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Economy of Paraguay vs Sierra Leone compared: GDP & Debt

Updated on by Georank team

Paraguay has a GDP of $44.5B compared to $6.97B for Sierra Leone, ranking 98/197 and 160/197 by economy size, respectively.

Paraguay has $19.9B in government debt (44.8% of GDP), compared to $2.91B (41.7% of GDP) in Sierra Leone.

Paraguay vs Sierra Leone GDP by year

Paraguay
Sierra Leone
1x
Year GDP, current $
Paraguay Sierra Leone
2024 $44,458,118,397 $6,971,127,235
2023 $43,118,053,175 $6,415,852,767
2022 $41,952,910,858 $7,121,125,278
2021 $39,950,899,939 $7,166,931,485
2020 $35,432,178,068 $6,688,307,703
2019 $37,925,338,329 $6,523,577,594
2018 $40,225,448,341 $6,390,514,689
2017 $38,997,129,474 $5,749,846,528
2016 $36,089,700,223 $6,084,297,211
2015 $36,211,447,840 $6,788,352,975
2014 $40,377,929,296 $7,686,138,791
2013 $38,501,122,141 $7,502,762,863
2012 $33,271,921,136 $6,141,666,509
2011 $33,756,238,766 $4,861,632,885
2010 $27,260,886,405 $4,262,805,967
2009 $22,355,151,162 $3,953,403,098
2008 $24,615,267,664 $4,157,895,298
2007 $17,856,393,235 $3,632,957,611
2006 $13,429,430,050 $3,263,697,467
2005 $10,737,500,188 $2,545,275,313
2004 $9,624,440,836 $2,237,350,687
2003 $7,691,367,471 $2,142,618,046
2002 $7,196,260,657 $1,933,863,911
2001 $8,495,806,432 $1,681,473,894
2000 $8,855,705,140 $635,866,404
1999 $8,837,070,236 $669,386,624
1998 $9,260,481,572 $672,368,187
1997 $9,965,225,678 $850,232,760
1996 $9,788,391,781 $941,709,423
1995 $9,062,131,475 $870,740,292
1994 $7,870,982,005 $911,853,802
1993 $7,249,533,620 $768,867,883
1992 $7,157,424,031 $679,940,814
1991 $6,984,367,763 $779,981,987
1990 $5,812,114,523 $649,644,098
1989 $4,757,732,200 $932,974,420
1988 $4,255,683,528 $1,055,083,933
1987 $3,971,044,724 $660,106,336
1986 $3,723,993,943 $490,181,457
1985 $3,282,449,236 $856,890,459
1984 $4,502,462,807 $1,087,471,862
1983 $5,673,248,726 $995,104,305
1982 $5,419,411,765 $1,295,361,886
1981 $5,624,515,873 $1,114,830,472
1980 $4,448,087,302 $1,100,685,845
1979 $3,416,777,778 $1,109,374,911
1978 $2,559,857,143 $960,728,339
1977 $2,092,158,730 $691,777,584
1976 $1,698,960,317 $594,895,942
1975 $1,511,420,635 $679,336,344
1974 $1,333,475,397 $648,590,643
1973 $995,531,746 $575,230,724
1972 $769,039,683 $465,381,340
1971 $664,571,429 $419,549,305
1970 $594,611,111 $434,410,974
1969 $556,293,651 $408,690,163
1968 $517,650,794 $329,859,732
1967 $492,674,603 $348,795,303
1966 $465,888,889 $375,479,850
1965 $443,587,302 $359,379,856
1964 $408,349,206 $371,847,461
1963 $383,904,762 $348,547,279
1962 $360,698,413 $342,721,416
1961 $322,053,713 $327,834,191
1960 $288,884,368 $322,009,962

