Paraguay, a landlocked country in South America, is bordered by Brazil to the east, Argentina to the southwest, and Bolivia to the northwest. It consists of 17 departments, with a separate district for the capital city of Asunción. The official languages of Paraguay are Spanish and Guaraní, and the currency is the guaraní (PYG).
Due to a diversified economy, Paraguay achieved an important economic expansion in Latin America over the last few years. After an economic contraction of 1.2% of gross domestic product (GDP) in 2012, the Paraguayan economy had a quick recovery between 2013 and 2018, mainly due to record agricultural production and recovery of international markets for the export of beef. In 2018, Paraguay achieved growth of about 4.2% according to preliminary reports from the Central Bank of Paraguay, which would position the country as one of the most significant in terms of percentage of real GDP growth.
Paraguay stands out as the leading exporter of energy in South America and is among the largest net exporters of clean energy worldwide. Furthermore, according to data released by the Ministry of Agriculture of the government of the United States, Paraguay ranks as the largest exporter of organic sugar in the world, the sixth largest producer of soybeans, and the ninth largest in crushing soybeans. More recently, with various investments, Paraguay has moved into the top eight countries in terms of soybean processing. Paraguay is also the ninth largest exporter of beef in the world.
From the data above, it may be inferred that Paraguay has a predominantly agricultural economy. However, in recent years, construction, industry, tertiary services, and maquila services have shown an increase in the GDP.
Paraguay has achieved an important participation in the capital gains markets with the placement of national bonds.
The population of Paraguay is approximately 7 million people, of which 48% are economically active. The middle class has increased by 45% and represents approximately 24% of the total population (1.5 million people).
PwC Paraguay assists the principal multinational companies and financial institutions in Paraguay. We support clients with the local knowledge and skills of our people and with access to a broad range of other professionals across the PwC global network of firms.
PwC Paraguay has a branch in Hernandarias, Alto Parana, in the east zone of the country, where the primary area of soy crops, maquila industries, and agricultural industries are located. PwC Paraguay has an important expertise in the assistance of agribusiness.
In Asuncion, in the central region, commercial activities (imports, exports, related services) and financial services have developed significantly.