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Paraguay News

Capital: Asunción •  Currency:  Guaraní  •  President: Horacio Cartes  •  Population: 06.85 million (2016) World Bank •  Country code‎: ‎+595

March 31, 2017

 

Paraguay Economy To Grow More Than 4.2 Percent In 2017

 

Paraguay's economy will grow more than 4.2 percent in 2017 thanks to a record soy harvest, Finance Minister Santiago Peña said on Thursday, March 30, a forecast much higher than the central bank's current estimate of 3.7 percent growth.

 

The central bank's estimate "will be revised upwards" as the harvest accelerates and begins to benefit the country's financial and transportation sectors, Pena told Reuters in an interview at the annual meeting of the Inter-American Development Bank's  board of governors.

 

"One number that's being talked about is 4.2 percent," Peña said. "Based on what I'm seeing in the business that's being generated, and the sentiments of the private sector, growth will be higher than 4.2 percent."

 

Paraguay's 2016/17 soy crop is estimated at more than 10 million tonnes, Agriculture Minister Juan Carlos Baruja said earlier this month, setting expectations for a record harvest that would bring in more than $3 billion.

 

"What's interesting about this harvest is the impact that it has on the whole supply chain and on other sectors. When we add up commerce, transportation and the financial sector, it's going to be a very strong year," Peña said.

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© Copyright 2017 to The Bilingual News | All Rights Reserved   |   Designed & Developed by The Bilingual News

 

E-mail: bilingualnews@gmail.com    •    1-800-256-8161