In 2023, Paraguay’s economy experienced a 4.7% upswing, according to a report by the Central Bank of Paraguay (CBP).
This boost came from services, manufacturing, livestock, and power generation. Yet, drops in construction and farming slightly held back progress.
Spending patterns also shaped the economy. More goods went abroad than came in, and people spent more. However, investment and government spending did not help much.
Farming surged 23.3% due to more soy, rice, sugarcane, and other crops. This shows Paraguay’s solid agricultural base.
The livestock, forestry, fishing, and mining sectors expanded by 13.8% from the previous year, reaching a 4.1% overall gain in 2023.
Power and water services grew 8.3% in the last quarter alone, ending the year 16.0% higher. This underlines their vital role in the economy’s health.
Each sector’s performance interlinks, shaping Paraguay’s economic landscape. This growth impacts everyone, from farmers to families, showing a promising direction for the nation’s future.
Background
Paraguay’s 4.7% economic growth in 2023 aligns with global trends while showcasing its distinct advantages in agriculture and energy.
These vital sectors have shown remarkable productivity, signaling effective resource utilization.
The observed downturns in construction and public expenditure mark areas ripe for development.
Targeted investments and technological advancements in these key areas could accelerate economic progress.
Historically resilient, Paraguay’s economy is on an upward trajectory, enhancing living standards and creating more opportunities.
This progress, building on a foundation of strength and potential, positions Paraguay favorably for investors and tourists, promising to elevate its position on the global stage.