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Economy of Paraguay vs Senegal compared: GDP & Debt

Updated on by Georank team

Paraguay has a GDP of $44.5B compared to $32.8B for Senegal, ranking 98/197 and 109/197 by economy size, respectively.

Paraguay has $19.9B in government debt (44.8% of GDP), compared to $42.1B (128.4% of GDP) in Senegal.

Paraguay vs Senegal GDP by year

Paraguay
Senegal
1x
Year GDP, current $
Paraguay Senegal
2024 $44,458,118,397 $32,808,056,601
2023 $43,118,053,175 $30,696,331,296
2022 $41,952,910,858 $27,783,332,223
2021 $39,950,899,939 $27,520,784,130
2020 $35,432,178,068 $24,530,513,038
2019 $37,925,338,329 $23,403,995,992
2018 $40,225,448,341 $23,116,701,556
2017 $38,997,129,474 $20,996,562,944
2016 $36,089,700,223 $19,040,312,333
2015 $36,211,447,840 $17,774,766,696
2014 $40,377,929,296 $19,797,253,440
2013 $38,501,122,141 $18,918,667,725
2012 $33,271,921,136 $17,660,870,412
2011 $33,756,238,766 $17,814,283,639
2010 $27,260,886,405 $16,121,315,909
2009 $22,355,151,162 $16,145,867,495
2008 $24,615,267,664 $16,853,989,628
2007 $17,856,393,235 $13,994,218,413
2006 $13,429,430,050 $11,697,918,243
2005 $10,737,500,188 $11,009,033,438
2004 $9,624,440,836 $10,076,816,667
2003 $7,691,367,471 $8,768,721,563
2002 $7,196,260,657 $7,006,402,320
2001 $8,495,806,432 $6,507,824,829
2000 $8,855,705,140 $6,013,185,004
1999 $8,837,070,236 $6,592,834,933
1998 $9,260,481,572 $6,505,607,909
1997 $9,965,225,678 $6,041,478,726
1996 $9,788,391,781 $6,559,712,166
1995 $9,062,131,475 $6,326,342,633
1994 $7,870,982,005 $5,034,588,196
1993 $7,249,533,620 $7,367,986,241
1992 $7,157,424,031 $7,769,817,840
1991 $6,984,367,763 $7,255,210,470
1990 $5,812,114,523 $7,390,967,360
1989 $4,757,732,200 $6,366,039,373
1988 $4,255,683,528 $6,418,419,389
1987 $3,971,044,724 $6,487,353,103
1986 $3,723,993,943 $5,392,093,446
1985 $3,282,449,236 $3,818,944,918
1984 $4,502,462,807 $3,485,165,432
1983 $5,673,248,726 $3,569,356,125
1982 $5,419,411,765 $4,013,951,443
1981 $5,624,515,873 $4,095,892,781
1980 $4,448,087,302 $4,510,108,291
1979 $3,416,777,778 $4,084,877,823
1978 $2,559,857,143 $3,280,354,921
1977 $2,092,158,730 $2,938,046,463
1976 $1,698,960,317 $2,869,777,884
1975 $1,511,420,635 $2,830,388,405
1974 $1,333,475,397 $2,099,325,229
1973 $995,531,746 $1,863,398,590
1972 $769,039,683 $1,620,857,104
1971 $664,571,429 $1,339,549,033
1970 $594,611,111 $1,297,407,655
1969 $556,293,651 $1,245,234,931
1968 $517,650,794 $1,309,384,862
1967 $492,674,603 $1,246,480,766
1966 $465,888,889 $1,246,908,186
1965 $443,587,302 $1,210,058,228
1964 $408,349,206 $1,188,930,645
1963 $383,904,762 $1,122,139,862
1962 $360,698,413 $1,085,475,791
1961 $322,053,713 $1,058,975,257
1960 $288,884,368 $1,003,692,370

