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Paraguay's economy ranking: GDP & GDP per capita, debt

Updated on by Georank team

Paraguay ranked 98/197 by economy size with a GDP of $44.5B and 108/197 by GDP per capita at $6,416. Paraguay has $20.1B in government debt, with a debt-to-GDP ratio of 43.9%.

In 2025, Paraguay made up 0.04% of the world's economy, compared to 0.02% in 1960.

The chart below shows GDP in nominal terms, GDP adjusted for inflation (in constant dollars), and a bar chart of year-over-year inflation-adjusted growth.

GDP, current $
GDP, constant 2015 $
GDP growth
Year GDP GDP growth
Current $ Constant $
1960 $288,884,368 $2,840,643,135 -
1961 $322,053,713 $3,036,655,622 11.5%
1962 $360,698,413 $3,136,873,108 12%
1963 $383,904,762 $3,284,628,970 6.43%
1964 $408,349,206 $3,422,993,222 6.37%
1965 $443,587,302 $3,634,122,580 8.63%
1966 $465,888,889 $3,706,496,252 5.03%
1967 $492,674,603 $4,045,654,270 5.75%
1968 $517,650,794 $4,228,804,026 5.07%
1969 $556,293,651 $4,427,606,506 7.47%
1970 $594,611,111 $4,673,490,345 6.89%
1971 $664,571,429 $4,932,315,341 11.8%
1972 $769,039,683 $5,259,391,844 15.7%
1973 $995,531,746 $5,643,475,390 29.5%
1974 $1,333,475,397 $6,116,484,716 33.9%
1975 $1,511,420,635 $6,535,613,449 13.3%
1976 $1,698,960,317 $7,027,480,419 12.4%
1977 $2,092,158,730 $7,835,224,753 23.1%
1978 $2,559,857,143 $8,777,702,779 22.4%
1979 $3,416,777,778 $9,818,926,783 33.5%
1980 $4,448,087,302 $10,968,933,818 30.2%
1981 $5,624,515,873 $11,974,835,381 26.4%
1982 $5,419,411,765 $11,807,472,960 -3.65%
1983 $5,673,248,726 $11,448,216,676 4.68%
1984 $4,502,462,807 $11,770,667,083 -20.6%
1985 $3,282,449,236 $12,303,070,325 -27.1%
1986 $3,723,993,943 $12,913,897,549 13.5%
1987 $3,971,044,724 $13,893,068,568 6.63%
1988 $4,255,683,528 $14,714,895,265 7.17%
1989 $4,757,732,200 $15,735,403,257 11.8%
1990 $5,812,114,523 $16,384,218,445 22.2%
1991 $6,984,367,763 $16,956,625,718 20.2%
1992 $7,157,424,031 $17,244,282,667 2.48%
1993 $7,249,533,620 $18,095,522,438 1.29%
1994 $7,870,982,005 $19,057,827,421 8.57%
1995 $9,062,131,475 $20,358,106,834 15.1%
1996 $9,788,391,781 $20,678,499,693 8.01%
1997 $9,965,225,678 $21,555,788,372 1.81%
1998 $9,260,481,572 $21,570,454,447 -7.07%
1999 $8,837,070,236 $21,275,784,845 -4.57%
2000 $8,855,705,140 $20,783,433,276 0.21%
2001 $8,495,806,432 $20,610,088,071 -4.06%
2002 $7,196,260,657 $20,605,676,606 -15.3%
2003 $7,691,367,471 $21,495,995,448 6.88%
2004 $9,624,440,836 $22,368,177,915 25.1%
2005 $10,737,500,188 $22,845,400,902 11.6%
2006 $13,429,430,050 $23,943,606,097 25.1%
2007 $17,856,393,235 $25,241,738,121 33%
2008 $24,615,267,664 $26,881,515,166 37.9%
2009 $22,355,151,162 $26,811,317,495 -9.18%
2010 $27,260,886,405 $29,786,095,177 21.9%
2011 $33,756,238,767 $31,062,837,785 23.8%
2012 $33,271,921,136 $30,842,899,501 -1.43%
2013 $38,501,122,141 $33,400,724,749 15.7%
2014 $40,377,929,296 $35,171,376,859 4.87%
2015 $36,211,447,840 $36,211,447,840 -10.3%
2016 $36,089,700,223 $37,756,961,788 -0.34%
2017 $38,997,129,474 $39,573,101,424 8.06%
2018 $40,225,448,341 $40,841,122,661 3.15%
2019 $37,925,338,329 $40,677,000,527 -5.72%
2020 $35,432,178,068 $40,343,536,419 -6.57%
2021 $39,950,899,939 $41,964,030,301 12.8%
2022 $41,952,910,858 $42,037,903,095 5.01%
2023 $43,118,053,175 $44,139,473,680 2.78%
2024 $44,458,118,400 $46,015,383,701 3.11%

