Paraguayan Central Bank highlights economic dynamism in several sectors

RIO DE JANEIRO, BRAZIL – The president of the Central Bank of Paraguay, José Cantero, said Wednesday that the Paraguayan economy is recovering from the coronavirus pandemic thanks to “the economic engines of the different sectors”, among which he highlighted construction.

Cantero and the Minister of Finance, Óscar Llamosas, met this Wednesday with the President, Mario Abdo Benítez, to present him the new growth perspectives of the BCP, which estimate a rebound of 4.5% of the Gross Domestic Product (GDP) in 2021.

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The BCP president highlighted that construction shows “a 14 % growth, mainly driven by the private sector”, supported by the livestock sector. A 12 % expansion is estimated in 2021, as he told the media after the meeting.

Likewise, he highlighted the dynamism of the manufacturing sector and trade, although he evidenced a retraction of the energy sector.

“The BCP, since March of this year, is observing a favorable dynamic both in terms of production and sales or invoicing,” Cantero said.

The BCP report, published this Tuesday, raised Paraguay’s growth prospects for 2021 by one percentage point with respect to the revision of April of this year.

With these data, Treasury confirms “the recovery” of the country’s economy after the 0.6% drop in 2020.

“These signs that our economy is giving are positive. Also, in the fiscal area, we see that the collection is having an important dynamic, which is also a reflection of this improvement in economic activity,” said the Minister of Finance after the meeting.