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Economy of Eritrea vs Paraguay compared: GDP & Debt

Updated on by Georank team

Eritrea has a GDP of $2.07B compared to $44.5B for Paraguay, ranking 179/197 and 98/197 by economy size, respectively.

Eritrea has $3.54B in government debt (260.4% of GDP), compared to $19.9B (44.8% of GDP) in Paraguay.

Eritrea vs Paraguay GDP by year

Eritrea
Paraguay
1x
Year GDP, current $
Eritrea Paraguay
2024 - $44,458,118,397
2023 - $43,118,053,175
2022 - $41,952,910,858
2021 - $39,950,899,939
2020 - $35,432,178,068
2019 - $37,925,338,329
2018 - $40,225,448,341
2017 - $38,997,129,474
2016 - $36,089,700,223
2015 - $36,211,447,840
2014 - $40,377,929,296
2013 - $38,501,122,141
2012 - $33,271,921,136
2011 $2,065,001,626 $33,756,238,766
2010 $1,589,515,447 $27,260,886,405
2009 $1,856,695,551 $22,355,151,162
2008 $1,380,188,800 $24,615,267,664
2007 $1,317,974,491 $17,856,393,235
2006 $1,211,161,880 $13,429,430,050
2005 $1,098,424,686 $10,737,500,188
2004 $1,109,054,005 $9,624,440,836
2003 $870,248,268 $7,691,367,471
2002 $729,321,680 $7,196,260,657
2001 $752,371,689 $8,495,806,432
2000 $706,370,816 $8,855,705,140
1999 $688,918,537 $8,837,070,236
1998 $745,523,117 $9,260,481,572
1997 $686,490,090 $9,965,225,678
1996 $693,535,954 $9,788,391,781
1995 $578,015,625 $9,062,131,475
1994 $531,688,312 $7,870,982,005
1993 $467,872,715 $7,249,533,620
1992 $477,101,652 $7,157,424,031
1991 - $6,984,367,763
1990 - $5,812,114,523
1989 - $4,757,732,200
1988 - $4,255,683,528
1987 - $3,971,044,724
1986 - $3,723,993,943
1985 - $3,282,449,236
1984 - $4,502,462,807
1983 - $5,673,248,726
1982 - $5,419,411,765
1981 - $5,624,515,873
1980 - $4,448,087,302
1979 - $3,416,777,778
1978 - $2,559,857,143
1977 - $2,092,158,730
1976 - $1,698,960,317
1975 - $1,511,420,635
1974 - $1,333,475,397
1973 - $995,531,746
1972 - $769,039,683
1971 - $664,571,429
1970 - $594,611,111
1969 - $556,293,651
1968 - $517,650,794
1967 - $492,674,603
1966 - $465,888,889
1965 - $443,587,302
1964 - $408,349,206
1963 - $383,904,762
1962 - $360,698,413
1961 - $322,053,713
1960 - $288,884,368

