Paraguay is defying economic odds with a remarkable 4.6% growth in the first seven months of 2024, sending a clear message of resilience to the world. The latest report from the Paraguayan Central Bank highlights a diverse range of sectors driving this growth, including services, manufacturing, construction, livestock, and agriculture.
Within the services sector, financial intermediation, trade, transportation, and government services are thriving, while telecommunications and information services are facing challenges. Manufacturing is a mixed bag, with meat production, dairy, milling, and bakeries doing well, but sugar, beverages, and tobacco struggling.
Construction is on the rise due to increased activity in private and public works projects, reflecting ongoing infrastructure development. The livestock industry is making positive contributions, although raw milk and egg production have seen slight declines.
Agriculture, a cornerstone of Paraguay’s economy, is showing modest growth, with increased production in various crops offsetting challenges. The energy sector also presents a mixed picture, with changes in electricity generation and distribution.
Despite global uncertainties, Paraguay’s diverse economy is proving to be a strong foundation for growth. The country’s ability to navigate challenges while leveraging its strengths is commendable.
Paraguay’s Economy Shows Resilience with 4.6% Growth in 2024