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

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

GDP per capita in Paraguay vs Senegal by year

Paraguay
GDP per capita

GDP per capita, PPP
Senegal
GDP per capita

GDP per capita, PPP
1x
Year Current $
Paraguay Senegal
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $6,416 $18,524 $1,773 $5,071
2023 $6,300 $17,564 $1,698 $4,778
2022 $6,206 $16,347 $1,574 $4,530
2021 $5,977 $15,406 $1,598 $4,174
2020 $5,365 $14,309 $1,461 $3,753
2019 $5,821 $14,150 $1,431 $3,648
2018 $6,258 $14,139 $1,453 $3,380
2017 $6,152 $13,977 $1,357 $3,234
2016 $5,775 $13,329 $1,266 $3,101
2015 $5,879 $12,679 $1,218 $2,994
2014 $6,652 $12,607 $1,399 $2,854
2013 $6,436 $12,137 $1,380 $2,769
2012 $5,642 $10,954 $1,327 $2,764
2011 $5,805 $11,442 $1,375 $2,685
2010 $4,751 $10,893 $1,276 $2,663
2009 $3,942 $9,802 $1,309 $2,606
2008 $4,385 $9,867 $1,399 $2,581
2007 $3,212 $9,179 $1,189 $2,499
2006 $2,439 $8,561 $1,017 $2,422
2005 $1,971 $8,007 $980 $2,350
2004 $1,786 $7,686 $918 $2,236
2003 $1,444 $7,276 $818 $2,131
2002 $1,368 $6,924 $669 $2,027
2001 $1,638 $6,916 $637 $2,044
2000 $1,736 $6,937 $603 $1,963
1999 $1,766 $7,080 $678 $1,893
1998 $1,890 $7,227 $685 $1,798
1997 $2,079 $7,299 $651 $1,719
1996 $2,088 $7,040 $723 $1,679
1995 $1,979 $6,966 $715 $1,656
1994 $1,760 $6,542 $584 $1,578
1993 $1,662 $6,234 $878 $1,588
1992 $1,683 $5,952 $951 $1,573
1991 $1,685 $5,873 $913 $1,561
1990 $1,440 $5,637 $957 $1,513
1989 $1,211 - $849 -
1988 $1,114 - $880 -
1987 $1,069 - $916 -
1986 $1,031 - $784 -
1985 $935 - $571 -
1984 $1,319 - $536 -
1983 $1,710 - $564 -
1982 $1,680 - $652 -
1981 $1,793 - $683 -
1980 $1,457 - $772 -
1979 $1,149 - $716 -
1978 $883 - $589 -
1977 $740 - $540 -
1976 $616 - $541 -
1975 $562 - $547 -
1974 $508 - $417 -
1973 $389 - $381 -
1972 $308 - $342 -
1971 $272.1 - $291.1 -
1970 $249 - $290.5 -
1969 $238.2 - $287.3 -
1968 $226.8 - $311 -
1967 $220.9 - $305 -
1966 $213.9 - $315 -
1965 $208.7 - $314 -
1964 $197 - $318 -
1963 $189.9 - $309 -
1962 $182.8 - $307 -
1961 $167.1 - $308 -
1960 $153.4 - $300 -

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

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

Paraguay's GDP per capita is $6,416, ranking 109/197, compared to $1,773 in Senegal, ranking 159/197. Adjusted for purchasing power (GDP per capita PPP), Paraguay ranks 102nd at $18,524, while Senegal ranks 158th at $5,071.

Economic indicators

Paraguay Senegal
Gross domestic product
$44.5B
2024
$32.8B
2024
GDP rank
98/197
2024
109/197
2024
GDP growth
4.25%
2023-2024
6.06%
2023-2024
GDP per capita
$6,416
2024
$1,773
2024
GDP per capita rank
109/197
2024
159/197
2024
GDP per capita, PPP
$18,524
2024
$5,071
2024
GDP per capita PPP rank
102/197
2024
158/197
2024
Government debt
$19.9B
2024
$42.1B
2024
Debt-to-GDP ratio
44.8%
2024
128.4%
2024
Government debt per person
$2,872
2024
$2,277
2024
Government debt per person rank
103/185
2024
115/185
2024
Average annual personal income after taxes
$6,136
2026
$2,194
2026
Market capitalization of domestic companies
$313M
1999
n/a
Income share by richest 10%
35%
2024
28.8%
2021
Income share by poorest 10%
2%
2024
3%
2021
Government expenditure, % of GDP
21%
2024
33.5%
2024
Consumer prices inflation
3.84%
2023-2024
0.8%
2023-2024
Central bank interest rate
6%
2024
n/a
Unemployment rate
5.69%
2024
5.78%
2024
Population
7120169
19491599

