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Economy of Benin vs Paraguay compared: GDP & Debt

Updated on by Georank team

Benin has a GDP of $21.5B compared to $44.5B for Paraguay, ranking 126/197 and 98/197 by economy size, respectively.

Benin has $11.5B in government debt (53.4% of GDP), compared to $19.9B (44.8% of GDP) in Paraguay.

Benin vs Paraguay GDP by year

Benin
Paraguay
1x
Year GDP, current $
Benin Paraguay
2024 $21,482,643,706 $44,458,118,397
2023 $19,673,291,004 $43,118,053,175
2022 $17,425,405,091 $41,952,910,858
2021 $17,687,623,530 $39,950,899,939
2020 $15,686,741,884 $35,432,178,068
2019 $14,391,686,313 $37,925,338,329
2018 $14,262,408,090 $40,225,448,341
2017 $12,701,655,837 $38,997,129,474
2016 $11,821,065,853 $36,089,700,223
2015 $11,388,160,997 $36,211,447,840
2014 $13,284,527,847 $40,377,929,296
2013 $12,517,845,124 $38,501,122,141
2012 $11,141,358,116 $33,271,921,136
2011 $10,693,321,364 $33,756,238,766
2010 $9,535,345,016 $27,260,886,405
2009 $9,738,626,517 $22,355,151,162
2008 $9,787,734,526 $24,615,267,664
2007 $8,169,048,383 $17,856,393,235
2006 $7,034,111,315 $13,429,430,050
2005 $6,567,654,954 $10,737,500,188
2004 $6,190,270,380 $9,624,440,836
2003 $5,349,258,094 $7,691,367,471
2002 $4,194,342,686 $7,196,260,657
2001 $3,666,222,635 $8,495,806,432
2000 $3,519,991,440 $8,855,705,140
1999 $3,677,393,999 $8,837,070,236
1998 $2,455,092,686 $9,260,481,572
1997 $2,268,301,646 $9,965,225,678
1996 $2,361,116,449 $9,788,391,781
1995 $2,169,627,138 $9,062,131,475
1994 $1,598,075,944 $7,870,982,005
1993 $2,274,558,083 $7,249,533,620
1992 $1,695,315,306 $7,157,424,031
1991 $1,986,437,797 $6,984,367,763
1990 $1,959,965,330 $5,812,114,523
1989 $1,502,294,416 $4,757,732,200
1988 $1,620,246,084 $4,255,683,528
1987 $1,562,412,228 $3,971,044,724
1986 $1,336,102,025 $3,723,993,943
1985 $1,045,712,789 $3,282,449,236
1984 $1,051,134,009 $4,502,462,807
1983 $1,095,348,199 $5,673,248,726
1982 $1,267,778,670 $5,419,411,765
1981 $1,291,120,188 $5,624,515,873
1980 $1,405,251,847 $4,448,087,302
1979 $1,186,231,020 $3,416,777,778
1978 $928,843,469 $2,559,857,143
1977 $750,049,779 $2,092,158,730
1976 $698,408,262 $1,698,960,317
1975 $676,870,140 $1,511,420,635
1974 $554,654,861 $1,333,475,397
1973 $504,376,074 $995,531,746
1972 $410,331,857 $769,039,683
1971 $335,073,028 $664,571,429
1970 $333,627,713 $594,611,111
1969 $330,748,245 $556,293,651
1968 $326,323,105 $517,650,794
1967 $306,221,953 $492,674,603
1966 $302,925,235 $465,888,889
1965 $289,908,680 $443,587,302
1964 $269,819,006 $408,349,206
1963 $253,927,697 $383,904,762
1962 $236,434,954 $360,698,413
1961 $235,668,221 $322,053,713
1960 $226,195,578 $288,884,368

