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Economy of Paraguay vs Rwanda compared: GDP & Debt

Updated on by Georank team

Paraguay has a GDP of $44.5B compared to $14.3B for Rwanda, ranking 98/197 and 144/197 by economy size, respectively.

Paraguay has $19.9B in government debt (44.8% of GDP), compared to $9.58B (67.2% of GDP) in Rwanda.

Paraguay vs Rwanda GDP by year

Paraguay
Rwanda
1x
Year GDP, current $
Paraguay Rwanda
2024 $44,458,118,397 $14,251,642,235
2023 $43,118,053,175 $14,331,722,703
2022 $41,952,910,858 $13,316,161,002
2021 $39,950,899,939 $11,078,787,090
2020 $35,432,178,068 $10,174,386,857
2019 $37,925,338,329 $10,349,300,277
2018 $40,225,448,341 $9,637,904,521
2017 $38,997,129,474 $9,252,833,891
2016 $36,089,700,223 $8,695,272,058
2015 $36,211,447,840 $8,543,760,200
2014 $40,377,929,296 $8,238,966,124
2013 $38,501,122,141 $7,819,964,030
2012 $33,271,921,136 $7,654,761,050
2011 $33,756,238,766 $6,884,913,658
2010 $27,260,886,405 $6,124,756,654
2009 $22,355,151,162 $5,674,476,969
2008 $24,615,267,664 $5,179,854,065
2007 $17,856,393,235 $4,070,507,895
2006 $13,429,430,050 $3,319,784,539
2005 $10,737,500,188 $2,933,819,766
2004 $9,624,440,836 $2,376,496,067
2003 $7,691,367,471 $2,138,237,279
2002 $7,196,260,657 $1,966,003,468
2001 $8,495,806,432 $1,966,600,715
2000 $8,855,705,140 $2,068,836,754
1999 $8,837,070,236 $2,157,108,263
1998 $9,260,481,572 $1,989,343,546
1997 $9,965,225,678 $1,851,558,197
1996 $9,788,391,781 $1,382,334,879
1995 $9,062,131,475 $1,293,535,193
1994 $7,870,982,005 $753,636,370
1993 $7,249,533,620 $1,971,525,712
1992 $7,157,424,031 $2,029,026,962
1991 $6,984,367,763 $1,911,600,237
1990 $5,812,114,523 $2,550,185,679
1989 $4,757,732,200 $2,405,022,593
1988 $4,255,683,528 $2,395,492,687
1987 $3,971,044,724 $2,157,432,668
1986 $3,723,993,943 $1,944,710,684
1985 $3,282,449,236 $1,715,626,331
1984 $4,502,462,807 $1,587,413,084
1983 $5,673,248,726 $1,479,687,587
1982 $5,419,411,765 $1,407,243,139
1981 $5,624,515,873 $1,407,062,527
1980 $4,448,087,302 $1,254,765,642
1979 $3,416,777,778 $1,109,346,131
1978 $2,559,857,143 $905,709,076
1977 $2,092,158,730 $746,650,613
1976 $1,698,960,317 $637,753,853
1975 $1,511,420,635 $571,863,500
1974 $1,333,475,397 $308,458,423
1973 $995,531,746 $290,746,157
1972 $769,039,683 $246,457,838
1971 $664,571,429 $222,952,504
1970 $594,611,111 $219,900,006
1969 $556,293,651 $188,700,037
1968 $517,650,794 $172,200,018
1967 $492,674,603 $159,560,018
1966 $465,888,889 $124,525,703
1965 $443,587,302 $148,799,980
1964 $408,349,206 $129,999,994
1963 $383,904,762 $128,000,000
1962 $360,698,413 $125,000,008
1961 $322,053,713 $122,000,016
1960 $288,884,368 $119,000,024

