{
  "provenance": {
    "extract_generated": "2026-11-06",
    "extract_file": "site/data/countries.json",
    "page_updated": "2026-11-06",
    "owner": "Erik Rostad",
    "api_lastupdated_observed": "2026-10-08",
    "api_checked": "2026-11-06",
    "indicators": [
      {
        "code": "IC.BUS.NDNS.ZS",
        "url": "https://data.worldbank.org/indicator/IC.BUS.NDNS.ZS",
        "source_note": "The number of newly registered firms with limited liability per 1,000 working-age people (ages 15-64) per calendar year."
      },
      {
        "code": "IC.BUS.NREG",
        "url": "https://data.worldbank.org/indicator/IC.BUS.NREG",
        "source_note": "New businesses registered are the number of new limited liability corporations (or its equivalent) registered in the calendar year."
      }
    ],
    "transformation": "Python round (half to even) to 2 decimal places for IC.BUS.NDNS.ZS and to a whole number for IC.BUS.NREG. Missing values are null, never zero.",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "thresholds": {
      "min_base_registrations": 1000,
      "min_abs_density_change": 1.0,
      "min_region_n": 10,
      "panel": [
        2006,
        2024
      ],
      "cross_year": 2024
    }
  },
  "facts": {
    "n_countries": 217,
    "n_with_series": 183,
    "n_2024": 134,
    "n_not_2024": 49,
    "n_no_series": 34,
    "median_2024": 2.6100000000000003,
    "median_2024_ex_ofc": 2.22,
    "n_2024_ex_ofc": 115,
    "top_iso": "CYM",
    "top_name": "Cayman Islands",
    "top_density": 201.01,
    "top_ofc": true,
    "non_ofc_iso": "EST",
    "non_ofc_name": "Estonia",
    "non_ofc_density": 26.76,
    "non_ofc_rank": 4,
    "ofc_in_top20": 10,
    "top_nreg_name": "Brazil",
    "top_nreg_iso": "BRA",
    "top_nreg": 979211,
    "top_nreg_density": 6.67,
    "n_notable": 17,
    "n_outside": 5,
    "eligible_regions": [
      {
        "region": "Europe & Central Asia",
        "n": 41,
        "median": 4.89
      },
      {
        "region": "Latin America & Caribbean",
        "n": 14,
        "median": 1.9900000000000002
      },
      {
        "region": "East Asia & Pacific",
        "n": 14,
        "median": 1.875
      },
      {
        "region": "Middle East, North Africa, Afghanistan & Pakistan",
        "n": 11,
        "median": 1.82
      },
      {
        "region": "Sub-Saharan Africa",
        "n": 33,
        "median": 1.04
      }
    ],
    "panel_n": 85,
    "panel_n_all": 97,
    "panel_n_ofc": 12,
    "panel_2006": 1.2,
    "panel_2024": 2.62,
    "panel_low": 1.2,
    "panel_low_year": 2006,
    "coverage_peak_year": 2018,
    "coverage_peak_n": 173,
    "coverage_2024": 134,
    "brazil": {
      "iso3": "BRA",
      "name": "Brazil",
      "ndns": 6.67,
      "nreg": 979211,
      "delta": null,
      "rank": 39
    },
    "india": {
      "iso3": "IND",
      "name": "India",
      "ndns": 0.18,
      "nreg": 173712,
      "delta": null,
      "rank": 125
    },
    "uk": {
      "iso3": "GBR",
      "name": "United Kingdom",
      "ndns": 19.19,
      "nreg": 841138,
      "delta": null,
      "rank": 9
    },
    "china": {
      "iso3": "CHN",
      "name": "China",
      "ndns": 15.59,
      "nreg": 286640,
      "delta": null,
      "rank": 14
    },
    "estonia": {
      "iso3": "EST",
      "name": "Estonia",
      "ndns": 26.76,
      "nreg": 23154,
      "delta": null,
      "rank": 4
    },
    "rise": {
      "iso3": "CYM",
      "name": "Cayman Islands",
      "ndns": 201.01,
      "nreg": 11197,
      "delta": 26.47,
      "rank": null
    },
    "fall": {
      "iso3": "CHN",
      "name": "China",
      "ndns": 15.59,
      "nreg": 286640,
      "delta": -4.48,
      "rank": null
    },
    "rise_non_ofc": {
      "iso3": "BWA",
      "name": "Botswana",
      "ndns": 13.33,
      "nreg": 21456,
      "delta": 5.44,
      "rank": null
    }
  },
  "top20_2024": [
    {
      "iso3": "CYM",
      "name": "Cayman Islands",
      "region": "Latin America & Caribbean",