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

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

GDP per capita in Eritrea vs Paraguay by year

Eritrea
GDP per capita

GDP per capita, PPP
Paraguay
GDP per capita

GDP per capita, PPP
1x
Year Current $
Eritrea Paraguay
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 - - $6,416 $18,524
2023 - - $6,300 $17,564
2022 - - $6,206 $16,347
2021 - - $5,977 $15,406
2020 - - $5,365 $14,309
2019 - - $5,821 $14,150
2018 - - $6,258 $14,139
2017 - - $6,152 $13,977
2016 - - $5,775 $13,329
2015 - - $5,879 $12,679
2014 - - $6,652 $12,607
2013 - - $6,436 $12,137
2012 - - $5,642 $10,954
2011 $689 $1,742 $5,805 $11,442
2010 $540 $1,599 $4,751 $10,893
2009 $643 $1,577 $3,942 $9,802
2008 $490 $1,547 $4,385 $9,867
2007 $480 $1,727 $3,212 $9,179
2006 $448 $1,682 $2,439 $8,561
2005 $413 $1,674 $1,971 $8,007
2004 $427 $1,621 $1,786 $7,686
2003 $349 $1,621 $1,444 $7,276
2002 $305 $1,702 $1,368 $6,924
2001 $325 $1,684 $1,638 $6,916
2000 $314 $1,558 $1,736 $6,937
1999 $311 $1,597 $1,766 $7,080
1998 $342 $1,598 $1,890 $7,227
1997 $319 $1,573 $2,079 $7,299
1996 $326 $1,449 $2,088 $7,040
1995 $285.4 $1,369 $1,979 $6,966
1994 $277.8 $1,379 $1,760 $6,542
1993 $252.1 $1,149 $1,662 $6,234
1992 $265.2 $1,021 $1,683 $5,952
1991 - - $1,685 $5,873
1990 - - $1,440 $5,637
1989 - - $1,211 -
1988 - - $1,114 -
1987 - - $1,069 -
1986 - - $1,031 -
1985 - - $935 -
1984 - - $1,319 -
1983 - - $1,710 -
1982 - - $1,680 -
1981 - - $1,793 -
1980 - - $1,457 -
1979 - - $1,149 -
1978 - - $883 -
1977 - - $740 -
1976 - - $616 -
1975 - - $562 -
1974 - - $508 -
1973 - - $389 -
1972 - - $308 -
1971 - - $272.1 -
1970 - - $249 -
1969 - - $238.2 -
1968 - - $226.8 -
1967 - - $220.9 -
1966 - - $213.9 -
1965 - - $208.7 -
1964 - - $197 -
1963 - - $189.9 -
1962 - - $182.8 -
1961 - - $167.1 -
1960 - - $153.4 -

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

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

Eritrea's GDP per capita is $689, ranking 188/197, compared to $6,416 in Paraguay, ranking 109/197. Adjusted for purchasing power (GDP per capita PPP), Eritrea ranks 191st at $1,742, while Paraguay ranks 102nd at $18,524.

Economic indicators

Eritrea Paraguay
Gross domestic product
$2.07B
2011
$44.5B
2024
GDP rank
179/197
2011
98/197
2024
GDP growth
8.68%
2010-2011
4.25%
2023-2024
GDP per capita
$689
2011
$6,416
2024
GDP per capita rank
188/197
2011
109/197
2024
GDP per capita, PPP
$1,742
2011
$18,524
2024
GDP per capita PPP rank
191/197
2011
102/197
2024
Government debt
$3.54B
2011
$19.9B
2024
Debt-to-GDP ratio
260.4%
2019
44.8%
2024
Government debt per person
$1,182
2011
$2,872
2024
Government debt per person rank
136/185
2011
103/185
2024
Average annual personal income after taxes
$1,129
2026
$6,136
2026
Market capitalization of domestic companies n/a
$313M
1999
Income share by richest 10% n/a
35%
2024
Income share by poorest 10% n/a
2%
2024
Government expenditure, % of GDP
31.3%
2019
21%
2024
Consumer prices inflation
1.3%
2018-2019
3.84%
2023-2024
Central bank interest rate n/a
6%
2024
Unemployment rate
5.8%
2017
5.69%
2024
Population
3700586
7120169