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/benin/paraguay | CC BY

GDP per capita in Benin vs Paraguay by year

Benin
GDP per capita

GDP per capita, PPP
Paraguay
GDP per capita

GDP per capita, PPP
1x
Year Current $
Benin Paraguay
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $1,485 $4,435 $6,416 $18,524
2023 $1,394 $4,130 $6,300 $17,564
2022 $1,266 $3,844 $6,206 $16,347
2021 $1,319 $3,464 $5,977 $15,406
2020 $1,200 $3,245 $5,365 $14,309
2019 $1,131 $3,149 $5,821 $14,150
2018 $1,152 $2,965 $6,258 $14,139
2017 $1,055 $2,886 $6,152 $13,977
2016 $1,011 $2,842 $5,775 $13,329
2015 $1,002 $2,725 $5,879 $12,679
2014 $1,204 $2,670 $6,652 $12,607
2013 $1,169 $2,512 $6,436 $12,137
2012 $1,072 $2,346 $5,642 $10,954
2011 $1,059 $2,265 $5,805 $11,442
2010 $973 $2,220 $4,751 $10,893
2009 $1,024 $2,213 $3,942 $9,802
2008 $1,061 $2,215 $4,385 $9,867
2007 $912 $2,136 $3,212 $9,179
2006 $809 $2,021 $2,439 $8,561
2005 $779 $1,946 $1,971 $8,007
2004 $759 $1,915 $1,786 $7,686
2003 $676 $1,842 $1,444 $7,276
2002 $546 $1,800 $1,368 $6,924
2001 $492 $1,746 $1,638 $6,916
2000 $487 $1,671 $1,736 $6,937
1999 $525 $1,592 $1,766 $7,080
1998 $362 $1,537 $1,890 $7,227
1997 $345 $1,508 $2,079 $7,299
1996 $369 $1,444 $2,088 $7,040
1995 $348 $1,395 $1,979 $6,966
1994 $262.1 $1,316 $1,760 $6,542
1993 $387 $1,311 $1,662 $6,234
1992 $302 $1,265 $1,683 $5,952
1991 $365 $1,239 $1,685 $5,873
1990 $371 $1,186 $1,440 $5,637
1989 $293.3 - $1,211 -
1988 $326 - $1,114 -
1987 $324 - $1,069 -
1986 $285.8 - $1,031 -
1985 $230.4 - $935 -
1984 $238.6 - $1,319 -
1983 $256 - $1,710 -
1982 $305 - $1,680 -
1981 $320 - $1,793 -
1980 $358 - $1,457 -
1979 $311 - $1,149 -
1978 $249.8 - $883 -
1977 $207 - $740 -
1976 $197.7 - $616 -
1975 $196.5 - $562 -
1974 $164.9 - $508 -
1973 $153.6 - $389 -
1972 $127.9 - $308 -
1971 $106.9 - $272.1 -
1970 $108.8 - $249 -
1969 $110.3 - $238.2 -
1968 $111.2 - $226.8 -
1967 $106.6 - $220.9 -
1966 $107.6 - $213.9 -
1965 $105.1 - $208.7 -
1964 $99.8 - $197 -
1963 $95.7 - $189.9 -
1962 $90.8 - $182.8 -
1961 $92.1 - $167.1 -
1960 $89.9 - $153.4 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/benin/paraguay | CC BY

Benin's GDP per capita is $1,485, ranking 162/197, compared to $6,416 in Paraguay, ranking 109/197. Adjusted for purchasing power (GDP per capita PPP), Benin ranks 162nd at $4,435, while Paraguay ranks 102nd at $18,524.

Economic indicators

Benin Paraguay
Gross domestic product
$21.5B
2024
$44.5B
2024
GDP rank
126/197
2024
98/197
2024
GDP growth
7.45%
2023-2024
4.25%
2023-2024
GDP per capita
$1,485
2024
$6,416
2024
GDP per capita rank
162/197
2024
109/197
2024
GDP per capita, PPP
$4,435
2024
$18,524
2024
GDP per capita PPP rank
162/197
2024
102/197
2024
Government debt
$11.5B
2024
$19.9B
2024
Debt-to-GDP ratio
53.4%
2024
44.8%
2024
Government debt per person
$794
2024
$2,872
2024
Government debt per person rank
151/185
2024
103/185
2024
Average annual personal income after taxes
$1,091
2026
$6,136
2026
Market capitalization of domestic companies n/a
$313M
1999
Income share by richest 10%
27.2%
2021
35%
2024
Income share by poorest 10%
3.1%
2021
2%
2024
Government expenditure, % of GDP
18.1%
2024
21%
2024
Consumer prices inflation
1.2%
2023-2024
3.84%
2023-2024
Central bank interest rate n/a
6%
2024
Unemployment rate
1.69%
2022
5.69%
2024
Population
15272847
7120169