      "income": "High income",
      "year": 2024,
      "new_business_density": 201.01,
      "new_registrations": 11197,
      "eurostat_offshore_financial_center": true,
      "coverage_note": null,
      "rank_density_2024": 1
    },
    {
      "iso3": "IMN",
      "name": "Isle of Man",
      "region": "Europe & Central Asia",
      "income": "High income",
      "year": 2024,
      "new_business_density": 33.58,
      "new_registrations": 1770,
      "eurostat_offshore_financial_center": true,
      "coverage_note": null,
      "rank_density_2024": 2
    },
    {
      "iso3": "HKG",
      "name": "Hong Kong SAR, China",
      "region": "East Asia & Pacific",
      "income": "High income",
      "year": 2024,
      "new_business_density": 28.85,
      "new_registrations": 145053,
      "eurostat_offshore_financial_center": true,
      "coverage_note": null,
      "rank_density_2024": 3
    },
    {
      "iso3": "EST",
      "name": "Estonia",
      "region": "Europe & Central Asia",
      "income": "High income",
      "year": 2024,
      "new_business_density": 26.76,
      "new_registrations": 23154,
      "eurostat_offshore_financial_center": false,
      "coverage_note": null,
      "rank_density_2024": 4
    },
    {
      "iso3": "TCA",
      "name": "Turks and Caicos Islands",
      "region": "Latin America & Caribbean",
      "income": "High income",
      "year": 2024,
      "new_business_density": 23.74,
      "new_registrations": 803,
      "eurostat_offshore_financial_center": true,
      "coverage_note": null,
      "rank_density_2024": 5
    },
    {
      "iso3": "CPV",
      "name": "Cabo Verde",
      "region": "Sub-Saharan Africa",
      "income": "Upper middle income",
      "year": 2024,
      "new_business_density": 21.76,
      "new_registrations": 7719,
      "eurostat_offshore_financial_center": false,
      "coverage_note": null,
      "rank_density_2024": 6
    },
    {
      "iso3": "VIR",
      "name": "Virgin Islands (U.S.)",
      "region": "Latin America & Caribbean",
      "income": "High income",
      "year": 2024,
      "new_business_density": 19.96,
      "new_registrations": 1267,
      "eurostat_offshore_financial_center": true,
      "coverage_note": null,
      "rank_density_2024": 7
    },
    {
      "iso3": "LUX",
      "name": "Luxembourg",
      "region": "Europe & Central Asia",
      "income": "High income",
      "year": 2024,
      "new_business_density": 19.61,
      "new_registrations": 9137,
      "eurostat_offshore_financial_center": false,
      "coverage_note": null,
      "rank_density_2024": 8
    },
    {
      "iso3": "GBR",
      "name": "United Kingdom",
      "region": "Europe & Central Asia",
      "income": "High income",
      "year": 2024,
      "new_business_density": 19.19,
      "new_registrations": 841138,
      "eurostat_offshore_financial_center": false,
      "coverage_note": null,
      "rank_density_2024": 9
    },
    {
      "iso3": "KNA",
      "name": "St. Kitts and Nevis",
      "region": "Latin America & Caribbean",
      "income": "High income",
      "year": 2024,
      "new_business_density": 18.72,
      "new_registrations": 619,
      "eurostat_offshore_financial_center": true,
      "coverage_note": null,
      "rank_density_2024": 10
    },
    {
      "iso3": "AUS",
      "name": "Australia",
      "region": "East Asia & Pacific",
      "income": "High income",
      "year": 2024,
      "new_business_density": 18.06,
      "new_registrations": 316561,
      "eurostat_offshore_financial_center": false,
      "coverage_note": null,
      "rank_density_2024": 11
    },
    {
      "iso3": "MNE",
      "name": "Montenegro",
      "region": "Europe & Central Asia",
      "income": "Upper middle income",
      "year": 2024,
      "new_business_density": 17.86,
      "new_registrations": 7136,
      "eurostat_offshore_financial_center": false,
      "coverage_note": null,
      "rank_density_2024": 12
    },
    {
