Economy of Paraguay

Economy of Paraguay
	Asunción is the capital and largest city of Paraguay
Currency	Paraguayan guaraní (PYG, ₲)
Fiscal year	Calendar year
Trade organizations	WTO, Mercosur, Prosur
Country group	Developing/Emerging; Upper-middle income economy;
Statistics
Population	6,109,644 (2022 census)
GDP	$46 billion (nominal, 2023); $120 billion (PPP, 2023);
GDP rank	97th (nominal, 2023); 92th (PPP, 2023);
GDP growth	2.7% (2024); 4.5% (2023f); 3.5% (2024f);
GDP per capita	$8,827 (nominal, 2024); $20,540 (PPP, 2024);
GDP per capita rank	103rd (nominal, 2023); 101st (PPP, 2023);
GDP by sector	agriculture: 17.9%; industry: 27.7%; services: 54.5%; (2017 est.);
Inflation (CPI)	3.7% (2020 est.)
Population below poverty line	24.2% (2018); 17.0% on less than $5.50/day (2018);
Gini coefficient	46.2 high (2018)
Human Development Index	0.731 high (2022) (102nd); 0.582 medium (94th) IHDI (2022);
Labor force	3,530,715 (2019); 67.4% employment rate (2018);
Labor force by occupation	agriculture: 26.5%; industry: 18.5%; services: 55%; (2008);
Unemployment	5.7% (2017 est.)
Main industries	sugar, cement, textiles, beverages, wood products, steel, base metals, electric power
External
Exports	$11.73 billion (2017 est.)
Export goods	soybeans, feed, cotton, meat, edible oils, wood, leather
Main export partners	Brazil 31.9%; Argentina 15.9%; Chile 6.9%; Russia 5.9%; (2017);
Imports	$11.35 billion (2017 est.)
Import goods	road vehicles, consumer goods, tobacco, petroleum products, electrical machinery, tractors, chemicals, vehicle parts
Main import partners	Brazil 24%; United States 22%; China 17%; Argentina 10%; Chile 5%; (2017);
FDI stock	$6.235 billion (31 December 2017 est.); Abroad: $705.1 million (31 December 2017 est.);
Current account	−$298 million (2017 est.)
Gross external debt	$17.7 billion (31 December 2017 est.)
Public finances
Government debt	19.5% of GDP (2017 est.)
Budget balance	−1.1% (of GDP) (2017 est.)
Revenues	5.524 billion (2017 est.)
Expenses	5.968 billion (2017 est.)
Credit rating	Standard & Poor's:; BB (Domestic); BB (Foreign); BB+ (T&C Assessment); Outlook: Positive; Moody's:; Ba2; Outlook: Stable;
Foreign reserves	$7.877 billion (31 December 2017 est.)
	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]

^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
^ "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.
^ ^a ^b ^c ^d ^e "Report for Selected Countries and Subjects: April 2023". imf.org. International Monetary Fund.
^ ^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.
^ ^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.
^ "Poverty headcount ratio at national poverty lines (% of population) - Paraguay". data.worldbank.org. World Bank. Retrieved 21 March 2020.
^ "Poverty headcount ratio at $5.50 a day (2011 PPP) (% of population) - Paraguay". data.worldbank.org. World Bank. Retrieved 21 March 2020.
^ "GINI index (World Bank estimate)". data.worldbank.org. World Bank. Retrieved 21 March 2020.
^ ^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.
^ "Labor force, total - Paraguay". data.worldbank.org. World Bank. Retrieved 12 January 2020.
^ "Employment to population ratio, 15+, total (%) (national estimate) - Paraguay". data.worldbank.org. World Bank. Retrieved 24 October 2019.
^ "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
^ ^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.
^ Paraguay country profile. Library of Congress Federal Research Division (October 2005). This article incorporates text from this source, which is in the public domain.
^ "Paraguay's population is booming, but where are all the jobs?".

[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.

[population-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.

[IMFWEOPY-4] "Report for Selected Countries and Subjects: April 2023". imf.org. International Monetary Fund.

[IMF_forecast-5] "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.

[CIAWFPA-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.

[pyhdi-10] "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.

[guardian-14] 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.

[cp-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?".

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