Paraguay's economy in numbers:
Nominal GDP of USD 41.8 billion in 2022.
Nominal GDP of USD 42.9 billion in 2023.
GDP per capita of USD 5,674 compared to the global average of USD 10,589.
GDP per capita of USD 5,610 compared to the global average of USD 10,589.
Average real GDP growth of 2.8% over the last decade.
Average real GDP growth of 3.3% over the last decade.
Economic structure:
In 2021, services accounted for 55% of overall GDP, manufacturing 20%, other industrial activity 15%, and agriculture 10%. Looking at GDP by expenditure, private consumption accounted for 64% of GDP in 2021, government consumption 13%, fixed investment 22%, and net exports 1%.International trade:
In 2021, manufactured products made up 13% of total merchandise exports, mineral fuels 15%, food 69%, ores and metals 1% and agricultural raw materials 1%, with other categories accounting for 1% of the total. In the same period, manufactured products made up 77% of total merchandise imports, mineral fuels 13%, food 8%, ores and metals 2% and agricultural raw materials 1%, with other goods accounting for -1% of the total. Total exports were worth USD 13 billion in 2022, while total imports were USD 15 billion.Economic growth:
The economy recorded average annual growth of 2.8% in the decade to 2022. To read more about GDP growth in Paraguay, go to our dedicated page.
Fiscal policy:
Paraguay's fiscal deficit averaged 2.2% of GDP in the decade to 2022. Find out more on our dedicated page.
Unemployment:
The unemployment rate averaged 6.2% in the decade to 2022. For more information on Paraguay's unemployment click here.
Inflation:
Inflation averaged 4.1% in the decade to 2022. Go to our Paraguay inflation page for extra insight.
Monetary Policy:
Paraguay's monetary policy rate ended 2022 at 8.50%, up from 5.50% a decade earlier. See our Paraguay monetary policy page for additional details.
Exchange Rate:
From end-2012 to end-2022 the guarani weakened by 42.8% vs the U.S. dollar. For more info on the guarani, click here.
47 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 11 expert analysts.
Want to get insight on the economic outlook for Paraguay in the coming years? FocusEconomics collects projections out to 2034 on 47 economic indicators for Paraguay from a panel of 11 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Paraguay economy. To download a sample report on the Paraguay's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.