Flag description:
three equal, horizontal bands of red (top), white, and blue with an
emblem centered in the white band; unusual flag in that the emblem
is different on each side; the obverse (hoist side at the left)
bears the national coat of arms (a yellow five-pointed star within a
green wreath capped by the words REPUBLICA DEL PARAGUAY, all within
two circles); the reverse (hoist side at the right) bears the seal
of the treasury (a yellow lion below a red Cap of Liberty and the
words Paz y Justicia (Peace and Justice) capped by the words
REPUBLICA DEL PARAGUAY, all within two circles)
Economy Paraguay
Economy - overview:
Landlocked Paraguay has a market economy marked by a large informal
sector. This sector features both reexport of imported consumer
goods to neighboring countries, as well as the activities of
thousands of microenterprises and urban street vendors. Because of
the importance of the informal sector, accurate economic measures
are difficult to obtain. A large percentage of the population
derives its living from agricultural activity, often on a
subsistence basis. The formal economy grew by an average of about 3%
annually in 1995-97, but averaged near-zero growth in 1998-2001 and
contracted by 2.3 percent in 2002, in response to regional contagion
and an outbreak of hoof-and-mouth disease. On a per capita basis,
real income has stagnated at 1980 levels. Most observers attribute
Paraguay's poor economic performance to political uncertainty,
corruption, lack of progress on structural reform, substantial
internal and external debt, and deficient infrastructure. Aided by a
firmer exchange rate and perhaps a greater confidence in the
economic policy of the DUARTE FRUTOS administration, the economy
rebounded between 2003 and 2005, posting modest growth each year.
GDP (purchasing power parity):
$29.11 billion (2005 est.)
GDP (official exchange rate):
$7.281 billion (2005 est.)
GDP - real growth rate:
2.7% (2005 est.)
GDP - per capita (PPP):
$4,600 (2005 est.)
GDP - composition by sector: agriculture: 22.4% industry: 20.7% services: 56.9% (2005 est.)
Labor force: 2.68 million (2005 est.)
Labor force - by occupation: agriculture: 45% industry: NA% services: NA%