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

GeoRank.org/economy/paraguay/sierra-leone | CC BY

GDP per capita in Paraguay vs Sierra Leone by year

Paraguay
GDP per capita

GDP per capita, PPP
Sierra Leone
GDP per capita

GDP per capita, PPP
1x
Year Current $
Paraguay Sierra Leone
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $6,416 $18,524 $807 $3,522
2023 $6,300 $17,564 $758 $3,368
2022 $6,206 $16,347 $860 $3,144
2021 $5,977 $15,406 $885 $2,849
2020 $5,365 $14,309 $845 $2,719
2019 $5,821 $14,150 $844 $2,704
2018 $6,258 $14,139 $846 $2,640
2017 $6,152 $13,977 $779 $2,501
2016 $5,775 $13,329 $844 $2,635
2015 $5,879 $12,679 $965 $2,560
2014 $6,652 $12,607 $1,118 $2,762
2013 $6,436 $12,137 $1,117 $2,701
2012 $5,642 $10,954 $938 $2,317
2011 $5,805 $11,442 $761 $2,043
2010 $4,751 $10,893 $685 $1,900
2009 $3,942 $9,802 $653 $1,814
2008 $4,385 $9,867 $705 $1,824
2007 $3,212 $9,179 $632 $1,770
2006 $2,439 $8,561 $580 $1,698
2005 $1,971 $8,007 $463 $1,615
2004 $1,786 $7,686 $418 $1,541
2003 $1,444 $7,276 $414 $1,458
2002 $1,368 $6,924 $389 $1,360
2001 $1,638 $6,916 $358 $1,121
2000 $1,736 $6,937 $143.7 $1,242
1999 $1,766 $7,080 $155 $1,167
1998 $1,890 $7,227 $156.5 $1,180
1997 $2,079 $7,299 $199.9 $1,157
1996 $2,088 $7,040 $224.3 $1,225
1995 $1,979 $6,966 $208.4 $1,187
1994 $1,760 $6,542 $218.5 $1,266
1993 $1,662 $6,234 $185 $1,269
1992 $1,683 $5,952 $163.2 $1,220
1991 $1,685 $5,873 $183.7 $1,445
1990 $1,440 $5,637 $154.8 $1,382
1989 $1,211 - $231.3 -
1988 $1,114 - $268.2 -
1987 $1,069 - $172.4 -
1986 $1,031 - $131.5 -
1985 $935 - $235.5 -
1984 $1,319 - $306 -
1983 $1,710 - $285.8 -
1982 $1,680 - $380 -
1981 $1,793 - $334 -
1980 $1,457 - $336 -
1979 $1,149 - $346 -
1978 $883 - $305 -
1977 $740 - $224.2 -
1976 $616 - $196.4 -
1975 $562 - $228.4 -
1974 $508 - $222.1 -
1973 $389 - $200.6 -
1972 $308 - $165.4 -
1971 $272.1 - $151.8 -
1970 $249 - $160.2 -
1969 $238.2 - $153.6 -
1968 $226.8 - $126.3 -
1967 $220.9 - $136.1 -
1966 $213.9 - $149.3 -
1965 $208.7 - $145.6 -
1964 $197 - $153.4 -
1963 $189.9 - $146.3 -
1962 $182.8 - $146.3 -
1961 $167.1 - $142.3 -
1960 $153.4 - $142 -

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

GeoRank.org/economy/paraguay/sierra-leone | CC BY

Paraguay's GDP per capita is $6,416, ranking 109/197, compared to $807 in Sierra Leone, ranking 186/197. Adjusted for purchasing power (GDP per capita PPP), Paraguay ranks 102nd at $18,524, while Sierra Leone ranks 171st at $3,522.

Economic indicators

Paraguay Sierra Leone
Gross domestic product
$44.5B
2024
$6.97B
2024
GDP rank
98/197
2024
160/197
2024
GDP growth
4.25%
2023-2024
4.29%
2023-2024
GDP per capita
$6,416
2024
$807
2024
GDP per capita rank
109/197
2024
186/197
2024
GDP per capita, PPP
$18,524
2024
$3,522
2024
GDP per capita PPP rank
102/197
2024
171/197
2024
Government debt
$19.9B
2024
$2.91B
2024
Debt-to-GDP ratio
44.8%
2024
41.7%
2024
Government debt per person
$2,872
2024
$337
2024
Government debt per person rank
103/185
2024
174/185
2024
Average annual personal income after taxes
$6,136
2026
$2,915
2026
Market capitalization of domestic companies
$313M
1999
n/a
Income share by richest 10%
35%
2024
29.4%
2018
Income share by poorest 10%
2%
2024
3.4%
2018
Government expenditure, % of GDP
21%
2024
15.6%
2024
Consumer prices inflation
3.84%
2023-2024
28.4%
2023-2024
Central bank interest rate
6%
2024
18.8%
2025
Unemployment rate
5.69%
2024
3.19%
2018
Population
7120169
9049533

