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	6,956,071 (2018)
GDP	$43 billion (nominal, 2023); $118 billion (PPP, 2023);
GDP rank	100th (nominal, 2023); 94th (PPP, 2023);
GDP growth	0.2% (2022); 4.5% (2023f); 3.5% (2024f);
GDP per capita	$7,238 (nominal, 2023); $19,040 (PPP, 2023);
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	0.717 high (2021) (105th); 0.582 medium IHDI (2021);
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.)
	Main data source: CIA World Fact Book ; 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.

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

This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.