Home » Americas » PARAGUAY


Capital Asunci
ISO 3166 Code PY
Population 6,893,727
Area, Sq KM 406,750
Currency Guaran
Official Language Spanish, Guarani
GDP, Billion USD 29,949
GDP Growth Rate, % 4.0
Inflation, Avg CP, % Chng N/A
Interest Rates, % N/A
Unemployement Rate, % 5.5
Exchange Rate, 1 USD Equals 5153.50
International dial code 595
Time Zone GMT-04:00
Internet TLD .py

Paraguay is officially known as the Republic of Paraguay and is considered to be a landlocked country located in central South America. Paraguay shares its borders by Argentina on the south as well as southwest, Brazil on the northwest and east and Bolivia to the northwest. The country lies on both banks of the Paraguay River, which runs through the center of the country from north to south. Due to the central location of the country in South America, it is often referred to as Corazón de Américawhich means Heart of America. The indigenous Guaraní had been living for at least a millennium in Paraguay before the Spanish conquered the territory in the 16th century. Jesuit missions and Spanish settlers introduced Christianity as well as Spanish culture in the region. This country also was on the periphery of Spains colonial empire, with a sparse population and a few urban centers. In 1811, Paraguay declared its independence from Spain. Paraguay was ruled by a series of dictators who implemented protectionist and isolationist policies. Throughout the 20th century, the country continued to go through a succession of authoritarian governments. In the year 1993, free multi-party elections were organized and held for the first time. A year later, Paraguay joined Brazil, Argentina and Uruguay to founda regional economic collaborative, Mercosour. The population of the country is estimated around 6.5 million as of 2009 and most of whom are concentrated in the southeast region. Asunción is the largest city of the country which is also its capital. Nearly one third of the total population of Paraguay lives there. Guaraní is recognized as an official language of the country along with Spanish. Both languages are widely spoken in this country. The economy of Paraguay is macro-economy in nature and has some unique characteristics. It is characterized by a historical low inflation rate recorded at 5% average along with international reserves at 20% of GDP. The country also enjoys clean and renewable energy production of 8.700 MW. Between the years 1970 and 2013, Paraguay had the highest economic growth in South America, an average rate of 7.2% annually. Paraguay experienced the greatest economic expansion of South America in 2010 and 2013 with a GDP growth rate of 14.5% and 13.6% respectively. The country is considered to be the fourth-largest soybean producer in the world along with being the second-largest producer of stevia and second-largest producer of tung oil. Paraguay is also known to be thesixth-largest exporter of corn apart from being the 8th largest exporter of beef and tenth-largest exporter of wheat.

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