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

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

GDP per capita in Paraguay vs Rwanda by year

Paraguay
GDP per capita

GDP per capita, PPP
Rwanda
GDP per capita

GDP per capita, PPP
1x
Year Current $
Paraguay Rwanda
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $6,416 $18,524 $1,000 $3,711
2023 $6,300 $17,564 $1,027 $3,399
2022 $6,206 $16,347 $975 $3,099
2021 $5,977 $15,406 $830 $2,733
2020 $5,365 $14,309 $779 $2,285
2019 $5,821 $14,150 $810 $2,336
2018 $6,258 $14,139 $772 $2,125
2017 $6,152 $13,977 $758 $1,968
2016 $5,775 $13,329 $730 $1,866
2015 $5,879 $12,679 $734 $1,781
2014 $6,652 $12,607 $725 $1,678
2013 $6,436 $12,137 $705 $1,512
2012 $5,642 $10,954 $707 $1,455
2011 $5,805 $11,442 $651 $1,413
2010 $4,751 $10,893 $594 $1,314
2009 $3,942 $9,802 $564 $1,241
2008 $4,385 $9,867 $528 $1,191
2007 $3,212 $9,179 $426 $1,079
2006 $2,439 $8,561 $357 $1,002
2005 $1,971 $8,007 $324 $914
2004 $1,786 $7,686 $269.5 $832
2003 $1,444 $7,276 $249 $775
2002 $1,368 $6,924 $234 $760
2001 $1,638 $6,916 $237.3 $670
2000 $1,736 $6,937 $251.9 $609
1999 $1,766 $7,080 $264.7 $554
1998 $1,890 $7,227 $246.2 $528
1997 $2,079 $7,299 $238.7 $500
1996 $2,088 $7,040 $206 $499
1995 $1,979 $6,966 $228 $514
1994 $1,760 $6,542 $111 $311
1993 $1,662 $6,234 $247 $521
1992 $1,683 $5,952 $264.1 $575
1991 $1,685 $5,873 $254 $542
1990 $1,440 $5,637 $346 $549
1989 $1,211 - $335 -
1988 $1,114 - $344 -
1987 $1,069 - $320 -
1986 $1,031 - $297.7 -
1985 $935 - $271.6 -
1984 $1,319 - $259.9 -
1983 $1,710 - $250.6 -
1982 $1,680 - $246.4 -
1981 $1,793 - $254.6 -
1980 $1,457 - $234.4 -
1979 $1,149 - $213.8 -
1978 $883 - $179.9 -
1977 $740 - $152.7 -
1976 $616 - $134.4 -
1975 $562 - $124.1 -
1974 $508 - $68.9 -
1973 $389 - $66.9 -
1972 $308 - $58.4 -
1971 $272.1 - $54.4 -
1970 $249 - $55.2 -
1969 $238.2 - $48.9 -
1968 $226.8 - $46 -
1967 $220.9 - $44 -
1966 $213.9 - $35.4 -
1965 $208.7 - $43.5 -
1964 $197 - $39 -
1963 $189.9 - $39.3 -
1962 $182.8 - $39.2 -
1961 $167.1 - $39.3 -
1960 $153.4 - $39.4 -

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

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

Paraguay's GDP per capita is $6,416, ranking 109/197, compared to $1,000 in Rwanda, ranking 178/197. Adjusted for purchasing power (GDP per capita PPP), Paraguay ranks 102nd at $18,524, while Rwanda ranks 168th at $3,711.

Economic indicators

Paraguay Rwanda
Gross domestic product
$44.5B
2024
$14.3B
2024
GDP rank
98/197
2024
144/197
2024
GDP growth
4.25%
2023-2024
8.89%
2023-2024
GDP per capita
$6,416
2024
$1,000
2024
GDP per capita rank
109/197
2024
178/197
2024
GDP per capita, PPP
$18,524
2024
$3,711
2024
GDP per capita PPP rank
102/197
2024
168/197
2024
Government debt
$19.9B
2024
$9.58B
2024
Debt-to-GDP ratio
44.8%
2024
67.2%
2024
Government debt per person
$2,872
2024
$672
2024
Government debt per person rank
103/185
2024
157/185
2024
Average annual personal income after taxes
$6,136
2026
$2,194
2026
Market capitalization of domestic companies
$313M
1999
$2.75B
2024
Income share by richest 10%
35%
2024
33.4%
2023
Income share by poorest 10%
2%
2024
3.1%
2023
Government expenditure, % of GDP
21%
2024
28.8%
2024
Consumer prices inflation
3.84%
2023-2024
1.77%
2023-2024
Central bank interest rate
6%
2024
6.75%
2025
Unemployment rate
5.69%
2024
11.3%
2024
Population
7120169
14975051