      "iso3": "NZL",
      "name": "New Zealand",
      "region": "East Asia & Pacific",
      "income": "High income",
      "year": 2024,
      "new_business_density": 16.05,
      "new_registrations": 55417,
      "eurostat_offshore_financial_center": false,
      "coverage_note": null,
      "rank_density_2024": 13
    },
    {
      "iso3": "CHN",
      "name": "China",
      "region": "East Asia & Pacific",
      "income": "Upper middle income",
      "year": 2024,
      "new_business_density": 15.59,
      "new_registrations": 286640,
      "eurostat_offshore_financial_center": false,
      "coverage_note": "World Bank Entrepreneurship Database: for China, only the data for Shanghai is included. The methodology note lists the Ministry of Finance (Beijing) and the Shanghai Administration of Industry and Commerce as sources. The published figure is not a complete national series.",
      "rank_density_2024": 14
    },
    {
      "iso3": "LIE",
      "name": "Liechtenstein",
      "region": "Europe & Central Asia",
      "income": "High income",
      "year": 2024,
      "new_business_density": 15.57,
      "new_registrations": 407,
      "eurostat_offshore_financial_center": true,
      "coverage_note": null,
      "rank_density_2024": 15
    },
    {
      "iso3": "NRU",
      "name": "Naoero",
      "region": "East Asia & Pacific",
      "income": "High income",
      "year": 2024,
      "new_business_density": 15.23,
      "new_registrations": 108,
      "eurostat_offshore_financial_center": true,
      "coverage_note": null,
      "rank_density_2024": 16
    },
    {
      "iso3": "HRV",
      "name": "Croatia",
      "region": "Europe & Central Asia",
      "income": "High income",
      "year": 2024,
      "new_business_density": 15.21,
      "new_registrations": 14324,
      "eurostat_offshore_financial_center": false,
      "coverage_note": null,
      "rank_density_2024": 17
    },
    {
      "iso3": "MUS",
      "name": "Mauritius",
      "region": "Sub-Saharan Africa",
      "income": "Upper middle income",
      "year": 2024,
      "new_business_density": 13.98,
      "new_registrations": 12614,
      "eurostat_offshore_financial_center": true,
      "coverage_note": null,
      "rank_density_2024": 18
    },
    {
      "iso3": "BWA",
      "name": "Botswana",
      "region": "Sub-Saharan Africa",
      "income": "Upper middle income",
      "year": 2024,
      "new_business_density": 13.33,
      "new_registrations": 21456,
      "eurostat_offshore_financial_center": false,
      "coverage_note": null,
      "rank_density_2024": 19
    },
    {
      "iso3": "BLZ",
      "name": "Belize",
      "region": "Latin America & Caribbean",
      "income": "Upper middle income",
      "year": 2024,
      "new_business_density": 13.01,
      "new_registrations": 3710,
      "eurostat_offshore_financial_center": true,
      "coverage_note": null,
      "rank_density_2024": 20
    }
  ],
  "registrations_2024_top15": [
    {
      "iso3": "BRA",
      "name": "Brazil",
      "region": "Latin America & Caribbean",
      "income": "Upper middle income",
      "year": 2024,
      "new_business_density": 6.67,
      "new_registrations": 979211,
      "eurostat_offshore_financial_center": false,
      "coverage_note": null,
      "rank_density_2024": 39
    },
    {
      "iso3": "GBR",
      "name": "United Kingdom",
      "region": "Europe & Central Asia",
      "income": "High income",
      "year": 2024,
      "new_business_density": 19.19,
      "new_registrations": 841138,
      "eurostat_offshore_financial_center": false,
      "coverage_note": null,
      "rank_density_2024": 9
    },
    {
      "iso3": "ZAF",
      "name": "South Africa",
      "region": "Sub-Saharan Africa",
      "income": "Upper middle income",
      "year": 2024,
      "new_business_density": 11.46,
      "new_registrations": 494475,
      "eurostat_offshore_financial_center": false,
      "coverage_note": null,
      "rank_density_2024": 22
