Paraguay achieved a year-on-year GDP accumulated growth of 3.4% in the third quarter and, with this result, accumulated a growth of 4.3% at the end of the third quarter of 2024, according to the updated report of the Central Bank of Paraguay.
This growth was influenced by positive performances in services, manufacturing, taxes on products, construction, livestock and, to a lesser extent, agriculture.
However, the negative result of electricity generation attenuated the favorable performance of economic activity.
From the expenditure perspective, the components with positive impacts have been private consumption, gross fixed capital formation and government consumption. However, net exports have had a negative impact.
GDP accumulated growth by industry sector
From a production perspective and according to the latest updates of the 2023/2024 agricultural campaign provided by the Ministry of Agriculture and Livestock (MAG), agriculture registered a year-on-year growth of 29% in the third quarter, accumulating a growth of 1.9% at the end of the third quarter of 2024.
Manufacturing activity recorded a year-on-year growth of 4.0% compared to the same quarter in 2023, while the accumulated variation at the end of the third quarter reached a growth of 5.0%.
The construction sector recorded a year-on-year increase of 5.5% in the third quarter, thus accumulating a growth of 2.6% at the end of the third quarter of 2024.
The electricity and water sector (which includes binational companies) recorded a year-on-year decline of 9.4% in the third quarter of 2024. On a cumulative basis, it registered a drop of 5.5% in the third quarter of 2024.
Finally, the services sector recorded a year-on-year increase of 3.2% in the third quarter, thus accumulating a growth of 4.8% at the end of the third quarter of 2024.