Spending and national debt comparison by year

Paraguay
Spending

Debt
Senegal
Spending

Debt
1x
Year % of GDP
Paraguay Senegal
Government spending Government debt Government spending Government debt
2024 21% 44.8% 33.5% 128.4%
2023 21.5% 41.1% 35.5% 118.4%
2022 20.2% 40.5% 36.2% 105%
2021 20.4% 37.5% 33.6% 98.6%
2020 22.6% 36.9% 29.6% 90.2%
2019 20.1% 25.8% 34.3% 81.5%
2018 18.5% 22.3% 22.6% 61.5%
2017 18.1% 19.8% 22.5% 61.1%
2016 17.7% 19.4% 24% 47.5%
2015 18% 18.6% 22.9% 44.5%
2014 17.1% 15.6% 23.1% 42.4%
2013 17.1% 13.5% 22.1% 36.9%
2012 17.6% 12.3% 23% 34.5%
2011 14.7% 11.1% 23.3% 32.9%
2010 13.3% 13% 21.7% 34.6%
2009 14.3% 14.9% 21.1% 29.9%
2008 11.8% 16% 20.9% 19.1%
2007 13.1% 16.8% 22.2% 19%
2006 14.1% 21% 21.3% 17.5%
2005 14% 28.3% 18.7% 36.1%
2004 14% 36% 18.1% 38%
2003 14.6% 37.5% 17.1% 42.9%
2002 17.6% 50.5% 15.5% 52%
2001 19% 37.1% 15.7% 53.2%
2000 19.6% 33.6% 14% 57.5%
1999 19.2% 32% 14.6% 15%
1998 18% 22.1% 13.5% 18.8%
1997 18.1% 18% 14.1% 67.8%
1996 16.9% 16.8% 15.4% 0.07%
1995 15.7% 17.6% 14.4% 65.3%
1994 14.5% 18.7% 15.9% 77.3%
1993 12.9% 26.6% - -
1992 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 (1967–1995, retrieved 2026-02-20).

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

In 2024, Paraguay's government spending was $9.33B, accounting for 21% of its GDP, while Senegal spent $11B, or 33.5% of GDP.

Debt-to-GDP ratio is 44.8% in Paraguay and 128.4% in Senegal, ranking 120/185 and 11/185, respectively.

Government deficit by year

Deficit/surplus
Paraguay

Senegal
1x
Year Deficit/surplus, % of GDP
Paraguay Senegal
2024 -2.12% -13.4%
2023 -3.81% -14.8%
2022 -2.64% -16.1%
2021 -3.39% -13.7%
2020 -5.72% -9.64%
2019 -2.44% -13.9%
2018 -1.01% -3.66%
2017 -0.44% -2.97%
2016 -0.37% -3.27%
2015 -0.44% -3.66%
2014 -0.27% -3.9%
2013 -1.16% -4.34%
2012 -0.58% -4.18%
2011 1.29% -4.92%
2010 1.54% -3.94%
2009 0.59% -3.66%
2008 2.29% -3.53%
2007 1.27% -2.8%
2006 0.91% -3.67%
2005 0.74% -0.26%
2004 1.33% 0.18%
2003 -0.07% -0.52%
2002 -1.89% 0.19%
2001 0.07% -1.44%
2000 -0.55% 0.78%
1999 2.67% -0.62%
1998 4.28% 0.93%
1997 3% 0.98%
1996 2.43% 0.92%
1995 2.78% 2.41%
1994 4.59% 5.9%
1993 4.27% -
1992 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/paraguay/senegal | 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 Senegal's deficit of $4.4B, or 13.4% of GDP.

Over the past 31 years, Paraguay recorded a fiscal deficit in 16 of those years, while Senegal ran a deficit in 23 years. On average, Paraguay posted an annual surplus equal to 0.09% of GDP, compared to deficit of 3.89% of GDP for Senegal.

