Countries
Paraguay
Key Economic Indicators
$128.35 billion
$18,524
4.25%
3.84%
4.8%
$44.458 billion (2024 est.)
18.9% of GDP (2016 est.)
$-1,527,604,954
Economic Overview
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
All Economic Data
Agricultural products
soybeans, sugarcane, maize, cassava, wheat, rice, milk, beef, oranges, bananas (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Average household expenditures
On alcohol and tobacco:
4.2% of household expenditures (2023 est.)
On food:
29.3% of household expenditures (2023 est.)
Budget
Expenditures:
$9.397 billion (2023 est.)
Note:
<b>note:</b> central government revenues (excluding grants) and expenditures converted to US dollars at average official exchange rate for year indicated
Revenues:
$7.751 billion (2023 est.)
Currency
code:
PYG
name:
Paraguayan guaraní (PYG) [₲]
Current account balance
$-1,527,604,954
Current account balance 2022:
-$2.948 billion (2022 est.)
Current account balance 2023:
-$176.597 million (2023 est.)
Current account balance 2024:
-$1.666 billion (2024 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Debt - external
$29.96 billion
Debt - external 2023:
$13.783 billion (2023 est.)
Note:
<b>note:</b> present value of external debt in current US dollars
Exchange rates
Currency:
guarani (PYG) per US dollar -
Exchange rates 2020:
6,771.097 (2020 est.)
Exchange rates 2021:
6,774.163 (2021 est.)
Exchange rates 2022:
6,982.752 (2022 est.)
Exchange rates 2023:
7,288.872 (2023 est.)
Exchange rates 2024:
7,560.248 (2024 est.)
Exports
$16.54 billion
Exports 2022:
$14.971 billion (2022 est.)
Exports 2023:
$18.581 billion (2023 est.)
Exports 2024:
$17.395 billion (2024 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
soybeans, beef, electricity, corn, soybean meal (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
Argentina 33%, Brazil 25%, Chile 10%, USA 2%, Uruguay 2% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$1.1 billion
GDP - composition, by end use
Exports of goods and services:
37.2% (2024 est.)
Government consumption:
12.6% (2024 est.)
Household consumption:
67% (2024 est.)
Imports of goods and services:
-39.6% (2024 est.)
Investment in fixed capital:
21% (2024 est.)
Investment in inventories:
1.8% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to rounding or gaps in data collection
GDP - composition, by sector of origin
Agriculture:
10.7% (2024 est.)
Industry:
32.5% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
48.7% (2024 est.)
GDP (official exchange rate)
$44.458 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$6,416
Gini Index coefficient - distribution of family income
45.7 (2019)
Gini Index coefficient - distribution of family income 2023:
44.4 (2023 est.)
Note:
<b>note:</b> index (0-100) of income distribution; higher values represent greater inequality
GNI (gross national income)
$43.03 billion
GNI per capita
$6,300
Gross domestic investment
23 % of GDP
Household income or consumption by percentage share
Highest 10%:
34.4% (2023 est.)
Lowest 10%:
1.8% (2023 est.)
Note:
<b>note:</b> % share of income accruing to lowest and highest 10% of population
Imports
$17.62 billion
Imports 2022:
$17.088 billion (2022 est.)
Imports 2023:
$17.848 billion (2023 est.)
Imports 2024:
$18.377 billion (2024 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
broadcasting equipment, refined petroleum, fertilizers, cars, pesticides (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
China 33%, Brazil 24%, USA 8%, Argentina 7%, Germany 2% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
2.2% (2024 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
Industries
sugar processing, cement, textiles, beverages, wood products, steel, base metals, electric power
Inflation rate (consumer prices)
3.84%
Inflation rate (consumer prices) 2022:
9.8% (2022 est.)
Inflation rate (consumer prices) 2023:
4.6% (2023 est.)
Inflation rate (consumer prices) 2024:
3.8% (2024 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
3.502 million (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
3.53 million persons
Labor force - by occupation
agriculture:
15.97%
industry:
18.95%
services:
65.08%
Population below poverty line
24.7% (2022 est.)
note:
<b>note:</b> % of population with income below national poverty line
Public debt
Public debt 2016:
18.9% of GDP (2016 est.)
Real GDP (purchasing power parity)
$128.35 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$103.159 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$108.316 billion (2023 est.)
Real GDP (purchasing power parity) 2024:
$112.919 billion (2024 est.)
Real GDP growth rate
4.25%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
0.2% (2022 est.)
Real GDP growth rate 2023:
5% (2023 est.)
Real GDP growth rate 2024:
4.2% (2024 est.)
Real GDP per capita
$18,524
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$15,300 (2022 est.)
Real GDP per capita 2023:
$15,800 (2023 est.)
Real GDP per capita 2024:
$16,300 (2024 est.)
Remittances
$1.14 billion
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2022:
1.4% of GDP (2022 est.)
Remittances 2023:
1.7% of GDP (2023 est.)
Remittances 2024:
2% of GDP (2024 est.)
Reserves of foreign exchange and gold
$9.89 billion
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2021:
$9.661 billion (2021 est.)
Reserves of foreign exchange and gold 2022:
$9.519 billion (2022 est.)
Reserves of foreign exchange and gold 2023:
$9.886 billion (2023 est.)
Revenue (excl grants)
19 % of GDP
Tax revenue
11 % of GDP
Taxes and other revenues
10.1% (of GDP) (2023 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
Unemployment rate
4.8%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
6.8% (2022 est.)
Unemployment rate 2023:
5.8% (2023 est.)
Unemployment rate 2024:
6.1% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
18.8% (2024 est.)
Male:
11% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
14.1% (2024 est.)
World Bank Indicators
Currency
Panamanian balboa (PAB) B/. (2025)
Gini Index
49.80 (2019)
Languages
Spanish (2025)
Economic Rankings
Gini Index
#28
External Debt
#41
Unemployment Rate
#71
Inflation Rate
#76
Reserves
#78
GDP (PPP)
#92
Exports
#93
GDP (Nominal)
#97
GDP per Capita
#98
Imports
#98
GDP Growth Rate
#101
Quick Facts
Industries
sugar processing, cement, textiles, beverages, wood products, steel, base metals, electric power
Agricultural products
soybeans, sugarcane, maize, cassava, wheat, rice, milk, beef, oranges, bananas (2023)
Labor force
3.502 million (2024 est.)
Exports - partners
Argentina 33%, Brazil 25%, Chile 10%, USA 2%, Uruguay 2% (2023)
Imports - partners
China 33%, Brazil 24%, USA 8%, Argentina 7%, Germany 2% (2023)
Exchange rates
guarani (PYG) per US dollar -
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