Paraguay’s Economy Surges in First Half of 2024
In a thrilling economic upturn, Paraguay’s Gross Domestic Product (GDP) soared by 4.6% in the first semester of 2024, marking a significant accomplishment as reported by the Central Bank (BCP) in Asunciรณn. This refreshing news demonstrates the resilience and growth potential of Paraguay’s economy despite challenges faced in certain sectors. Let’s delve into the breakdown of this impressive performance.
Breaking it Down:
– Services, manufacturing, construction, livestock, and agriculture sectors contributed positively to the overall GDP growth, showcasing a robust and diverse economic landscape.
– Agriculture, although facing some challenges, still managed to register a 1% year-on-year growth in the second quarter, leading to a total of 0.6% growth in the first half of the year.
– Livestock, Forestry, Fishing, and Mining sectors saw a commendable increase of 5.4% from the previous year, accumulating a strong growth rate of 5.1% in the first half of 2024.
– Manufacturing activity also experienced a significant boost with a 5.8% year-on-year growth, contributing to an accumulated variation of +5.6% by the end of the first semester.
– Construction showed promising growth with a 4.7% increase in the second quarter, adding up to a 1.2% surge in the first half of the year.
– Services sector excelled with a remarkable 6.2% year-on-year increase in the second quarter, resulting in a solid 5.6% growth in the first semester.
– Unfortunately, the Electricity and Water sector faced challenges, recording an 8.6% contraction in the second quarter, leading to an overall 3.7% drop in performance.
Closing Thoughts:
Despite obstacles faced in certain sectors, Paraguay’s overall economic performance in the first semester of 2024 showcases resilience and growth potential. As the country continues on this trajectory, it is essential to address challenges to ensure sustainable economic development and prosperity for all. Let’s celebrate this positive momentum and work towards a brighter economic future for Paraguay.
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