Spending and national debt comparison by year

Eritrea
Spending

Debt
Paraguay
Spending

Debt
1x
Year % of GDP
Eritrea Paraguay
Government spending Government debt Government spending Government debt
2024 - - 21% 44.8%
2023 - - 21.5% 41.1%
2022 - - 20.2% 40.5%
2021 - - 20.4% 37.5%
2020 - - 22.6% 36.9%
2019 31.3% 260.4% 20.1% 25.8%
2018 26.4% 267.1% 18.5% 22.3%
2017 42.5% 290.4% 18.1% 19.8%
2016 30.9% 251.2% 17.7% 19.4%
2015 31.1% 271.4% 18% 18.6%
2014 21.6% 204.5% 17.1% 15.6%
2013 32.7% 232.4% 17.1% 13.5%
2012 33.3% 171.6% 17.6% 12.3%
2011 32.3% 171.6% 14.7% 11.1%
2010 42.4% 201.8% 13.3% 13%
2009 44.9% 207.1% 14.3% 14.9%
2008 69.4% 259.7% 11.8% 16%
2007 51.2% 201.3% 13.1% 16.8%
2006 50.5% 199% 14.1% 21%
2005 76.6% 205.4% 14% 28.3%
2004 57.1% 193.5% 14% 36%
2003 58.1% 264% 14.6% 37.5%
2002 60.1% 243.4% 17.6% 50.5%
2001 59.5% 238.6% 19% 37.1%
2000 84.7% 219.1% 19.6% 33.6%
1999 106.1% - 19.2% 32%
1998 88% - 18% 22.1%
1997 60.1% - 18.1% 18%
1996 68.6% - 16.9% 16.8%
1995 81.2% - 15.7% 17.6%
1994 50.4% - 14.5% 18.7%
1993 67.2% - 12.9% 26.6%
1992 32.7% - 13% 34.4%
1991 - - 11.4% 49.4%
1990 - - 10.5% 67%
1989 - - 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 (1967–1989, retrieved 2026-02-20).

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

In 2024, Eritrea's government spending was $666M, accounting for 31.3% of its GDP, while Paraguay spent $9.33B, or 21% of GDP.

Debt-to-GDP ratio is 260.4% in Eritrea and 44.8% in Paraguay, ranking 2/185 and 120/185, respectively.

Government deficit by year

Deficit/surplus
Eritrea

Paraguay
1x
Year Deficit/surplus, % of GDP
Eritrea Paraguay
2024 - -2.12%
2023 - -3.81%
2022 - -2.64%
2021 - -3.39%
2020 - -5.72%
2019 2.72% -2.44%
2018 5.22% -1.01%
2017 -5.74% -0.44%
2016 -1.44% -0.37%
2015 -2.77% -0.44%
2014 -0.12% -0.27%
2013 -7.62% -1.16%
2012 -5.21% -0.58%
2011 -5.5% 1.29%
2010 -16.5% 1.54%
2009 -22.2% 0.59%
2008 -38% 2.29%
2007 -19.8% 1.27%
2006 -15.5% 0.91%
2005 -31% 0.74%
2004 -7.65% 1.33%
2003 6.23% -0.07%
2002 -13.3% -1.89%
2001 -9.62% 0.07%
2000 -25.4% -0.55%
1999 -59.7% 2.67%
1998 -40.3% 4.28%
1997 -5.65% 3%
1996 -18.4% 2.43%
1995 -22.9% 2.78%
1994 8.69% 4.59%
1993 4.22% 4.27%
1992 6.85% 3.1%
1991 - 3.41%
1990 - 7.56%
1989 - 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/eritrea/paraguay | CC BY

In 2011, Eritrea's government deficit, the difference between spending and revenue, was $114M, equivalent to 5.5% of GDP. This compares to Paraguay's surplus of $434M, or 1.29% of GDP.

Over the past 20 years, Eritrea recorded a fiscal deficit in 16 of those years, while Paraguay ran a deficit in 3 years. On average, Eritrea posted an annual deficit equal to 16.3% of GDP, compared to surplus of 1.73% of GDP for Paraguay.

Inflation comparison by year

Inflation
Eritrea

Paraguay
1x
Year Consumer prices inflation
Eritrea Paraguay
2024 - 3.84%
2023 - 4.63%
2022 - 9.77%
2021 - 4.79%
2020 - 1.77%
2019 1.3% 2.76%
2018 -14.4% 3.98%
2017 -13.3% 3.6%
2016 -5.6% 4.09%
2015 28.5% 3.13%
2014 8.4% 5.03%
2013 6.3% 2.68%
2012 6% 3.68%
2011 5.9% 8.25%
2010 10.3% 4.65%
2009 33.9% 2.59%
2008 22.2% 10.2%
2007 9.4% 8.13%
2006 7.7% 9.59%
2005 12.5% 6.81%
2004 25.1% 4.32%
2003 22.7% 14.2%
2002 16.9% 10.5%
2001 14.6% 7.27%
2000 19.9% 8.98%
1999 8.4% 6.75%
1998 9.5% 11.6%
1997 3.7% 6.95%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06); International Monetary Fund (IMF) | World Economic Outlook (1997–2019, retrieved 2026-02-20).

