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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.
Paraguay has abundant natural resources, a young population, and a stable economy. Over the past two decades, it has experienced continuous economic growth, with sound macroeconomic policies, including institutional reforms such as an inflation-targeting regime and fiscal responsibility legislation.
Paraguay’s economy has demonstrated remarkable resilience during a four-year period of multiple adverse shocks. As it was recovering from the impact of the Covid-19 pandemic, a severe drought hit the economy in early 2022. Economic growth is now rebounding, mainly on behalf of the recovering agricultural sector.
Explore Paraguay economic data on Prosperity Data360.
Paraguay Global Economic Prospects examines trends for the world economy and how they affect developing countries. The report includes country-specific three-year forecasts for major macroeconomic indicators, including commodity and financial markets.
During the last two decades, Paraguay has experienced economic growth thanks to favorable terms of trade that allowed improvements in the prices of the products that the country exports and to solid macroeconomic policies, which include institutional reforms such as the inflation targeting mechanism and legislation of fiscal responsibility.
GDP (current US$) - Paraguay. World Bank national accounts data, and OECD National Accounts data files. License : CC BY-4.0. LineBarMap. Also Show Share Details.
A team of International Monetary Fund (IMF) staff, led by Mauricio Villafuerte, Mission Chief for Paraguay, visited Asunción, Paraguay from November 5 to 11, 2024, to discuss recent economic developments and policies in preparation for the Fourth Review of the Policy Coordination Instrument and Second Review under the Resilience and Sustainability Facility, which are expected to be considered ...
In 2022, Paraguay exported a total of $10.1B, making it the number 103 exporter in the world. During the last five reported years the exports of Paraguay have changed by $1.22B from $8.89B in 2017 to $10.1B in 2022.
Paraguay’s economy is expected to grow by 3.9 percent in 2024, supported by a healthy soybean harvest. Growth would be faster if not for uneven rainfall, which has dampened hydropower production. Poverty is estimated to have decreased to 17.6 percent in 2023 and is expected to fall to 16.8 percent in 2024.