Spending and national debt comparison by year

Paraguay
Spending

Debt
Rwanda
Spending

Debt
1x
Year % of GDP
Paraguay Rwanda
Government spending Government debt Government spending Government debt
2024 21% 44.8% 28.8% 67.2%
2023 21.5% 41.1% 27% 63.4%
2022 20.2% 40.5% 29.7% 60.9%
2021 20.4% 37.5% 31.6% 67.3%
2020 22.6% 36.9% 33.5% 68.7%
2019 20.1% 25.8% 28.2% 53.6%
2018 18.5% 22.3% 26.4% 49.2%
2017 18.1% 19.8% 25.1% 45.6%
2016 17.7% 19.4% 25.1% 41.1%
2015 18% 18.6% 26.6% 33.1%
2014 17.1% 15.6% 27.5% 29.1%
2013 17.1% 13.5% 26.2% 26.7%
2012 17.6% 12.3% 24.6% 19.1%
2011 14.7% 11.1% 24.7% 18.7%
2010 13.3% 13% 23.8% 18.8%
2009 14.3% 14.9% 22.3% 18.5%
2008 11.8% 16% 22.5% 18.3%
2007 13.1% 16.8% 22.4% 22.1%
2006 14.1% 21% 20.6% 22.5%
2005 14% 28.3% 19.9% 58.9%
2004 14% 36% 17.9% 80.9%
2003 14.6% 37.5% 18.5% 79.5%
2002 17.6% 50.5% 20.5% 92%
2001 19% 37.1% 19.1% 84%
2000 19.6% 33.6% 18.2% 86%
1999 19.2% 32% 22.4% 78.4%
1998 18% 22.1% 16.4% 70.1%
1997 18.1% 18% 17% 72.2%
1996 16.9% 16.8% 19.5% 83.4%
1995 15.7% 17.6% 18% 100.8%
1994 14.5% 18.7% 13.3% -
1993 12.9% 26.6% 20.3% -
1992 13% 34.4% 21.5% -
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/paraguay/rwanda | CC BY

In 2024, Paraguay's government spending was $9.33B, accounting for 21% of its GDP, while Rwanda spent $4.1B, or 28.8% of GDP.

Debt-to-GDP ratio is 44.8% in Paraguay and 67.2% in Rwanda, ranking 120/185 and 65/185, respectively.

Government deficit by year

Deficit/surplus
Paraguay

Rwanda
1x
Year Deficit/surplus, % of GDP
Paraguay Rwanda
2024 -2.12% -6.57%
2023 -3.81% -5.04%
2022 -2.64% -5.74%
2021 -3.39% -7%
2020 -5.72% -9.54%
2019 -2.44% -5.08%
2018 -1.01% -2.57%
2017 -0.44% -2.52%
2016 -0.37% -2.27%
2015 -0.44% -2.68%
2014 -0.27% -3.92%
2013 -1.16% -1.27%
2012 -0.58% -2.38%
2011 1.29% -0.86%
2010 1.54% -0.64%
2009 0.59% 0.26%
2008 2.29% 0.83%
2007 1.27% -1.56%
2006 0.91% -0.03%
2005 0.74% 1.12%
2004 1.33% 2.27%
2003 -0.07% -1.23%
2002 -1.89% -2.03%
2001 0.07% -1.8%
2000 -0.55% -0.22%
1999 2.67% -4.41%
1998 4.28% -2.59%
1997 3% -2.22%
1996 2.43% -5.01%
1995 2.78% -2.04%
1994 4.59% -9.54%
1993 4.27% -6.6%
1992 3.1% -7.21%
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/paraguay/rwanda | CC BY

In 2024, Paraguay's government deficit, the difference between spending and revenue, was $942M, equivalent to 2.12% of GDP. This compares to Rwanda's deficit of $936M, or 6.57% of GDP.

Over the past 33 years, Paraguay recorded a fiscal deficit in 16 of those years, while Rwanda ran a deficit in 29 years. On average, Paraguay posted an annual surplus equal to 0.31% of GDP, compared to deficit of 3.03% of GDP for Rwanda.

