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1994-05-02
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<text>
<title>
Paraguay: Economy
</title>
<article><hdr>The World Factbook 1993: Paraguay
Economy</hdr><body>
<p>Overview: Agriculture, including forestry, accounts for about
25% of GDP, employs about 45% of the labor force, and provides
the bulk of exports. Paraguay lacks substantial mineral or
petroleum resources but does have a large hydropower potential.
Since 1981 economic performance has declined compared with the
boom period of 1976-81, when real GDP grew at an average annual
rate of nearly 11%. During the period 1982-86 real GDP fell in
three of five years, inflation jumped to an annual rate of 32%,
and foreign debt rose. Factors responsible for the erratic
behavior of the economy were the completion of the Itaipu
hydroelectric dam, bad weather for crops, and weak international
commodity prices for agricultural exports. In 1987 the economy
experienced a minor recovery because of improved weather
conditions and stronger international prices for key
agricultural exports. The recovery continued through 1990, on
the strength of bumper crops in 1988-89. In a major step to
increase its economic activity in the region, Paraguay in March
1991 joined the Southern Cone Common Market (MERCOSUR), which
includes Brazil, Argentina, and Uruguay. In 1992, the
government, through an unorthodox approach, reduced external
debt with both commercial and official creditors by purchasing a
sizable amount of the delinquent commercial debt in the
secondary market at a substantial discount. The government had
paid 100% of remaining official debt arrears to the US, Germany,
France, and Spain. All commercial debt arrears have been
rescheduled. For the long run, the government must press forward
with general, market-oriented economic reforms.
</p>
<p>National product: GDP - exchange rate conversion - $7.3
billion (1992 est.)
</p>
<p>National product real growth rate: 1.7% (1992 est.)
</p>
<p>National product per capita: $1,500 (1992 est.)
</p>
<p>Inflation rate (consumer prices): 20% (1992 est.)
</p>
<p>Unemployment rate: 10% (1992 est.)
</p>
<p>Budget: revenues $1.2 billion; expenditures $1.2 billion,
including capital expenditures of $487 million (1991)
</p>
<list>
<l>Exports: $719 million (f.o.b., 1992)</l>
<l> commodities: cotton, soybean, timber, vegetable oils,
coffee, tung oil, meat products</l>
<l> partners: EC 37%, Brazil 25%, Argentina 10%, Chile 6%, US
6%</l>
<l>Imports: $1.33 billion (c.i.f., 1992)</l>
<l> commodities: capital goods 35%, consumer goods 20%, fuels
and lubricants 19%, raw materials 16%, foodstuffs, beverages,
and tobacco 10%</l>
<l> partners: Brazil 30%, EC 20%, US 18%, Argentina 8%, Japan
7%</l>
</list>
<p>External debt: $1.2 billion (1992 est.)
</p>
<p>Industrial production: growth rate 5.9% (1989 est.); accounts
for 17% of GDP
</p>
<p>Electricity: 5,257,000 kW capacity; 16,200 million kWh
produced, 3,280 kWh per capita (1992)
</p>
<p>Industries: meat packing, oilseed crushing, milling, brewing,
textiles, other light consumer goods, cement, construction
</p>
<p>Agriculture: accounts for 25% of GDP and 44% of labor force;
cash crops - cotton, sugarcane; other crops - corn, wheat,
tobacco, soybeans, cassava, fruits, vegetables; animal products
- beef, pork, eggs, milk; surplus producer of timber;
self-sufficient in most foods
</p>
<p>Illicit drugs: illicit producer of cannabis for the
international drug trade; important transshipment point for
Bolivian cocaine headed for the US and Europe
</p>
<p>Economic aid: US commitments, including Ex-Im (FY70-89), $172
million; Western (non-US) countries, ODA and OOF bilateral
commitments (1970-89), $1.1 billion
</p>
<p>Currency: 1 guarani (G)=100 centimos
</p>
<p>Exchange rates: guaranies (G) per US$ - 1,637.6 (January
1993), 1,500.3 (1992), 447.5 (March 1992), 1,325.2 (1991),
1,229.8 (1990), 1,056.2 (1989), 550.00 (fixed rate 1986-February
1989)
</p>
<p>Fiscal year: calendar year
</p></body></article></text>