Paraguay GDP Annual Growth Rate

Last Release

Dec 31, 2022

Actual

1.7

Units In

2.8

Frequency

Quarterly

Next Release

Dec 23, 2024

Time to Release

2 Months 24 Days 16 Hours

Highest	Lowest	Average	Date Range	Source
13.94 Jun 2021	-7.43 Jun 2020	2.96 %	1995-2022	Banco Central del Paraguay

In the last decade, Paraguay has been one of the fastest growing economies in Latin America mostly due to a rise in exports of agricultural commodities. Shipments of soy, cereals and meat account for more than 65 percent of total exports and for almost a quarter of the GDP. The biggest sector of Paraguay´s economy is services. Financing, real estate and business services; trade, communication and restaurant and hotels, household and government services account for 39 percent of the GDP. Industry and mining create 25 percent of the wealth and agriculture, forestry, fishing and cattle 21 percent. Construction and water and gas distribution accounts for the remaining 15 percent of GDP.

Latest Updates

Paraguay's gross domestic product grew by 4.8 percent year-on-year in the second quarter of 2024, accelerating from a 4.3 percent expansion in the previous period. This growth was driven by increased output in agriculture (1.0 percent vs 0.3 percent in Q1), services (6.2 percent vs 5.0 percent), livestock, forestry, fishing, and mining (5.4 percent vs 4.7 percent), as well as manufacturing (5.8 percent vs 5.4 percent), while construction activity sharply rebounded (4.7 percent vs -2.2 percent). Conversely, there was a sharp contraction in output for utilities (-8.6 percent vs 0.8 percent).