    },
    {
      "iso3": "AUS",
      "name": "Australia",
      "region": "East Asia & Pacific",
      "income": "High income",
      "year": 2024,
      "new_business_density": 18.06,
      "new_registrations": 316561,
      "eurostat_offshore_financial_center": false,
      "coverage_note": null,
      "rank_density_2024": 11
    },
    {
      "iso3": "CHN",
      "name": "China",
      "region": "East Asia & Pacific",
      "income": "Upper middle income",
      "year": 2024,
      "new_business_density": 15.59,
      "new_registrations": 286640,
      "eurostat_offshore_financial_center": false,
      "coverage_note": "World Bank Entrepreneurship Database: for China, only the data for Shanghai is included. The methodology note lists the Ministry of Finance (Beijing) and the Shanghai Administration of Industry and Commerce as sources. The published figure is not a complete national series.",
      "rank_density_2024": 14
    },
    {
      "iso3": "FRA",
      "name": "France",
      "region": "Europe & Central Asia",
      "income": "High income",
      "year": 2024,
      "new_business_density": 6.82,
      "new_registrations": 286548,
      "eurostat_offshore_financial_center": false,
      "coverage_note": null,
      "rank_density_2024": 37
    },
    {
      "iso3": "RUS",
      "name": "Russian Federation",
      "region": "Europe & Central Asia",
      "income": "High income",
      "year": 2024,
      "new_business_density": 2.28,
      "new_registrations": 214957,
      "eurostat_offshore_financial_center": false,
      "coverage_note": null,
      "rank_density_2024": 73
    },
    {
      "iso3": "IDN",
      "name": "Indonesia",
      "region": "East Asia & Pacific",
      "income": "Upper middle income",
      "year": 2024,
      "new_business_density": 0.94,
      "new_registrations": 182200,
      "eurostat_offshore_financial_center": false,
      "coverage_note": null,
      "rank_density_2024": 104
    },
    {
      "iso3": "IND",
      "name": "India",
      "region": "South Asia",
      "income": "Lower middle income",
      "year": 2024,
      "new_business_density": 0.18,
      "new_registrations": 173712,
      "eurostat_offshore_financial_center": false,
      "coverage_note": null,
      "rank_density_2024": 125
    },
    {
      "iso3": "HKG",
      "name": "Hong Kong SAR, China",
      "region": "East Asia & Pacific",
      "income": "High income",
      "year": 2024,
      "new_business_density": 28.85,
      "new_registrations": 145053,
      "eurostat_offshore_financial_center": true,
      "coverage_note": null,
      "rank_density_2024": 3
    },
    {
      "iso3": "SAU",
      "name": "Saudi Arabia",
      "region": "Middle East, North Africa, Afghanistan & Pakistan",
      "income": "High income",
      "year": 2024,
      "new_business_density": 5.46,
      "new_registrations": 141067,
      "eurostat_offshore_financial_center": false,
      "coverage_note": null,
      "rank_density_2024": 45
    },
    {
      "iso3": "VNM",
      "name": "Viet Nam",
      "region": "East Asia & Pacific",
      "income": "Upper middle income",
      "year": 2024,
      "new_business_density": 2.0,
      "new_registrations": 136757,
      "eurostat_offshore_financial_center": false,
      "coverage_note": null,
      "rank_density_2024": 81
    },
    {
      "iso3": "ESP",
      "name": "Spain",
      "region": "Europe & Central Asia",
      "income": "High income",
      "year": 2024,
      "new_business_density": 3.67,
      "new_registrations": 118193,
      "eurostat_offshore_financial_center": false,
      "coverage_note": null,
      "rank_density_2024": 56
    },
    {
      "iso3": "ITA",
      "name": "Italy",
      "region": "Europe & Central Asia",
      "income": "High income",
      "year": 2024,
      "new_business_density": 3.09,
      "new_registrations": 115689,
      "eurostat_offshore_financial_center": false,
      "coverage_note": null,
      "rank_density_2024": 59
