Paraguay

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Paraguay - In Short.

Overview of Paraguay

Paraguay achieved its independence from Spain in 1811. In the disastrous War of the Triple Alliance (1865-70) – between Paraguay and Argentina, Brazil, and Uruguay – Paraguay lost two-thirds of its adult males and much of its territory. The country stagnated economically for the next half century. Following the Chaco War of 1932-35 with Bolivia, Paraguay gained a large part of the Chaco lowland region. The 35-year military dictatorship of Alfredo STROESSNER ended in 1989, and Paraguay has held relatively free and regular presidential elections since the country’s return to democracy.
Value
Country Full Name
Paraguay
Country Code
PRY
Region
Latin America & Caribbean
Income Group
Upper middle income
Currency Unit
GDP
35670301496
Population
7132530
Land Area
397300
Net National Income Per Capita
4446.469864
GDP per Capita (PPP)
13069.17612

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Paraguay - Economic

Economy of Paraguay

Landlocked Paraguay has a market economy distinguished by a large informal sector, featuring re-export of imported consumer goods to neighboring countries, as well as the activities of thousands of microenterprises and urban street vendors. A large percentage of the population, especially in rural areas, derives its living from agricultural activity, often on a subsistence basis. Because of the importance of the informal sector, accurate economic measures are difficult to obtain.On a per capita basis, real income has grown steadily over the past five years as strong world demand for commodities, combined with high prices and favorable weather, supported Paraguay’s commodity-based export expansion. Paraguay is the fifth largest soy producer in the world. Drought hit in 2008, reducing agricultural exports and slowing the economy even before the onset of the global recession. The economy fell 3.8% in 2009, as lower world demand and commodity prices caused exports to contract. Severe drought and outbreaks of hoof-and-mouth disease in 2012 led to a brief drop in beef and other agricultural exports. Since 2014, however, Paraguay’s economy has grown at a 4% average annual rate due to strong production and high global prices, at a time when other countries in the region have contracted.The Paraguayan Government recognizes the need to diversify its economy and has taken steps in recent years to do so. In addition to looking for new commodity markets in the Middle East and Europe, Paraguayan officials have promoted the country’s low labor costs, cheap energy from its massive Itaipu Hydroelectric Dam, and single-digit tax rate on foreign firms. As a result, the number of factories operating in the country – mostly transplants from Brazil – has tripled since 2014.Corruption, limited progress on structural reform, and deficient infrastructure are the main obstacles to long-term growth. Judicial corruption is endemic and is seen as the greatest barrier to attracting more foreign investment. Paraguay has been adverse to public debt throughout its history, but has recently sought to finance infrastructure improvements to attract foreign investment.

Unemployment Rate

Inflation Rate

Paraguay - GDP Composition

GDP Composiiton & Value Added of Paraguay

Last Updated: Jan, 2021, Updated For 2020.

Paraguay - GDP, Value Added

Demographics of Paraguay

most of the population resides in the eastern half of the country; to the west lies the Gran Chaco (a semi-arid lowland plain), which accounts for 60% of the land territory, but only 2% of the overall population
Geographic Location

Central South America, northeast of Argentina, southwest of Brazil

Races

Mestizo (mixed Spanish and Amerindian ancestry) 95%, other 5%

Languages

Spanish (official) and Guarani (official) 46.3%, only Guarani 34%, only Spanish 15.2%, other (includes Portuguese, German, other Indigenous languages) 4.1% , no response 0.4%; note - data represent predominant household language (2012 est.)major-language

Religion

Roman Catholic 89.6%, Protestant 6.2%, other Christian 1.1%, other or unspecified 1.9%, none 1.1% (2002 est.)

Dependency & Expectancy of Paraguay

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Paraguay - Social Media Briefing

Paraguay - Social Media & Social Commerce

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Politics & Policies of Paraguay

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

CAN (associate), CD, CELAC, FAO, G-11, G-77, IADB, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IFAD, IFC, IFRCS, ILO, IMF, IMO, Interpol, IOC, IOM, IPU, ISO (correspondent), ITSO, ITU, ITUC (NGOs), LAES, LAIA, Mercosur, MIGA, MINURSO, MINUSTAH, MONUSCO, NAM (observer), OAS, OPANAL, OPCW, Pacific Alliance (observer), PCA, UN, UNASUR, UNCTAD, UNESCO, UNFICYP, UNIDO, Union Latina, UNISFA, UNMIL, UNMISS, UNOCI, UNWTO, UPU, WCO, WHO, WIPO, WMO, WTO

Import of Paraguay

Export of Paraguay

Import Destination

Export Destination