Economic Statistics of Paraguay

Paraguay Rank
Gross domestic product
$44.5B
2024
98/197
GDP growth
3.11%
2023-2024
144/196
GDP per capita
$6,416
2024
108/197
GDP per capita, PPP
$18,524
2024
100/197
Government debt
$20.1B
2024
100/185
Debt-to-GDP ratio
43.9%
2025
121/185
Government debt per person
$2,903
2024
104/185
Average annual personal income after taxes
$5,493
2025
110/197
Listed domestic companies
55
1999
68/103
Market capitalization of domestic companies
$313M
1999
97/100
Income share by richest 10%
35%
2024
16/169
Income share by poorest 10%
2%
2024
139/169
Government expenditure, % of GDP
20.6%
2025
155/195
Consumer prices inflation
3.84%
2023-2024
75/195
Central bank interest rate
6%
2024
51/105
Unemployment rate
5.69%
2024
85/196
Population
7079103
107/197

Paraguay's GDP per capita

Paraguay has a GDP per capita of $6,416, ranking 108/197, a GDP per capita based on purchasing power parity (PPP) of $18,524, ranking 100/197, and a median annual after tax income of $5,493, ranking 110/197.

GDP per capita
GDP per capita, PPP
Year Current $
GDP per capita GDP per capita, PPP
1960 $153.4 -
1961 $167.1 -
1962 $182.8 -
1963 $189.9 -
1964 $197 -
1965 $208.7 -
1966 $213.9 -
1967 $220.9 -
1968 $226.8 -
1969 $238.2 -
1970 $249 -
1971 $272.1 -
1972 $308 -
1973 $389 -
1974 $508 -
1975 $562 -
1976 $616 -
1977 $740 -
1978 $883 -
1979 $1,149 -
1980 $1,457 -
1981 $1,793 -
1982 $1,680 -
1983 $1,710 -
1984 $1,319 -
1985 $935 -
1986 $1,031 -
1987 $1,069 -
1988 $1,114 -
1989 $1,211 -
1990 $1,440 $5,637
1991 $1,685 $5,873
1992 $1,683 $5,952
1993 $1,662 $6,234
1994 $1,760 $6,542
1995 $1,979 $6,966
1996 $2,088 $7,040
1997 $2,079 $7,299
1998 $1,890 $7,227
1999 $1,766 $7,080
2000 $1,736 $6,937
2001 $1,638 $6,916
2002 $1,368 $6,924
2003 $1,444 $7,276
2004 $1,786 $7,686
2005 $1,971 $8,007
2006 $2,439 $8,561
2007 $3,212 $9,179
2008 $4,385 $9,867
2009 $3,942 $9,802
2010 $4,751 $10,893
2011 $5,805 $11,442
2012 $5,642 $10,954
2013 $6,436 $12,137
2014 $6,652 $12,607
2015 $5,879 $12,679
2016 $5,775 $13,329
2017 $6,152 $13,977
2018 $6,258 $14,139
2019 $5,821 $14,150
2020 $5,365 $14,309
2021 $5,977 $15,406
2022 $6,206 $16,347
2023 $6,300 $17,564
2024 $6,416 $18,524

Paraguay's government spending, deficit, and chart

This chart shows Paraguay's government spending, budget balance, and debt over time, each expressed as a share of GDP.

Over the past 50 years, Paraguay recorded a fiscal deficit in 21 years — average annual surplus equal to +0.7% of GDP. In 2024, government spending reached $9.43B (20.6% of GDP), with a deficit of -1.62%.

The national debt reached $20.1B, ranking 100th out of 185 countries by total size, with a debt-to-GDP ratio of 43.9%, ranking 121st.