Spending and national debt comparison by year

Benin
Spending

Debt
Paraguay
Spending

Debt
1x
Year % of GDP
Benin Paraguay
Government spending Government debt Government spending Government debt
2024 18.1% 53.4% 21% 44.8%
2023 19.2% 54.9% 21.5% 41.1%
2022 19.9% 54.2% 20.2% 40.5%
2021 19.9% 50.3% 20.4% 37.5%
2020 19.1% 46.1% 22.6% 36.9%
2019 14.3% 40.4% 20.1% 25.8%
2018 16.5% 40.8% 18.5% 22.3%
2017 17.7% 39.4% 18.1% 19.8%
2016 15.4% 35.9% 17.7% 19.4%
2015 18.2% 30.9% 18% 18.6%
2014 14.2% 22.3% 17.1% 15.6%
2013 14.9% 18.5% 17.1% 13.5%
2012 14.2% 19.5% 17.6% 12.3%
2011 14.7% 21.9% 14.7% 11.1%
2010 14.1% 21% 13.3% 13%
2009 17% 18.7% 14.3% 14.9%
2008 14.5% 18.3% 11.8% 16%
2007 15.8% 14.3% 13.1% 16.8%
2006 13% 8.37% 14.1% 21%
2005 14.1% 27% 14% 28.3%
2004 13.4% 21.5% 14% 36%
2003 13.7% 23.4% 14.6% 37.5%
2002 15.3% 30.8% 17.6% 50.5%
2001 15.4% 38% 19% 37.1%
2000 15.6% 39.6% 19.6% 33.6%
1999 10.7% 39.4% 19.2% 32%
1998 10.9% 39.2% 18% 22.1%
1997 12.7% 42.9% 18.1% 18%
1996 13.3% 43.4% 16.9% 16.8%
1995 14.8% 48.3% 15.7% 17.6%
1994 13.6% 64.6% 14.5% 18.7%
1993 12% 41.9% 12.9% 26.6%
1992 13.5% 41.8% 13% 34.4%
1991 12.6% 44% 11.4% 49.4%
1990 13.3% 45.3% 10.5% 67%
1989 17.1% 50.3% 11.8% 52.9%
1988 - - 9.75% 58.9%
1987 - - 10.1% 68.7%
1986 - - 9.25% 57.1%
1985 - - 11.4% 54.7%
1984 - - 13% 31%
1983 - - 13% 22.6%
1982 - - 13.2% 21.3%
1981 - - 13.3% 17.4%
1980 - - 11.6% 17.4%
1979 - - 11.7% 19.7%
1978 - - 11.9% 20.9%
1977 - - 11.2% 18.8%
1976 - - 9.8% 14.1%
1975 - - 10.5% 12.6%
1974 - - 9.44% 12.5%
1973 - - 11.2% 15.4%
1972 - - 12.5% 18.2%
1971 - - 12.3% 18.9%
1970 - - 13.3% 19.2%
1969 - - 14% -
1968 - - 13.5% -
1967 - - 12.2% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1967–1997, retrieved 2026-02-20).

GeoRank.org/economy/benin/paraguay | CC BY

In 2024, Benin's government spending was $3.88B, accounting for 18.1% of its GDP, while Paraguay spent $9.33B, or 21% of GDP.

Debt-to-GDP ratio is 53.4% in Benin and 44.8% in Paraguay, ranking 99/185 and 120/185, respectively.

Government deficit by year

Deficit/surplus
Benin

Paraguay
1x
Year Deficit/surplus, % of GDP
Benin Paraguay
2024 -3.06% -2.12%
2023 -4.13% -3.81%
2022 -5.55% -2.64%
2021 -5.71% -3.39%
2020 -4.68% -5.72%
2019 -0.53% -2.44%
2018 -2.96% -1.01%
2017 -4.18% -0.44%
2016 -4.29% -0.37%
2015 -5.55% -0.44%
2014 -1.65% -0.27%
2013 -1.37% -1.16%
2012 -0.22% -0.58%
2011 -0.98% 1.29%
2010 -0.28% 1.54%
2009 -2.24% 0.59%
2008 -0.04% 2.29%
2007 0.22% 1.27%
2006 -0.15% 0.91%
2005 -1.52% 0.74%
2004 -0.7% 1.33%
2003 -1.07% -0.07%
2002 -3.33% -1.89%
2001 -3.27% 0.07%
2000 -3.69% -0.55%
1999 1.94% 2.67%
1998 1.83% 4.28%
1997 0.47% 3%
1996 -0.11% 2.43%
1995 -1.91% 2.78%
1994 -1.57% 4.59%
1993 -0.41% 4.27%
1992 -1.98% 3.1%
1991 -2.25% 3.41%
1990 -2.37% 7.56%
1989 0.89% 5.48%
1988 - 3.01%
1987 - 2.68%
1986 - 3.08%
1985 - 0.85%
1984 - -0.42%
1983 - 0.27%
1982 - 1.52%
1981 - 0.15%
1980 - 3.4%
1979 - 4.13%
1978 - -3.42%
1977 - -0.19%
1976 - -0.06%
1975 - -1.24%
1974 - 1.67%
1973 - -0.91%
1972 - -2.51%
1971 - -1.25%
1970 - -1.26%
1969 - -1.62%
1968 - -2.34%
1967 - -1.7%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1967–1989, retrieved 2026-02-20).

GeoRank.org/economy/benin/paraguay | CC BY

In 2024, Benin's government deficit, the difference between spending and revenue, was $658M, equivalent to 3.06% of GDP. This compares to Paraguay's deficit of $942M, or 2.12% of GDP.

Over the past 36 years, Benin recorded a fiscal deficit in 31 of those years, while Paraguay ran a deficit in 16 years. On average, Benin posted an annual deficit equal to 1.84% of GDP, compared to surplus of 0.74% of GDP for Paraguay.

