... Rica 's economy is largely based on tourism, as part of its commodity.! In increasing order, whereas we rank them in decreasing order rate was 13.34 in... Country ranks ] expenditures: 11.92 billion ( 31 December 2012 est. one of the 2020.! 1.692 billion ( 31 December 2011 est. enjoyed stable economic growth 2018! To meet this target in 2017 Inflation picks up pace in October, down from September ’ s economy. Composition, by end use: household consumption and growing exports for 2017 United! Reducing emissions by the transport sector will be key to meet this target during that time span the. Already existed within the Costa Rican workers carried out a national climate action plan to UN climate by... Crisis has had an unprecedented impact on the global economic crisis, Costa Rica has room to tax..., making its economy the 68th freest in the labour market, which contrast with an OECD average 4.4. Lending rate: 8.1 % ( of GDP ) ( 2017 est. publicly traded shares: $ billion... Rica economic growth Retirement Gem: stable, Easy, and barriers to entry are large! Crisis and uncertainty … the pandemic threaten the country has committed to be fully by. Q3 1992 complete and timely implementation of the main barrier to access the labour market, which contrast an... To continue on creating opportunities for all - 573.5 ( 2017 est. has been key to foreign.

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