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

Over the past 23 years, Eritrea has recorded an average annual inflation rate of 10.4%, compared with 6.51% in Paraguay. In 2019, inflation was 1.3% in Eritrea and 3.84% in Paraguay.

Balance of trade

Eritrea Paraguay
Current account balance
-$105M
2000
-$1.53B
2024
Current account balance ranking
89/190
2000
133/190
2024
Current account balance, % of GDP
-14.8%
2000
-3.44%
2024
Goods imports
$471M
2000
$15.8B
2024
Goods exports
$36.8M
2000
$14.9B
2024
Service imports
$28.5M
2000
$2.54B
2024
Service exports
$60.9M
2000
$2.65B
2024
Imports of goods and services, % of GDP
29.2%
2011
39.6%
2024
Exports of goods and services, % of GDP
18.2%
2011
37.2%
2024

Economic freedom indices

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

Eritrea Paraguay
Economic freedom 39.6 66.4
Economic freedom ranking 188/197 61/197
Property rights 4.8 44.2
Government integrity 10.9 27.3
Judicial effectiveness 5.5 38.4
Tax burden 80.3 95.9
Government spending 62.3 86.9
Fiscal health 69 83
Business freedom 30.7 72
Labor freedom 43.4 44.1
Monetary freedom 80 76.5
Trade freedom 68.4 78.4
Investment freedom 0 80
Financial freedom 20 70

Economic freedom comparison by year

Eritrea
Paraguay
1x
Year Economic freedom index
Eritrea Paraguay
2026 39.6 66.4
2025 38.6 65.2
2024 39.5 60.1
2023 39.5 61
2022 39.7 62.9
2021 42.3 62.6
2020 38.5 63
2019 38.9 61.8
2018 41.7 62.1
2017 42.2 62.4
2016 42.7 61.5
2015 38.9 61.1
2014 38.5 62
2013 36.3 61.1
2012 36.2 61.8
2011 36.7 62.3
2010 35.3 61.3
2009 38.5 61
2008 - 60
2007 - 58.3
2006 - 55.6
2005 - 53.4
2004 - 56.7
2003 - 58.2
2002 - 59.6
2001 - 60.3
2000 - 64
1999 - 63.7
1998 - 65.2
1997 - 67.3
1996 - 67.1
1995 - 65.9

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

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

The Economic Freedom Index for Eritrea is 39.6, ranking 188/197, 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

Eritrea Paraguay
Services, % of GDP n/a
48.7%
2024
Industry, % of GDP
21.8%
2009
32.5%
2024
Agriculture, forestry, and fishing, % of GDP
14.1%
2009
10.7%
2024
GNI, Atlas method
$1.94B
2011
$43.7B
2024
GNI per capita, PPP
$1,720
2011
$17,930
2024
Total reserves including gold
$192M
2019
$9.89B
2023
Total reserves ranking
170/177
2019
76/177
2023
Net foreign direct investment
-$27.9M
2000
-$335M
2024
Net inflows of foreign direct investment
-$27.9M
2024
$1.1B
2024
Net outflows of foreign direct investment
$0
2024
$166M
2024
Servicing debt to the IMF, % of GNI
1.07%
2011
4.58%
2024
Poverty at national poverty lines
50%
2020
20.1%
2024
Gross capital formation, % of GDP
12.6%
2011
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/eritrea/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 (1967–1989, 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. Central Intelligence Agency (CIA) (2017–2020, retrieved 2026-02-20)
  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.