Spending and national debt comparison by year

Paraguay
Spending

Debt
Sierra Leone
Spending

Debt
1x
Year % of GDP
Paraguay Sierra Leone
Government spending Government debt Government spending Government debt
2024 21% 44.8% 15.6% 41.7%
2023 21.5% 41.1% 15.4% 49.5%
2022 20.2% 40.5% 16.7% 54%
2021 20.4% 37.5% 16.8% 47.1%
2020 22.6% 36.9% 15.6% 46.4%
2019 20.1% 25.8% 13.3% 45.3%
2018 18.5% 22.3% 13.7% 44.2%
2017 18.1% 19.8% 15% 44.2%
2016 17.7% 19.4% 14.9% 38.9%
2015 18% 18.6% 13.1% 28.4%
2014 17.1% 15.6% 13.5% 26.8%
2013 17.1% 13.5% 11.4% 22.3%
2012 17.6% 12.3% 13.5% 24.1%
2011 14.7% 11.1% 13.2% 25.8%
2010 13.3% 13% 12.5% 28.9%
2009 14.3% 14.9% 11.3% 31.1%
2008 11.8% 16% 10.3% 46.1%
2007 13.1% 16.8% 8.1% 26.4%
2006 14.1% 21% 9.97% 61.9%
2005 14% 28.3% 10.9% 78.9%
2004 14% 36% 11.1% 93.2%
2003 14.6% 37.5% 11.7% 99.8%
2002 17.6% 50.5% 12.6% 99.8%
2001 19% 37.1% 12% 113.5%
2000 19.6% 33.6% 10.3% -
1999 19.2% 32% - -
1998 18% 22.1% - -
1997 18.1% 18% - -
1996 16.9% 16.8% - -
1995 15.7% 17.6% - -
1994 14.5% 18.7% - -
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 (1967–1989, retrieved 2026-02-20).

GeoRank.org/economy/paraguay/sierra-leone | CC BY

In 2024, Paraguay's government spending was $9.33B, accounting for 21% of its GDP, while Sierra Leone spent $1.09B, or 15.6% of GDP.

Debt-to-GDP ratio is 44.8% in Paraguay and 41.7% in Sierra Leone, ranking 120/185 and 128/185, respectively.

Government deficit by year

Deficit/surplus
Paraguay

Sierra Leone
1x
Year Deficit/surplus, % of GDP
Paraguay Sierra Leone
2024 -2.12% -4.53%
2023 -3.81% -4.99%
2022 -2.64% -5.93%
2021 -3.39% -4.35%
2020 -5.72% -3.5%
2019 -2.44% -1.95%
2018 -1.01% -3.57%
2017 -0.44% -5.61%
2016 -0.37% -5.41%
2015 -0.44% -2.86%
2014 -0.27% -2.77%
2013 -1.16% -1.74%
2012 -0.58% -3.41%
2011 1.29% -2.78%
2010 1.54% -3.09%
2009 0.59% -1.51%
2008 2.29% -2.22%
2007 1.27% 12.6%
2006 0.91% -0.93%
2005 0.74% -1.17%
2004 1.33% -1.46%
2003 -0.07% -2.78%
2002 -1.89% -3.03%
2001 0.07% -3.22%
2000 -0.55% -1.94%
1999 2.67% -
1998 4.28% -
1997 3% -
1996 2.43% -
1995 2.78% -
1994 4.59% -
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/sierra-leone | 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 Sierra Leone's deficit of $316M, or 4.53% of GDP.

Over the past 25 years, Paraguay recorded a fiscal deficit in 16 of those years, while Sierra Leone ran a deficit in 24 years. On average, Paraguay posted an annual deficit equal to 0.67% of GDP, compared to deficit of 2.49% of GDP for Sierra Leone.