    },
    {
      "iso3": "TUR",
      "name": "Turkiye",
      "region": "Europe & Central Asia",
      "income": "Upper middle income",
      "year": 2024,
      "new_business_density": 1.98,
      "new_registrations": 115401,
      "eurostat_offshore_financial_center": false,
      "coverage_note": null,
      "rank_density_2024": 82
    }
  ],
  "notable_moves": [
    {
      "iso3": "CYM",
      "name": "Cayman Islands",
      "delta": 26.47,
      "density_2023": 174.54,
      "density_2024": 201.01,
      "registrations_2023": 9582,
      "ofc": true
    },
    {
      "iso3": "BWA",
      "name": "Botswana",
      "delta": 5.44,
      "density_2023": 7.89,
      "density_2024": 13.33,
      "registrations_2023": 12479,
      "ofc": false
    },
    {
      "iso3": "CPV",
      "name": "Cabo Verde",
      "delta": 3.75,
      "density_2023": 18.01,
      "density_2024": 21.76,
      "registrations_2023": 6308,
      "ofc": false
    },
    {
      "iso3": "PRT",
      "name": "Portugal",
      "delta": 3.62,
      "density_2023": 7.38,
      "density_2024": 11.0,
      "registrations_2023": 49158,
      "ofc": false
    },
    {
      "iso3": "SAU",
      "name": "Saudi Arabia",
      "delta": 3.54,
      "density_2023": 1.92,
      "density_2024": 5.46,
      "registrations_2023": 47219,
      "ofc": false
    },
    {
      "iso3": "HKG",
      "name": "Hong Kong SAR, China",
      "delta": 2.91,
      "density_2023": 25.94,
      "density_2024": 28.85,
      "registrations_2023": 132246,
      "ofc": true
    },
    {
      "iso3": "MUS",
      "name": "Mauritius",
      "delta": 2.42,
      "density_2023": 11.56,
      "density_2024": 13.98,
      "registrations_2023": 10490,
      "ofc": true
    },
    {
      "iso3": "EST",
      "name": "Estonia",
      "delta": 1.91,
      "density_2023": 24.85,
      "density_2024": 26.76,
      "registrations_2023": 21490,
      "ofc": false
    },
    {
      "iso3": "ZAF",
      "name": "South Africa",
      "delta": 1.77,
      "density_2023": 9.69,
      "density_2024": 11.46,
      "registrations_2023": 412780,
      "ofc": false
    },
    {
      "iso3": "XKX",
      "name": "Kosovo",
      "delta": 1.44,
      "density_2023": 6.91,
      "density_2024": 8.35,
      "registrations_2023": 8033,
      "ofc": false
    },
    {
      "iso3": "AUS",
      "name": "Australia",
      "delta": 1.43,
      "density_2023": 16.63,
      "density_2024": 18.06,
      "registrations_2023": 286290,
      "ofc": false
    },
    {
      "iso3": "BLZ",
      "name": "Belize",
      "delta": 1.43,
      "density_2023": 11.58,
      "density_2024": 13.01,
      "registrations_2023": 3244,
      "ofc": true
    },
    {
      "iso3": "MNG",
      "name": "Mongolia",
      "delta": 1.13,
      "density_2023": 7.13,
      "density_2024": 8.26,
      "registrations_2023": 15509,
      "ofc": false
    },
    {
      "iso3": "GHA",
      "name": "Ghana",
      "delta": -1.02,
      "density_2023": 2.39,
      "density_2024": 1.37,
      "registrations_2023": 48634,
      "ofc": false
    },
    {
      "iso3": "VIR",
      "name": "Virgin Islands (U.S.)",
      "delta": -3.34,
      "density_2023": 23.3,
      "density_2024": 19.96,
      "registrations_2023": 1497,
      "ofc": true
    },
    {
      "iso3": "MNE",
      "name": "Montenegro",
      "delta": -4.3,
      "density_2023": 22.16,
      "density_2024": 17.86,
      "registrations_2023": 8869,
      "ofc": false
    },
    {
      "iso3": "CHN",
      "name": "China",
      "delta": -4.48,
      "density_2023": 20.07,
      "density_2024": 15.59,
      "registrations_2023": 368965,
      "ofc": false
    }
  ],
  "moves_under_registration_floor": [
    {
      "iso3": "NRU",
      "name": "Naoero",
      "delta": 12.95,
      "density_2023": 2.28,
      "density_2024": 15.23,
      "registrations_2023": 16
    },
    {
      "iso3": "KNA",
      "name": "St. Kitts and Nevis",
      "delta": -9.91,
      "density_2023": 28.63,