Government spending
Government debt
Deficit/surplus
Year % of GDP
Government spending Government debt Government deficit/surplus
1967 12.2% - -1.7%
1968 13.5% - -2.34%
1969 14% - -1.62%
1970 13.3% 19.2% -1.26%
1971 12.3% 18.9% -1.25%
1972 12.5% 18.2% -2.51%
1973 11.2% 15.4% -0.91%
1974 9.44% 12.5% 1.67%
1975 10.5% 12.6% -1.24%
1976 9.8% 14.1% -0.06%
1977 11.2% 18.8% -0.19%
1978 11.9% 20.9% -3.42%
1979 11.7% 19.7% 4.13%
1980 11.6% 17.4% 3.4%
1981 13.3% 17.4% 0.15%
1982 13.2% 21.3% 1.52%
1983 13% 22.6% 0.27%
1984 13% 31% -0.42%
1985 11.4% 54.7% 0.85%
1986 9.25% 57.1% 3.08%
1987 10.1% 68.7% 2.68%
1988 9.75% 58.9% 3.01%
1989 11.8% 52.9% 5.48%
1990 10.5% 67% 7.56%
1991 11.4% 49.4% 3.41%
1992 13% 34.4% 3.1%
1993 12.9% 26.6% 4.27%
1994 14.5% 18.7% 4.59%
1995 15.7% 17.6% 2.78%
1996 16.9% 16.8% 2.43%
1997 18.1% 18% 3%
1998 18% 22.1% 4.28%
1999 19.2% 32% 2.67%
2000 19.6% 33.6% -0.55%
2001 19% 37.1% 0.07%
2002 17.6% 50.5% -1.89%
2003 15.8% 37.5% 0.06%
2004 15.4% 36% 0.77%
2005 14.6% 28.3% 0.71%
2006 14.8% 21% 1.43%
2007 13.7% 16.8% 1.14%
2008 12.5% 16% 1.79%
2009 15.2% 14.9% -0.83%
2010 14.7% 13% 0.07%
2011 15.6% 11.1% 0.98%
2012 18.5% 12.3% -1.58%
2013 17.5% 13.5% -1.32%
2014 17.1% 15.6% -0.27%
2015 18% 18.6% -0.44%
2016 17.7% 19.4% -0.37%
2017 18.1% 19.8% -0.44%
2018 18.5% 22.3% -1.01%
2019 20.2% 25.8% -2.5%
2020 22.6% 36.9% -5.72%
2021 20.4% 37.5% -3.39%
2022 20.2% 40.5% -2.64%
2023 21.5% 41.1% -3.81%
2024 21.2% 45.2% -2.14%
2025 20.6% 43.9% -1.62%

Inflation rate by year

Over the past 20 years, Paraguay has had an average annual inflation rate of 5.2%. In 2024, inflation was 3.84%. The bar chart below shows consumer price inflation by year.

Year Inflation
1960 8.18%
1961 18.5%
1962 1.42%
1963 2.1%
1964 1.37%
1965 3.86%
1966 2.87%
1967 1.37%
1968 0.71%
1969 2.25%
1970 -0.86%
1971 4.95%
1972 9.18%
1973 12.8%
1974 25.2%
1975 6.69%
1976 4.47%
1977 9.36%
1978 10.7%
1979 28.2%
1980 22.4%
1981 13%
1982 5.12%
1983 13.4%
1984 20.3%
1985 25.2%
1986 31.7%
1987 21.8%
1988 22.6%
1989 26.4%
1990 37.3%
1991 24.2%
1992 15.2%
1993 18.2%
1994 20.6%
1995 13.4%
1996 9.8%
1997 6.95%
1998 11.6%
1999 6.75%
2000 8.98%
2001 7.27%
2002 10.5%
2003 14.2%
2004 4.32%
2005 6.81%
2006 9.59%
2007 8.13%
2008 10.2%
2009 2.59%
2010 4.65%
2011 8.25%
2012 3.68%
2013 2.68%
2014 5.03%
2015 3.13%
2016 4.09%
2017 3.6%
2018 3.98%
2019 2.76%
2020 1.77%
2021 4.79%
2022 9.77%
2023 4.63%
2024 3.84%

Balance of trade

Paraguay Rank
Current account balance
-$1.74B
2024
138/189
Current account balance, % of GDP
-3.92%
2024
125/189
Goods imports
$15.8B
2024
87/188
Goods exports
$14.7B
2024
84/188
Service imports
$2.54B
2024
108/188
Service exports
$2.65B
2024
107/188
Imports of goods and services, % of GDP
39.6%
2024
102/180
Exports of goods and services, % of GDP
37.2%
2024
89/193

Paraguay's top 10 trading partners

Paraguay's biggest trading partner accounting for 28%% of all exports and imports is Brazil, with a trade balance between the two of -$506M — Paraguay exports $3.48B worth of goods and services to Brazil and imports $3.99B.

Below is the list of the top 10 trade partners of Paraguay.

