Paraguay - Economy
How is the economy of Paraguay? Based on the information we have, Paraguay has a 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. Key agricultural products in this country include: sugarcane, maize, soybeans, cassava, rice, wheat, milk, beef, oranges, oil palm fruit (2022).
More about the economy of Paraguay
| Labor force | 3.404 million (2022 est.) |
|---|---|
| Industrial production growth rate | 0.3% (2022 est.) |
| Industries | sugar processing, cement, textiles, beverages, wood products, steel, base metals, electric power |
| Population below poverty line | 24.7% (2022 est.) |
| Taxes and other revenues | 9.79% (of GDP) (2021 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | guarani (PYG) per US dollar - |
| Exchange rates 2022 | 6,982.752 (2022 est.) |
| Exchange rates 2021 | 6,774.163 (2021 est.) |
| Exchange rates 2020 | 6,771.097 (2020 est.) |
| Exchange rates 2019 | 6,240.722 (2019 est.) |
| Exchange rates 2018 | 5,732.105 (2018 est.) |
| Debt - external | |
| Debt - external 2019 | $16.622 billion (2019 est.) |
| Debt - external 2018 | $16.238 billion (2018 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2022 | $9.519 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $9.661 billion (2021 est.) |
| Reserves of foreign exchange and gold 2020 | $9.202 billion (2020 est.) |
| Current account balance | |
| Current account balance 2022 | -$2.793 billion (2022 est.) |
| Current account balance 2021 | -$308.061 million (2021 est.) |
| Current account balance 2020 | $685.188 million (2020 est.) |
| Public debt | |
| Public debt 2017 | 19.5% of GDP (2017 est.) |
| Public debt 2016 | 18.9% of GDP (2016 est.) |
| Budget | |
| Revenues | $7.272 billion (2019 est.) |
| Expenditures | $8.714 billion (2019 est.) |
| Budget surplus (+) or deficit (-) | -1.1% (of GDP) (2017 est.) |
| Remittances | |
| Remittances 2022 | 1.42% of GDP (2022 est.) |
| Remittances 2021 | 1.47% of GDP (2021 est.) |
| Remittances 2020 | 1.65% of GDP (2020 est.) |
| Household income | |
| Lowest 10% | 1.8% |
| Highest 10% | 35.4% (2022 est.) |
| Average household expenditures | |
| On food | 30.3% of household expenditures (2021 est.) |
| On alcohol and tobacco | 4.2% of household expenditures (2021 est.) |
| Imports | |
| Imports 2022 | $17.142 billion (2022 est.) |
| Imports 2021 | $14.316 billion (2021 est.) |
| Imports 2020 | $10.982 billion (2020 est.) |
| Imports (partners) | China 28%, Brazil 23%, US 11%, Argentina 8%, Chile 3% (2022) |
| Comodities Imports force | refined petroleum, broadcasting equipment, cars, fertilizers, pesticides (2022) |
| Exports | |
| Imports 2022 | $17.142 billion (2022 est.) |
| Imports 2021 | $14.316 billion (2021 est.) |
| Imports 2020 | $10.982 billion (2020 est.) |
| Exports (partners) | Brazil 36%, Argentina 19%, Chile 12%, Russia 4%, US 3% (2022) |
| Comodities Exports force | beef, electricity, soybeans, corn, soybean meal (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2022 | $91.753 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $91.684 billion (2021 est.) |
| Real GDP (purchasing power parity) 2020 | $88.143 billion (2020 est.) |
| GDP (official exchange rate) | $41.722 billion (2022 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2022 | $13,500 (2022 est.) |
| Real GDP per capita 2021 | $13,700 (2021 est.) |
| Real GDP per capita 2020 | $13,300 (2020 est.) |
| 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.) |
| Unemployment rate | |
| Unemployment rate 2022 | 6.75% (2022 est.) |
| Unemployment rate 2021 | 7.31% (2021 est.) |
| Unemployment rate 2020 | 7.55% (2020 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 16.3% (2021 est.) |
| Male | 12.7% |
| Female | 21.9% |
All Important Facts about Paraguay
Want to know more about Paraguay? Check all different factbooks for Paraguay below.
