Economy of Paraguay

Economy of Paraguay
Asunción is the capital and largest city of Paraguay
CurrencyParaguayan guaraní (PYG, ₲)
Calendar year
Trade organizations
WTO, Mercosur, Prosur
Country group
Statistics
PopulationIncrease 6,109,644 (2022 census)[3]
GDP
  • Increase $46 billion (nominal, 2024)[4]
  • Increase $125 billion (PPP, 2024)[4]
GDP rank
GDP growth
  • Increase 2.7% (2024)[5]
  • Increase 4.5% (2023f)[5]
  • Increase 3.5% (2024f)[5]
GDP per capita
  • Increase $7,367 (nominal, 2024)[4]
  • Increase $20,056 (PPP, 2024)[4]
GDP per capita rank
GDP by sector
3.7% (2020 est.)[4]
Population below poverty line
  • Positive decrease 24.2% (2018)[7]
  • Positive decrease 17.0% on less than $5.50/day (2018)[8]
Positive decrease 46.2 high (2018)[9]
Labor force
  • Increase 3,530,715 (2019)[11]
  • Increase 67.4% employment rate (2018)[12]
Labor force by occupation
UnemploymentPositive decrease 5.7% (2017 est.)[6]
Main industries
sugar, cement, textiles, beverages, wood products, steel, base metals, electric power
External
ExportsIncrease $11.73 billion (2017 est.)[6]
Export goods
soybeans, feed, cotton, meat, edible oils, wood, leather
Main export partners
ImportsIncrease $11.35 billion (2017 est.)[6]
Import goods
road vehicles, consumer goods, tobacco, petroleum products, electrical machinery, tractors, chemicals, vehicle parts
Main import partners
FDI stock
  • Increase $6.235 billion (31 December 2017 est.)[6]
  • Increase Abroad: $705.1 million (31 December 2017 est.)[6]
Decrease −$298 million (2017 est.)[6]
Negative increase $17.7 billion (31 December 2017 est.)[6]
Public finances
Negative increase 19.5% of GDP (2017 est.)[6]
−1.1% (of GDP) (2017 est.)[6]
Revenues5.524 billion (2017 est.)[6]
Expenses5.968 billion (2017 est.)[6]
Increase $7.877 billion (31 December 2017 est.)[6]
All values, unless otherwise stated, are in US dollars.

The economy of Paraguay is a market economy that is highly dependent on agriculture products. In recent years, Paraguay's economy has grown as a result of increased agricultural exports, especially soybeans. Paraguay has the economic advantages of a young population and vast hydroelectric power. Its disadvantages include the few available mineral resources, and political instability. The government welcomes foreign investment.[15]

Agriculture represents 30% of its GDP. According to official figures, 5% of landowners own 90% of the land.[16]

  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ "Paraguay has 6,203,644 inhabitants, according to the last Census". ABC Color (in Spanish). 31 March 2024. Archived from the original on 5 September 2023. Retrieved 6 May 2024.
  4. ^ a b c d e "Report for Selected Countries and Subjects: April 2024". imf.org. International Monetary Fund.
  5. ^ a b c "The outlook is uncertain again amid financial sector turmoil, high inflation, ongoing effects of Russia's invasion of Ukraine, and three years of COVID". International Monetary Fund. 11 April 2023.
  6. ^ a b c d e f g h i j k l m n o p "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 3 July 2019.
  7. ^ "Poverty headcount ratio at national poverty lines (% of population) - Paraguay". data.worldbank.org. World Bank. Retrieved 21 March 2020.
  8. ^ "Poverty headcount ratio at $5.50 a day (2011 PPP) (% of population) - Paraguay". data.worldbank.org. World Bank. Retrieved 21 March 2020.
  9. ^ "GINI index (World Bank estimate)". data.worldbank.org. World Bank. Retrieved 21 March 2020.
  10. ^ a b "Human Development Report 2023/2024" (PDF). United Nations Development Programme. 13 March 2024. Archived (PDF) from the original on 13 March 2024. Retrieved 6 May 2024.
  11. ^ "Labor force, total - Paraguay". data.worldbank.org. World Bank. Retrieved 12 January 2020.
  12. ^ "Employment to population ratio, 15+, total (%) (national estimate) - Paraguay". data.worldbank.org. World Bank. Retrieved 24 October 2019.
  13. ^ "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
  14. ^ a b Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. Retrieved 28 May 2011.
  15. ^ Paraguay country profile. Library of Congress Federal Research Division (October 2005). This article incorporates text from this source, which is in the public domain.
  16. ^ "Paraguay's population is booming, but where are all the jobs?". 5 May 2017.