Inflation comparison by year

Inflation
Paraguay

Senegal
1x
Year Consumer prices inflation
Paraguay Senegal
2024 3.84% 0.8%
2023 4.63% 5.94%
2022 9.77% 9.7%
2021 4.79% 2.18%
2020 1.77% 2.54%
2019 2.76% 1.76%
2018 3.98% 0.46%
2017 3.6% 1.32%
2016 4.09% 0.84%
2015 3.13% 0.14%
2014 5.03% -1.09%
2013 2.68% 0.71%
2012 3.68% 1.42%
2011 8.25% 3.4%
2010 4.65% 1.23%
2009 2.59% -2.25%
2008 10.2% 7.35%
2007 8.13% 5.85%
2006 9.59% 2.11%
2005 6.81% 1.71%
2004 4.32% 0.51%
2003 14.2% -0.05%
2002 10.5% 2.34%
2001 7.27% 2.97%
2000 8.98% 0.73%
1999 6.75% 0.83%
1998 11.6% 1.16%
1997 6.95% 1.75%

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

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

Over the past 28 years, Paraguay has recorded an average annual inflation rate of 6.23%, compared with 2.01% in Senegal. In 2024, inflation was 3.84% in Paraguay and 0.8% in Senegal.

Top exports between countries

Paraguay
Export category Export value
Raw agricultural goods $1.98M
Animal & marine products $214K
Processed food, beverages & tobacco $109K
Senegal
Export category Export value

Balance of trade

Paraguay Senegal
Current account balance
-$1.53B
2024
-$6.07B
2023
Current account balance ranking
133/190
2024
170/190
2023
Current account balance, % of GDP
-3.44%
2024
-19.8%
2023
Goods imports
$15.8B
2024
$10.8B
2023
Goods exports
$14.9B
2024
$5.52B
2023
Service imports
$2.54B
2024
$4.08B
2023
Service exports
$2.65B
2024
$1.48B
2023
Imports of goods and services, % of GDP
39.6%
2024
43.4%
2024
Exports of goods and services, % of GDP
37.2%
2024
24.7%
2024

Economic freedom indices

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

Paraguay Senegal
Economic freedom 66.4 53.2
Economic freedom ranking 61/197 140/197
Property rights 44.2 57.4
Government integrity 27.3 47.3
Judicial effectiveness 38.4 50.5
Tax burden 95.9 68.8
Government spending 86.9 63.1
Fiscal health 83 0
Business freedom 72 55.2
Labor freedom 44.1 54.4
Monetary freedom 76.5 74.3
Trade freedom 78.4 67
Investment freedom 80 60
Financial freedom 70 40

Economic freedom comparison by year

Paraguay
Senegal
1x
Year Economic freedom index
Paraguay Senegal
2026 66.4 53.2
2025 65.2 56.4
2024 60.1 55.4
2023 61 57.7
2022 62.9 60
2021 62.6 58
2020 63 58
2019 61.8 56.3
2018 62.1 55.7
2017 62.4 55.9
2016 61.5 58.1
2015 61.1 57.8
2014 62 55.4
2013 61.1 55.5
2012 61.8 55.4
2011 62.3 55.7
2010 61.3 54.6
2009 61 56.3
2008 60 58.3
2007 58.3 58.1
2006 55.6 56.2
2005 53.4 57.9
2004 56.7 58.9
2003 58.2 58.1
2002 59.6 58.6
2001 60.3 58.7
2000 64 58.9
1999 63.7 60.6
1998 65.2 59.7
1997 67.3 58.1
1996 67.1 58.2
1995 65.9 -

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

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

The Economic Freedom Index for Paraguay is 66.4, ranking 61/197, compared to 53.2 for Senegal, ranking 140/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Paraguay Senegal
Services, % of GDP
48.7%
2024
48.4%
2024
Industry, % of GDP
32.5%
2024
25%
2024
Agriculture, forestry, and fishing, % of GDP
10.7%
2024
16.6%
2024
GNI, Atlas method
$43.7B
2024
$31.1B
2024
GNI per capita, PPP
$17,930
2024
$4,920
2024
Total reserves including gold
$9.89B
2023
n/a
Total reserves ranking
76/177
2023
n/a
Net foreign direct investment
-$335M
2024
-$4.72B
2023
Net inflows of foreign direct investment
$1.1B
2024
$2.02B
2024
Net outflows of foreign direct investment
$166M
2024
$48.1M
2024
Servicing debt to the IMF, % of GNI
4.58%
2024
10.8%
2024
Poverty at national poverty lines
20.1%
2024
37.5%
2021
Gross capital formation, % of GDP
22.8%
2024
37.5%
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/senegal | 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 (1967–1995, 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.