MercoPress. South Atlantic News Agency

Paraguay's GDP grows 4.7% in the first 3 quarters of 2023

Paraguay's GDP grows 4.7% in the first 3 quarters of 2023

The Central Bank of Paraguay (BCP) issued a report on Friday confirming that the South American country's Gross Domestic Product (GDP) grew by 4.7% in the third quarter of 2023, after a 3.6% increase over the same period last year, boosted by energy and services, it was reported in Asunción.

The National Accounts report showed that agriculture stood out with a growth of 3.7%, accumulating an expansion of 35.9% this year, in addition to a favorable performance of soy, coupled with higher outputs of rice, sugarcane, cassava, sesame, yerba mate and rapeseed.

Also contributing to the quarter's performance were oils, dairy products, sugar, beverages and tobacco, textiles and apparel, leather and footwear, nonmetallic mineral products, and basic metals, machinery, and equipment, as manufacturing grew 1.7% after advancing 0.8% in the third quarter alone.

Electricity and water recorded a 15.4% rebound in the third quarter and accumulated a 19.3% growth in 2023.

The services sector recorded a 3.8% year-on-year increase, accumulating a growth of 3.0% at the end of the third quarter of 2023.

According to the BCP report, positive performances were also recorded in household services (including health, education, and leisure), restaurants and hotels, government services, business services (travel agencies, consulting, advertising, and other activities), trade, financial intermediation, transportation, and real estate. Net exports and private and government consumption were the main contributors.

Gross fixed capital formation had a negative impact, as did construction, livestock, corn, wheat, sunflower, and tobacco in the third quarter.