Inflation comparison by year

Inflation
Paraguay

Rwanda
1x
Year Consumer prices inflation
Paraguay Rwanda
2024 3.84% 1.77%
2023 4.63% 19.8%
2022 9.77% 17.7%
2021 4.79% -0.39%
2020 1.77% 9.85%
2019 2.76% 3.35%
2018 3.98% -0.31%
2017 3.6% 8.28%
2016 4.09% 7.17%
2015 3.13% 2.53%
2014 5.03% 2.35%
2013 2.68% 5.92%
2012 3.68% 10.3%
2011 8.25% 3.08%
2010 4.65% -0.25%
2009 2.59% 12.9%
2008 10.2% 15.4%
2007 8.13% 9.08%
2006 9.59% 8.88%
2005 6.81% 9.01%
2004 4.32% 12.3%
2003 14.2% 7.45%
2002 10.5% 1.99%
2001 7.27% 3.34%
2000 8.98% 3.9%
1999 6.75% -2.41%
1998 11.6% 6.21%
1997 6.95% 12%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

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

Over the past 28 years, Paraguay has recorded an average annual inflation rate of 6.23%, compared with 6.83% in Rwanda. In 2024, inflation was 3.84% in Paraguay and 1.77% in Rwanda.

Balance of trade

Paraguay Rwanda
Current account balance
-$1.53B
2024
-$1.81B
2024
Current account balance ranking
133/190
2024
140/190
2024
Current account balance, % of GDP
-3.44%
2024
-12.7%
2024
Goods imports
$15.8B
2024
$5.55B
2024
Goods exports
$14.9B
2024
$3.2B
2024
Service imports
$2.54B
2024
$991M
2024
Service exports
$2.65B
2024
$1.08B
2024
Imports of goods and services, % of GDP
39.6%
2024
39.1%
2024
Exports of goods and services, % of GDP
37.2%
2024
30.8%
2024

Economic freedom indices

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

Paraguay Rwanda
Economic freedom 66.4 56.5
Economic freedom ranking 61/197 121/197
Property rights 44.2 60.3
Government integrity 27.3 53.9
Judicial effectiveness 38.4 27.5
Tax burden 95.9 80.6
Government spending 86.9 75.7
Fiscal health 83 37.5
Business freedom 72 60.1
Labor freedom 44.1 49.1
Monetary freedom 76.5 72.3
Trade freedom 78.4 61.8
Investment freedom 80 60
Financial freedom 70 40

Economic freedom comparison by year

Paraguay
Rwanda
1x
Year Economic freedom index
Paraguay Rwanda
2026 66.4 56.5
2025 65.2 54.8
2024 60.1 51.6
2023 61 52.2
2022 62.9 57.1
2021 62.6 68.3
2020 63 70.9
2019 61.8 71.1
2018 62.1 69.1
2017 62.4 67.6
2016 61.5 63.1
2015 61.1 64.8
2014 62 64.7
2013 61.1 64.1
2012 61.8 64.9
2011 62.3 62.7
2010 61.3 59.1
2009 61 54.2
2008 60 54.2
2007 58.3 52.4
2006 55.6 52.8
2005 53.4 51.7
2004 56.7 53.3
2003 58.2 47.8
2002 59.6 50.4
2001 60.3 45.4
2000 64 42.3
1999 63.7 39.8
1998 65.2 39.1
1997 67.3 38.3
1996 67.1 -
1995 65.9 -

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

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

The Economic Freedom Index for Paraguay is 66.4, ranking 61/197, compared to 56.5 for Rwanda, ranking 121/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Paraguay Rwanda
Services, % of GDP
48.7%
2024
47.6%
2024
Industry, % of GDP
32.5%
2024
21%
2024
Agriculture, forestry, and fishing, % of GDP
10.7%
2024
24.6%
2024
GNI, Atlas method
$43.7B
2024
$14.8B
2024
GNI per capita, PPP
$17,930
2024
$3,620
2024
Total reserves including gold
$9.89B
2023
$2.41B
2024
Total reserves ranking
76/177
2023
123/177
2024
Net foreign direct investment
-$335M
2024
-$560M
2024
Net inflows of foreign direct investment
$1.1B
2024
$573M
2024
Net outflows of foreign direct investment
$166M
2024
$13.2M
2024
Servicing debt to the IMF, % of GNI
4.58%
2024
3.09%
2024
Poverty at national poverty lines
20.1%
2024
27.4%
2023
Gross capital formation, % of GDP
22.8%
2024
25.9%
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/paraguay/rwanda | 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. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. 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.