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EconomyEconomy - overview
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 stagnated at 1980 levels. The economy grew rapidly between 2003 and 2008 as growing world demand for commodities combined with high prices and favorable weather to support Paraguay's commodity-based export expansion. Paraguay is the sixth 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. The government reacted by introducing fiscal and monetary stimulus packages. Growth resumed at a 15% level in 2010, the highest in South America, but slowed to 6.4% in 2011 as the stimulus subsided. Political uncertainty, corruption, limited progress on structural reform, and deficient infrastructure are the main obstacles to growth. Gdp (purchasing power parity) World Ranking: 105
$35.8 billion (2011 est.)
$34.49 billion (2010 est.) $29.98 billion (2009 est.) Note Data are in 2011 US dollars Gdp (official exchange rate)
$21.24 billion (2011 est.)
Gdp - real growth rate World Ranking: 101
3.8% (2011 est.)
15% (2010 est.) -3.8% (2009 est.) Gdp - per capita (ppp) World Ranking: 147
$5,500 (2011 est.)
$5,400 (2010 est.) $4,800 (2009 est.) Note Data are in 2011 US dollars Gdp - composition by sector
Agriculture 23.1%
Industry 18.6% Services 58.3% (2011 est.) Labor force World Ranking: 102
3.085 million (2011 est.)
Labor force - by occupation
Agriculture 26.5%
Industry 18.5% Services 55% (2008) Unemployment rate World Ranking: 72
6.6% (2011 est.)
7% (2010 est.) Population below poverty line
34.7% (2010 est.)
Household income or consumption by percentage share
Lowest 10% 1%
Highest 10% 41.1% (2010 est.) Distribution of family income - gini index World Ranking: 14
53.2 (2009)
57.7 (1998) Investment (gross fixed) World Ranking: 127
17% of GDP (2011 est.)
Budget
Revenues $4.531 billion
Expenditures $4.422 billion (2011 est.) Taxes and other revenues World Ranking: 152
21.3% of GDP (2011 est.)
Budget surplus (+) or deficit (-) World Ranking: 39
0.5% of GDP (2011 est.)
Public debt World Ranking: 128
13.7% of GDP (2011 est.)
16.5% of GDP (2010 est.) Inflation rate (consumer prices) World Ranking: 173
8.3% (2011 est.)
4.7% (2010 est.) Central bank discount rate World Ranking: 9
6% (31 December 2010 est.)
20% (31 December 2009 est.) Commercial bank prime lending rate World Ranking: 7
28.94% (31 December 2011 est.)
26.04% (31 December 2010 est.) Stock of narrow money World Ranking: 101
$4.758 billion (31 December 2011 est.) $3.151 billion (31 December 2010 est.) Stock of broad money World Ranking: 106
$10.11 billion (31 December 2011 est.) $6.377 billion (31 December 2009 est.) Stock of domestic credit World Ranking: 105
$8.129 billion (31 December 2011 est.) $6.165 billion (31 December 2010 est.) Market value of publicly traded shares World Ranking: 116
$958.1 million (31 December 2011) $42 million (31 December 2010)$409.1 million (31 December 2006) Agriculture - products
Cotton, sugarcane, soybeans, corn, wheat, tobacco, cassava (tapioca), fruits, vegetables; beef, pork, eggs, milk; timber Industries
Sugar, cement, textiles, beverages, wood products, steel, metallurgic, electric power Industrial production growth rate World Ranking: 49
6.5% (2010 est.)
Electricity - production World Ranking: 44
54.91 billion kWh (2008 est.)
Electricity - consumption World Ranking: 93
8.5 billion kWh (2009 est.)
Electricity - exports
45.13 billion kWh (2009 est.)
Electricity - imports
NA kWh (2009 est.)
Oil - production World Ranking: 126
0 bbl/day (2010 est.)
Oil - consumption World Ranking: 112
31,000 bbl/day (2010 est.)
Oil - exports World Ranking: 188
0 bbl/day (2009 est.)
Oil - imports World Ranking: 106
23,810 bbl/day (2009 est.)
Oil - proved reserves World Ranking: 177
0 bbl (1 January 2011 est.)
Natural gas - production World Ranking: 111
0 cu m (2009 est.)
Natural gas - consumption World Ranking: 119
0 cu m (2009 est.)
Natural gas - exports World Ranking: 160
0 cu m (2009 est.)
Natural gas - imports World Ranking: 111
0 cu m (2009 est.)
Natural gas - proved reserves World Ranking: 114
0 cu m (1 January 2011 est.)
Current account balance World Ranking: 107
-$544.6 million (2011 est.)
-$641.3 million (2010 est.) Exports World Ranking: 94
$10.28 billion (2011 est.)
$8.52 billion (2010 est.) Exports - commodities
Soybeans, feed, cotton, meat, edible oils, electricity, wood, leather Exports - partners
Uruguay 15.4%, Brazil 11.7%, Argentina 10.4%, Chile 8.5%, Russia 6.7%, Netherlands 5.6%, Germany 4.4%, Italy 4% (2009 est.) Imports World Ranking: 90
$12.06 billion (2011 est.)
$9.916 billion (2010 est.) Imports - commodities
Road vehicles, consumer goods, tobacco, petroleum products, electrical machinery, tractors, chemicals, vehicle parts Imports - partners
Brazil 27.4%, China 16.9%, US 15%, Argentina 14.8%, Chile 4.4% (2009 est.) Reserves of foreign exchange and gold World Ranking: 89
$5.096 billion (31 December 2011 est.) $4.167 billion (31 December 2010 est.) Debt - external World Ranking: 112
$5.33 billion (31 December 2011 est.) $4.938 billion (31 December 2010 est.) Stock of direct foreign investment - at home World Ranking: 99
$3.393 million (31 December 2010) $3.053 million (31 December 2009) Stock of direct foreign investment - abroad
$NA
Exchange rates
Guarani (PYG) per US dollar -
4,191.4 (2011 est.) 4,735.5 (2010 est.) 4,965.4 (2009) 4,337.7 (2008) 5,031 (2007) Fiscal year
Calendar year
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Paraguay (Asuncion):
 
GPS points from Paraguay (Asuncion)
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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 all 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, despite a marked increase in political infighting in recent years, Paraguay has held relatively free and regular presidential elections since then.