The economy of Paraguay is very reliant upon the informal sector of the market, mainly the re-export of imported consumer goods to neighboring countries. The service industry along with thousands of micro enterprises and urban street vendors make up most of the economic activity that takes place within the large cities. A great percentage of people, mostly in rural areas, make their living through agriculture. The economy grew quickly between 2003 and 2008 as the demand for their commodities was helped with advantageous growing weather. One of these great commodities crops is soy. Paraguay is the sixth largest producer of soy in the world. The greatest threat to Paraguay’s economy is drought, political corruption, and deficient infrastructure. The 2010 GDP was $30.94 billion dollars and a $4,900 GDP per capita. The best news about Paraguay’s economy is their GDP growth rate of 6.5% in 2010 that ranks 31st in the world!Wednesday, February 2, 2011
The Economy of Paraguay
The economy of Paraguay is very reliant upon the informal sector of the market, mainly the re-export of imported consumer goods to neighboring countries. The service industry along with thousands of micro enterprises and urban street vendors make up most of the economic activity that takes place within the large cities. A great percentage of people, mostly in rural areas, make their living through agriculture. The economy grew quickly between 2003 and 2008 as the demand for their commodities was helped with advantageous growing weather. One of these great commodities crops is soy. Paraguay is the sixth largest producer of soy in the world. The greatest threat to Paraguay’s economy is drought, political corruption, and deficient infrastructure. The 2010 GDP was $30.94 billion dollars and a $4,900 GDP per capita. The best news about Paraguay’s economy is their GDP growth rate of 6.5% in 2010 that ranks 31st in the world!
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