Paraguay’s 2024 Economic Report: Stable Inflation, Strong Growth Outlook

Paraguay’s economy showcases resilience in 2024, balancing growth with inflation control. The country closed the year with a 3.8% cumulative inflation rate, surpassing 2023’s 3.7% but remaining below the 4% target. This achievement highlights the Central Bank’s effective monetary policy management.

December saw a 0.7% increase in the Consumer Price Index, higher than the previous year’s 0.3%. Core inflation, a key economic indicator, registered a lower rate of 0.3%, signaling underlying price stability.

Food prices drove inflation, with beef, poultry, and bakery products seeing increases. The service sector also experienced price hikes, particularly in travel and personal care.

Despite these increases, some sectors saw price decreases. Fuel prices dropped, and durable goods like vehicles showed slight reductions.

The Central Bank of Paraguay (BCP) revised its 2024 economic growth projection upward from 3.8% to 4%. This optimistic outlook stems from strong performances in livestock, trade, and tax sectors.

Paraguay’s economic performance in 2024 offers valuable insights for businesses and investors. The controlled inflation rate provides a stable environment for economic activities, while the growth projection indicates potential opportunities across various sectors.

This balanced economic approach positions Paraguay as a noteworthy player in the regional economic landscape, demonstrating its ability to navigate global uncertainties while maintaining stability and growth.

Paraguay’s 2024 Economic Report: Stable Inflation, Strong Growth Outlook