Rank Country Trade value Share of total trade Export to Import from Top export to Top import from
1 Brazil $7.47B 28% $3.48B $3.99B Raw agricultural goods Machinery & equipment
2 Argentina $6.55B 24.6% $3.35B $3.2B Raw agricultural goods Raw materials & minerals
3 China $3.03B 11.4% $24.9M $3B Metals Machinery & equipment
4 United States $2.55B 9.55% $412M $2.13B Animal & marine products Machinery & equipment
5 Chile $1.41B 5.28% $926M $481M Animal & marine products Machinery & equipment
6 Uruguay $599M 2.25% $164M $435M Processed food, beverages & tobacco Chemicals & pharma
7 Germany $373M 1.4% $57.5M $315M Raw agricultural goods Machinery & equipment
8 India $354M 1.33% $98.5M $256M Processed food, beverages & tobacco Chemicals & pharma
9 Netherlands $264M 0.99% $167M $97.5M Processed food, beverages & tobacco Machinery & equipment
10 Spain $219M 0.82% $42.3M $176M Processed food, beverages & tobacco Chemicals & pharma

Paraguay's top 10 exports

Paraguay Rank
Raw agricultural goods $4.39B 31/193
Animal & marine products $2.01B 39/192
Processed food, beverages & tobacco $1.44B 69/192
Transport & tourism services $1.3B 107/188
Raw materials & minerals $1.16B 104/193
Manufacturing & construction services $1.04B 45/164
Textiles & consumer goods $431M 87/193
Machinery & equipment $410M 99/193
Chemicals & pharma $406M 91/193
Metals $354M 99/192

Paraguay's top 10 imports

Paraguay Rank
Machinery & equipment $6.82B 80/193
Raw materials & minerals $3.55B 87/193
Chemicals & pharma $2.66B 80/193
Transport & tourism services $1.8B 106/188
Processed food, beverages & tobacco $1.03B 98/193
Textiles & consumer goods $962M 101/193
Metals $815M 102/193
Manufacturing & construction services $520M 39/163
Wood & paper products $306M 97/193
Raw agricultural goods $238M 137/193

Economic freedom indices

Paraguay Rank
Economic freedom 65.2 66/197
Property rights 45 106/182
Government integrity 27.7 106/182
Judicial effectiveness 37.3 106/182
Tax burden 97 10/181
Government spending 87.1 38/180
Fiscal health 79.3 74/181
Business freedom 73.2 60/182
Labor freedom 48.2 152/182
Monetary freedom 74.6 51/180
Trade freedom 78.2 62/181
Investment freedom 75 23/181
Financial freedom 60 57/181

Paraguay's economic freedom by year

Paraguay is ranked 60/180 for economic freedom with a score of 65.2, compared to 116/163 and a score of 53.4 in 2005.

Economic freedom
Judicial effectiveness
Tax burden
Government spending
Fiscal health
Year Index
Economic freedom Judicial effectiveness Tax burden Government spending Fiscal health
1995 65.9 - 90.1 91.5 -
1996 67.1 - 90.1 92.8 -
1997 67.3 - 89.9 92.2 -
1998 65.2 - 89.5 90 -
1999 63.7 - 89.7 90.1 -
2000 64 - 89.6 89.2 -
2001 60.3 - 89.7 90.3 -
2002 59.6 - 89.8 92.3 -
2003 58.2 - 89.8 92.8 -
2004 56.7 - 90 87.8 -
2005 53.4 - 90.2 86.9 -
2006 55.6 - 90.1 90.8 -
2007 58.3 - 96.7 91.4 -
2008 60 - 96.6 90.8 -
2009 61 - 96.6 90.4 -
2010 61.3 - 96.6 91.7 -
2011 62.3 - 97.6 93.4 -
2012 61.8 - 96.9 88.5 -
2013 61.1 - 95.9 85.4 -
2014 62 - 96.2 89 -
2015 61.1 - 96 81.9 -
2016 61.5 - 96.3 83.3 -
2017 62.4 23.3 96.2 83 95.1
2018 62.1 28.2 96.1 82.2 97.1
2019 61.8 30 96.3 78.9 96.3
2020 63 26.4 96.1 88.6 98
2021 62.6 26 96.2 86.7 91.6
2022 62.9 37.9 96.1 84 68.8
2023 61 30.1 96.2 81.7 45.4
2024 60.1 37.2 96 81.6 46.4
2025 65.2 37.3 97 87.1 79.3

More economic indicators

Paraguay Rank
Services, % of GDP
48.7%
2024
140/191
Industry, % of GDP
32.5%
2024
42/194
Agriculture, forestry, and fishing, % of GDP
10.7%
2024
69/193
GNI, Atlas method
$43.6B
2024
98/194
GNI per capita, PPP
$17,900
2024
97/191
Total reserves including gold
$9.89B
2023
76/177
Net foreign direct investment
-$335M
2024
94/188
Net inflows of foreign direct investment
$400M
2024
121/193
Net outflows of foreign direct investment
$64.8M
2024
94/187
Servicing debt to the IMF, % of GNI
4.36%
2023
54/119
Poverty at national poverty lines
20.1%
2024
100/176
Gross capital formation, % of GDP
22.8%
2024
92/176

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GDP per capita map

GDP per capita

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The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.