      "density_2024": 18.72,
      "registrations_2023": 950
    },
    {
      "iso3": "TCA",
      "name": "Turks and Caicos Islands",
      "delta": -2.34,
      "density_2023": 26.08,
      "density_2024": 23.74,
      "registrations_2023": 878
    },
    {
      "iso3": "LCA",
      "name": "St. Lucia",
      "delta": -1.78,
      "density_2023": 2.84,
      "density_2024": 1.06,
      "registrations_2023": 371
    },
    {
      "iso3": "SYC",
      "name": "Seychelles",
      "delta": 1.49,
      "density_2023": 2.77,
      "density_2024": 4.26,
      "registrations_2023": 237
    }
  ],
  "regional_medians_2024_ex_ofc": [
    {
      "region": "Europe & Central Asia",
      "n": 41,
      "median": 4.89
    },
    {
      "region": "Latin America & Caribbean",
      "n": 14,
      "median": 1.9900000000000002
    },
    {
      "region": "East Asia & Pacific",
      "n": 14,
      "median": 1.875
    },
    {
      "region": "Middle East, North Africa, Afghanistan & Pakistan",
      "n": 11,
      "median": 1.82
    },
    {
      "region": "Sub-Saharan Africa",
      "n": 33,
      "median": 1.04
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  ],
  "panel_ex_ofc": [
    {
      "year": 2006,
      "n": 85,
      "median": 1.2
    },
    {
      "year": 2007,
      "n": 85,
      "median": 1.54
    },
    {
      "year": 2008,
      "n": 85,
      "median": 1.31
    },
    {
      "year": 2009,
      "n": 85,
      "median": 1.24
    },
    {
      "year": 2010,
      "n": 85,
      "median": 1.32
    },
    {
      "year": 2011,
      "n": 85,
      "median": 1.35
    },
    {
      "year": 2012,
      "n": 85,
      "median": 1.51
    },
    {
      "year": 2013,
      "n": 85,
      "median": 1.51
    },
    {
      "year": 2014,
      "n": 85,
      "median": 1.55
    },
    {
      "year": 2015,
      "n": 85,
      "median": 1.55
    },
    {
      "year": 2016,
      "n": 85,
      "median": 1.75
    },
    {
      "year": 2017,
      "n": 85,
      "median": 1.85
    },
    {
      "year": 2018,
      "n": 85,
      "median": 1.93
    },
    {
      "year": 2019,
      "n": 85,
      "median": 1.94
    },
    {
      "year": 2020,
      "n": 85,
      "median": 2.04
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    {
      "year": 2021,
      "n": 85,
      "median": 2.3
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    {
      "year": 2022,
      "n": 85,
      "median": 2.57
    },
    {
      "year": 2023,
      "n": 85,
      "median": 2.55
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    {
      "year": 2024,
      "n": 85,
      "median": 2.62
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  ],
  "coverage_by_year": [
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      "year": 2006,
      "n": 130
    },
    {
      "year": 2007,
      "n": 132
    },
    {
      "year": 2008,
      "n": 141
    },
    {
      "year": 2009,
      "n": 147
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    {
      "year": 2010,
      "n": 146
    },
    {
      "year": 2011,
      "n": 150
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    {
      "year": 2012,
      "n": 153
    },
    {
      "year": 2013,
      "n": 160
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    {
      "year": 2014,
      "n": 164
    },
    {
      "year": 2015,
      "n": 166
    },
    {
      "year": 2016,
      "n": 169
    },
    {
      "year": 2017,
      "n": 171
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    {
      "year": 2018,
      "n": 173
    },
    {
      "year": 2019,
      "n": 165
    },
    {
      "year": 2020,
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    {
      "year": 2021,
      "n": 150
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    {
      "year": 2022,
      "n": 154
    },
    {
      "year": 2023,
      "n": 140
    },
    {
      "year": 2024,
      "n": 134
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  ]
}