Paraguay’s GDP Grows 4.6% in the First Half of 2024

Paraguay’s Gross Domestic Product (GDP) closed the second quarter of the year with a year-on-year increase of 4.8%, accumulating a growth of 4.6% at the end of the first half of 2024, according to the latest report from the Central Bank of Paraguay.

According to the report’s details, positive performances were recorded throughout the services, manufacturing, construction, livestock, and, to a lesser extent, agriculture sectors.

The services sector registered a year-on-year increase of 6.2% in the second quarter of 2024, accumulating a growth of 5.6% at the end of the first half of 2024.

Manufacturing activity saw a year-on-year growth of 5.8% compared to the same quarter of 2023, while the accumulated variation at the end of the first half reached a growth of 5.6%.

The construction sector saw a year-on-year increase of 4.7% in the second quarter of 2024, accumulating a growth of 1.2% at the end of the first half of 2024.

Livestock showed a favorable year-on-year performance, explained by the higher level of slaughter of cattle, poultry, and pigs, and to a lesser extent by the higher production of raw milk and eggs. Likewise, forestry, fishing, and mining activities also showed positive results in the second quarter of 2024.

Agriculture registered a year-on-year growth of 1.0% in the second quarter of 2024, accumulating a slight growth of 0.6% at the end of the first half of 2024.

The year-on-year result of the quarter was explained by the higher estimated production levels of soybeans, wheat, rice, sugarcane, cotton, beans, canola, and yerba mate. However, corn production showed a contraction.

However, the negative result of electricity generation attenuated the favorable performance of economic activity.

Source: Agencia de Información Paraguaya

Sharing is caring!