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Costa Rica Hotel Reservations

In recent times electronics, pharmaceuticals, financial outsourcing, software development, and ecotourism have become the prime industries in Costa Rica's economy. High levels of education among its residents make the country an attractive investing location.

The economy has been expanding for Costa Rica in part because the Government had implemented a seven-year plan of expansion in the high tech industry. The central government offers tax exemptions for those who are willing to invest in the country. Several global high tech corporations have already started developing in the area exporting goods including chip manufacturer Intel, pharmaceutical company GlaxoSmithKline, and consumer products company Procter & Gamble. Trade with South East Asia and Russia has boomed during 2004 and 2005, and the country is expected to obtain full Asia-Pacific Economic Cooperation Forum (APEC) membership by 2007 (the country became an observer in 2004).

For the fiscal year 2005, the country showed a government deficit of 2.1%, internal revenue increased an 18%, exports increased a 12.8% and the number of visiting tourists increased a 19%, reaching 1.5 million people. Revised economic figures released by the Central Bank indicate that economic growth stood at 5%, nevertheless the country faced high inflation (14%) and a trade deficit of 5.2%. For 2006 the economy is expected to grow a 6.8%

The unit of currency is the colón (CRC), which trades around 518 [2] to the U.S. dollar; currently about 675 to the euro. On October 16, 2006, a new currency exchange system was introduced, allowing the value of the CRC colón to float between two bands as done previously by Chile. The idea is that by doing so the Central Bank will be able to better tackle inflation and discourage the use of US dollars. Since that time, the value of the colón against the dollar has stabilized.

Costa Rica's location provides easy access to American markets as it has the same time zone as the central part of the United States and direct ocean access to Europe and Asia. A country wide referendum has approved a free trade agreement with the United States.

[edit] Tourism

With a $1.7-billion-a-year tourism industry, Costa Rica stands as the most visited nation in the region. Eco-tourism is extremely popular with many tourists visiting the many protected areas around the country. Sex tourism has become a popular form of tourism and has been gaining popularity in Costa Rica where it already amounts for 10% of the billion dollar tourism industry.[1] Costa Rica has been hailed as a national destination for sex tourists,[2][3] this is largely because of legal prostitution.[4] The government has made efforts to attack mainly child prostitution. A large child prostitution organization was dismantled by authorities in 2005, sending the female leader of the groups to 8 years in jail. Critics said the sentence was not strong enough and that the government efforts have been insufficient.