Inflation comparison by year

Inflation
Benin

Paraguay
1x
Year Consumer prices inflation
Benin Paraguay
2024 1.2% 3.84%
2023 2.7% 4.63%
2022 1.4% 9.77%
2021 1.7% 4.79%
2020 3% 1.77%
2019 -0.9% 2.76%
2018 0.8% 3.98%
2017 1.8% 3.6%
2016 -0.8% 4.09%
2015 0.2% 3.13%
2014 -0.6% 5.03%
2013 0.4% 2.68%
2012 6.7% 3.68%
2011 2.7% 8.25%
2010 2.1% 4.65%
2009 0.9% 2.59%
2008 7.4% 10.2%
2007 1.3% 8.13%
2006 3.8% 9.59%
2005 5.4% 6.81%
2004 0.9% 4.32%
2003 1.5% 14.2%
2002 2.4% 10.5%
2001 4% 7.27%
2000 4.2% 8.98%
1999 0.3% 6.75%
1998 5.8% 11.6%
1997 3.8% 6.95%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/benin/paraguay | CC BY

Over the past 28 years, Benin has recorded an average annual inflation rate of 2.29%, compared with 6.23% in Paraguay. In 2024, inflation was 1.2% in Benin and 3.84% in Paraguay.

Top exports between countries

Benin
Export category Export value
Textiles & consumer goods $24K
Metals $3K
Paraguay
Export category Export value
Animal & marine products $610K
Raw agricultural goods $254K
Wood & paper products $33K
Textiles & consumer goods $2K

Balance of trade

Benin Paraguay
Current account balance
-$1.61B
2023
-$1.53B
2024
Current account balance ranking
135/190
2023
133/190
2024
Current account balance, % of GDP
-8.18%
2023
-3.44%
2024
Goods imports
$4.65B
2023
$15.8B
2024
Goods exports
$4.05B
2023
$14.9B
2024
Service imports
$1.54B
2023
$2.54B
2024
Service exports
$461M
2023
$2.65B
2024
Imports of goods and services, % of GDP
21.8%
2024
39.6%
2024
Exports of goods and services, % of GDP
18.8%
2024
37.2%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Benin Paraguay
Economic freedom 60 66.4
Economic freedom ranking 96/197 61/197
Property rights 46.4 44.2
Government integrity 44.1 27.3
Judicial effectiveness 47.7 38.4
Tax burden 69.4 95.9
Government spending 89.1 86.9
Fiscal health 65.4 83
Business freedom 53.3 72
Labor freedom 60.2 44.1
Monetary freedom 82.1 76.5
Trade freedom 62.6 78.4
Investment freedom 50 80
Financial freedom 50 70

Economic freedom comparison by year

Benin
Paraguay
1x
Year Economic freedom index
Benin Paraguay
2026 60 66.4
2025 58.5 65.2
2024 57.7 60.1
2023 59.8 61
2022 61 62.9
2021 59.6 62.6
2020 55.2 63
2019 55.3 61.8
2018 56.7 62.1
2017 59.2 62.4
2016 59.3 61.5
2015 58.8 61.1
2014 57.1 62
2013 57.6 61.1
2012 55.7 61.8
2011 56 62.3
2010 55.4 61.3
2009 55.4 61
2008 55.2 60
2007 55.1 58.3
2006 54 55.6
2005 52.3 53.4
2004 54.6 56.7
2003 54.9 58.2
2002 57.3 59.6
2001 60.1 60.3
2000 61.5 64
1999 60.6 63.7
1998 61.7 65.2
1997 61.3 67.3
1996 54.5 67.1
1995 - 65.9

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/benin/paraguay | CC BY

The Economic Freedom Index for Benin is 60, ranking 96/197, compared to 66.4 for Paraguay, ranking 61/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Benin Paraguay
Services, % of GDP
48.9%
2024
48.7%
2024
Industry, % of GDP
17.4%
2024
32.5%
2024
Agriculture, forestry, and fishing, % of GDP
24.2%
2024
10.7%
2024
GNI, Atlas method
$20.6B
2024
$43.7B
2024
GNI per capita, PPP
$4,390
2024
$17,930
2024
Total reserves including gold n/a
$9.89B
2023
Total reserves ranking n/a
76/177
2023
Net foreign direct investment
-$430M
2023
-$335M
2024
Net inflows of foreign direct investment
$543M
2024
$1.1B
2024
Net outflows of foreign direct investment
$60.3M
2024
$166M
2024
Servicing debt to the IMF, % of GNI
5.38%
2024
4.58%
2024
Poverty at national poverty lines
36.2%
2021
20.1%
2024
Gross capital formation, % of GDP
35.1%
2024
22.8%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/benin/paraguay | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. International Monetary Fund (IMF) | Public Finances in Modern History (1967–1997, retrieved 2026-02-20)
  4. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2020–2024, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.