Paraguay: An Investment Primer - 2
PARAGUAY Overview
Positively Paraguay
Since taking office in August, President Mario Abdo Benítez has put forward a more
inclusive agenda for economic growth and looked to sign free trade agreements across
the globe
2
Source: Reuters
On a sunny Sunday afternoon in
Asunción, the capital of Paraguay, people
appear happy as they stroll through the
park or meander around the shopping
centers in the upmarket commercial district
of Villa Morra. And indeed, according to a
Gallup poll of 138 countries, Paraguayans
are the happiest people in the world.
"Paraguayans are grateful for what they
have," says Julio Mazzoleni, the minister
of public health and social well-being, "but
there is still a lot to do to improve social
indicators."
President Mario Abdo Benítez, who
started a five-year term on August 15, is
determined to improve living conditions for
Paraguay's seven million residents and has
pledged to extend access to public healthcare to everyone in the country, up from
40% today. He has also promised to invest
in infrastructure to help local businesses
gain a competitive edge.
Some public projects are already underway, but the government has cancelled a
flagship public-private partnership due to
an alleged lack of transparency under the
previous administration.
The country's economic strengths lie
in the grain and livestock industries -
Paraguay is the fourth-largest exporter of
soybeans and the sixth largest exporter
of beef in the world - and the two sectors
account for more than 60% of the country's
exports, according to the ministry of industry and trade. The figure rises to 80% when
electricity is included.
Paraguay's macroeconomic indicators
have looked good over the past few years,
President Abdo has pledged to expand health care and combat corruption
but they now look even better, according to
the central bank. The country has enjoyed
average GDP growth of 4.5% per year
over the past five years, while inflation now
stands around 4%.
"With the support of the International
Monetary Fund, we have updated our
national accounts this year," says José
Cantero, governor of the central bank. "We
have a new interpretation of our economy
in terms of its size and in terms of the drivers of growth. According to this new study,
Paraguay is 33% bigger than we thought."
Paraguay's GDP now officially amounts
to $44 billion, instead of $33 billion,
A Supplement to LatinFinance - September/October 2018
Cantero says. Per capita GDP stands
around $6,300, putting Paraguay alongside
Peru and Colombia, while GDP based on
purchasing power parity comes to roughly
$13,500, close to other emerging markets
in Latin America, he says.
"Our economy is not just bigger,"
Cantero says. "Our economy is also less
dependent on the agricultural sector."
According to official figures, the service
sector accounts for 48% of GDP, while
manufacturing and industry make up 33%
and the primary sector, which includes
agriculture, trails with 12%.
"Our economy is much less volatile than
Table of Contents for the Digital Edition of Paraguay: An Investment Primer
Contents
Paraguay: An Investment Primer - Cover1
Paraguay: An Investment Primer - Cover2
Paraguay: An Investment Primer - Contents
Paraguay: An Investment Primer - 2
Paraguay: An Investment Primer - 3
Paraguay: An Investment Primer - 4
Paraguay: An Investment Primer - 5
Paraguay: An Investment Primer - 6
Paraguay: An Investment Primer - 7
Paraguay: An Investment Primer - 8
Paraguay: An Investment Primer - 9
Paraguay: An Investment Primer - 10
Paraguay: An Investment Primer - 11
Paraguay: An Investment Primer - 12
Paraguay: An Investment Primer - 13
Paraguay: An Investment Primer - 14
Paraguay: An Investment Primer - 15
Paraguay: An Investment Primer - 16
Paraguay: An Investment Primer - Cover3
Paraguay: An Investment Primer - Cover4
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