The Economy Of Paraguay. Detailed description of the current state of the economy of Paraguay briefly

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The Economy Of Paraguay. Detailed description of the current state of the economy of Paraguay briefly

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 13% level in 2010, the highest in South America, but slowed in 2011-13 as the stimulus subsided and severe drought and outbreaks of foot-and-mouth disease led to a drop in beef and other agricultural exports. The economy took another leap in 2014, largely due to strong export growth. Political uncertainty, corruption, limited progress on structural reform, and deficient infrastructure are the main obstacles to long-term growth.

GDP (purchasing power parity):

$57.87 billion (2014 est.)

$55.64 billion (2013 est.)

$49 billion (2012 est.)

note: data are in 2014 US dollars

country comparison to the world: 104

GDP (official exchange rate):

$31.3 billion (2014 est.)

GDP - real growth rate:

4% (2014 est.)

13.6% (2013 est.)

-1.2% (2012 est.)

country comparison to the world: 69

GDP - per capita (PPP):

$8,400 (2014 est.)

$8,200 (2013 est.)

$7,300 (2012 est.)

note: data are in 2013 US dollars

country comparison to the world: 138

Gross national saving:

16.7% of GDP (2014 est.)

17.5% of GDP (2013 est.)

14.2% of GDP (2012 est.)

country comparison to the world: 105

GDP - composition, by end use:

household consumption: 65.8%

government consumption: 11.6%

investment in fixed capital: 15.2%

investment in inventories: 0.5%

exports of goods and services: 51%

imports of goods and services: -44.1%

(2014 est.)

GDP - composition, by sector of origin:

agriculture: 19.9%

industry: 17.6%

services: 62.5% (2014 est.)

Agriculture - products:

cotton, sugarcane, soybeans, corn, wheat, tobacco, cassava (manioc, tapioca), fruits, vegetables; beef, pork, eggs, milk; timber

Industries:

sugar, cement, textiles, beverages, wood products, steel, base metals, electric power

Industrial production growth rate:

3.6% (2014 est.)

country comparison to the world: 82

Labor force:

3.26 million (2014 est.)

country comparison to the world: 101

Labor force - by occupation:

agriculture: 26.5%

industry: 18.5%

services: 55% (2008)

Unemployment rate:

7.3% (2014 est.)

7.5% (2013 est.)

country comparison to the world: 80

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:

53.2 (2009)

57.7 (1998)

country comparison to the world: 13

Budget:

revenues: $5.222 billion

expenditures: $5.651 billion (2014 est.)

Taxes and other revenues:

16.7% of GDP (2014 est.)

country comparison to the world: 184

Budget surplus (+) or deficit (-):

-1.4% of GDP (2014 est.)

country comparison to the world: 66

Public debt:

18.4% of GDP (2014 est.)

15.3% of GDP (2013 est.)

country comparison to the world: 141

Fiscal year:

calendar year

Inflation rate (consumer prices):

5.1% (2014 est.)

2.7% (2013 est.)

Central bank discount rate:

5.5% (31 December 2012)

6% (31 December 2011)

country comparison to the world: 67

Commercial bank prime lending rate:

19.5% (31 December 2014 est.)

19.27% (31 December 2013 est.)

country comparison to the world: 17

Stock of narrow money:

$4.899 billion (31 December 2014 est.)

$4.5 billion (31 December 2013 est.)

country comparison to the world: 101

Stock of broad money:

$9.483 billion (31 December 2014 est.)

$8.546 billion (31 December 2013 est.)

country comparison to the world: 107

Stock of domestic credit:

$12.19 billion (31 December 2014 est.)

$10.58 billion (31 December 2013 est.)

country comparison to the world: 101

Market value of publicly traded shares:

$962.3 million (31 December 2012 est.)

$958.1 million (31 December 2011)

$42 million (31 December 2010 est.)

country comparison to the world: 108

Current account balance:

$1.099 billion (2014 est.)

$620.6 million (2013 est.)

country comparison to the world: 48

Exports:

$14.61 billion (2014 est.)

$13.44 billion (2013 est.)

country comparison to the world: 81

Exports - commodities:

soybeans, livestock feed, cotton, meat, edible oils, wood, leather

Exports - partners:

Brazil 30%, Russia 10%, Argentina 9.3%, Chile 5.3% (2013)

Imports:

$12.37 billion (2014 est.)

$11.86 billion (2013 est.)

country comparison to the world: 93

Imports - commodities:

road vehicles, consumer goods, tobacco, petroleum products, electrical machinery, tractors, chemicals, vehicle parts

Imports - partners:

China 28.5%, Brazil 26.5%, Argentina 14.2%, US 6.5% (2013)

Reserves of foreign exchange and gold:

$7.241 billion (31 December 2014 est.)

$5.873 billion (31 December 2013 est.)

country comparison to the world: 84

Debt - external:

$8.759 billion (31 December 2014 est.)

$7.291 billion (31 December 2013 est.)

country comparison to the world: 106

Stock of direct foreign investment - at home:

$5.604 billion (31 December 2014 est.)

$4.991 billion (31 December 2013 est.)

country comparison to the world: 94

Stock of direct foreign investment - abroad:

$105.4 million (31 December 2014 est.)

$105.3 million (31 December 2013 est.)

country comparison to the world: 92

Exchange rates:

guarani (PYG) per US dollar -

4,451.7 (2014 est.)

4,320.7 (2013 est.)

4,424.9 (2012 est.)

4,176.1 (2011 est.)

4,735.5 (2010 est.)