Paraguay Economy - 2024

Economic overview

upper middle-income South American economy; COVID-19 hit while still recovering from 2019 Argentina-driven recession; global hydroelectricity leader; major corruption and money-laundering locale; highly agrarian economy; significant income inequality

Real GDP (purchasing power parity)

$91.759 billion (2021 est.)
$88.143 billion (2020 est.)
$88.872 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

4.1% (2021 est.)
-0.82% (2020 est.)
-0.4% (2019 est.)

Real GDP per capita

$13,700 (2021 est.)
$13,300 (2020 est.)
$13,600 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$38.94 billion (2017 est.)

Inflation rate (consumer prices)

4.79% (2021 est.)
1.77% (2020 est.)
2.76% (2019 est.)

Credit ratings

Fitch rating: BB+ (2018)

Moody's rating: Ba1 (2015)

Standard & Poors rating: BB (2014)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 17.9% (2017 est.)

industry: 27.7% (2017 est.)

services: 54.5% (2017 est.)

GDP - composition, by end use

household consumption: 66.7% (2017 est.)

government consumption: 11.3% (2017 est.)

investment in fixed capital: 17.3% (2017 est.)

investment in inventories: 0.3% (2017 est.)

exports of goods and services: 46.6% (2017 est.)

imports of goods and services: -42.2% (2017 est.)

Agricultural products

soybeans, sugar cane, maize, cassava, wheat, rice, beef, milk, oranges, oil palm fruit

Industries

sugar processing, cement, textiles, beverages, wood products, steel, base metals, electric power

Industrial production growth rate

4.69% (2021 est.)

Labor force

3.43 million (2021 est.)

Unemployment rate

7.21% (2021 est.)
7.55% (2020 est.)
6.59% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 16.3% (2021 est.)

male: 12.7%

female: 21.9%

Population below poverty line

23.5% (2019 est.)

Gini Index coefficient - distribution of family income

43.5 (2020 est.)

Average household expenditures

on food: 31.7% of household expenditures (2018 est.)

on alcohol and tobacco: 4.2% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 1.5%

highest 10%: 37.6% (2013 est.)

Remittances

1.48% of GDP (2021 est.)
1.65% of GDP (2020 est.)
1.76% of GDP (2019 est.)

Budget

revenues: $7.272 billion (2019 est.)

expenditures: $8.714 billion (2019 est.)

Budget surplus (+) or deficit (-)

-1.1% (of GDP) (2017 est.)

Public debt

19.5% of GDP (2017 est.)
18.9% of GDP (2016 est.)

Taxes and other revenues

9.51% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

$311.068 million (2021 est.)
$959.673 million (2020 est.)
-$178.179 million (2019 est.)

Exports

$14.154 billion (2021 est.) note: data are in current year dollars
$11.794 billion (2020 est.) note: data are in current year dollars
$13.272 billion (2019 est.) note: data are in current year dollars

Exports - partners

Brazil 32%, Argentina 22%, Chile 8%, Russia 8% (2019)

Exports - commodities

soybeans and soybean products, electricity, beef, corn, insulated wiring (2019)

Imports

$13.454 billion (2021 est.) note: data are in current year dollars
$10.46 billion (2020 est.) note: data are in current year dollars
$13.146 billion (2019 est.) note: data are in current year dollars

Imports - partners

Brazil 24%, United States 22%, China 17%, Argentina 10%, Chile 5% (2019)

Imports - commodities

broadcasting equipment, cars, pesticides, refined petroleum, tires (2019)

Reserves of foreign exchange and gold

$9.661 billion (31 December 2021 est.)
$9.202 billion (31 December 2020 est.)
$7.717 billion (31 December 2019 est.)

Debt - external

$16.622 billion (2019 est.)
$16.238 billion (2018 est.)

Exchange rates

guarani (PYG) per US dollar -

Exchange rates:
6,774.163 (2021 est.)
6,771.097 (2020 est.)
6,240.722 (2019 est.)
5,732.105 (2018 est.)
5,618.933 (2017 est.)