Inflation comparison by year

Inflation
Paraguay

Sierra Leone
1x
Year Consumer prices inflation
Paraguay Sierra Leone
2024 3.84% 28.4%
2023 4.63% 47.7%
2022 9.77% 27.2%
2021 4.79% 11.9%
2020 1.77% 13.4%
2019 2.76% 14.8%
2018 3.98% 16%
2017 3.6% 18.2%
2016 4.09% 10.9%
2015 3.13% 6.7%
2014 5.03% 4.6%
2013 2.68% 5.5%
2012 3.68% 6.6%
2011 8.25% 6.8%
2010 4.65% 7.2%
2009 2.59% 7.5%
2008 10.2% 8.2%
2007 8.13% 17%
2006 9.59% 10.5%
2005 6.81% 13.7%
2004 4.32% 12.9%
2003 14.2% 4%
2002 10.5% 0.1%
2001 7.27% 2.6%
2000 8.98% -0.9%
1999 6.75% 34.1%
1998 11.6% 36%
1997 6.95% 14.6%

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/paraguay/sierra-leone | CC BY

Over the past 28 years, Paraguay has recorded an average annual inflation rate of 6.23%, compared with 13.8% in Sierra Leone. In 2024, inflation was 3.84% in Paraguay and 28.4% in Sierra Leone.

Top exports between countries

Paraguay
Export category Export value
Animal & marine products $26.5M
Raw agricultural goods $1M
Sierra Leone
Export category Export value

Balance of trade

Paraguay Sierra Leone
Current account balance
-$1.53B
2024
-$606M
2023
Current account balance ranking
133/190
2024
109/190
2023
Current account balance, % of GDP
-3.44%
2024
-9.45%
2023
Goods imports
$15.8B
2024
$1.92B
2023
Goods exports
$14.9B
2024
$1.34B
2023
Service imports
$2.54B
2024
$348M
2023
Service exports
$2.65B
2024
$42.5M
2023
Imports of goods and services, % of GDP
39.6%
2024
23.3%
2024
Exports of goods and services, % of GDP
37.2%
2024
17.3%
2024

Economic freedom indices

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

Paraguay Sierra Leone
Economic freedom 66.4 49.6
Economic freedom ranking 61/197 165/197
Property rights 44.2 32.9
Government integrity 27.3 35.8
Judicial effectiveness 38.4 42
Tax burden 95.9 88.2
Government spending 86.9 92.4
Fiscal health 83 54.1
Business freedom 72 44.8
Labor freedom 44.1 38.2
Monetary freedom 76.5 53.6
Trade freedom 78.4 63.6
Investment freedom 80 30
Financial freedom 70 20

Economic freedom comparison by year

Paraguay
Sierra Leone
1x
Year Economic freedom index
Paraguay Sierra Leone
2026 66.4 49.6
2025 65.2 48
2024 60.1 44.6
2023 61 50.2
2022 62.9 52
2021 62.6 51.7
2020 63 48
2019 61.8 47.5
2018 62.1 51.8
2017 62.4 52.6
2016 61.5 52.3
2015 61.1 51.7
2014 62 50.5
2013 61.1 48.3
2012 61.8 49.1
2011 62.3 49.6
2010 61.3 47.9
2009 61 47.8
2008 60 48.3
2007 58.3 47
2006 55.6 45.2
2005 53.4 44.8
2004 56.7 43.6
2003 58.2 42.2
2002 59.6 -
2001 60.3 -
2000 64 44.2
1999 63.7 47.2
1998 65.2 47.7
1997 67.3 45
1996 67.1 52.3
1995 65.9 49.8

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

GeoRank.org/economy/paraguay/sierra-leone | CC BY

The Economic Freedom Index for Paraguay is 66.4, ranking 61/197, compared to 49.6 for Sierra Leone, ranking 165/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Paraguay Sierra Leone
Services, % of GDP
48.7%
2024
42.6%
2024
Industry, % of GDP
32.5%
2024
25.6%
2024
Agriculture, forestry, and fishing, % of GDP
10.7%
2024
29.2%
2024
GNI, Atlas method
$43.7B
2024
$7.08B
2024
GNI per capita, PPP
$17,930
2024
$3,490
2024
Total reserves including gold
$9.89B
2023
$433M
2024
Total reserves ranking
76/177
2023
160/177
2024
Net foreign direct investment
-$335M
2024
-$241M
2023
Net inflows of foreign direct investment
$1.1B
2024
$122M
2024
Net outflows of foreign direct investment
$166M
2024
$0
2024
Servicing debt to the IMF, % of GNI
4.58%
2024
2.22%
2024
Poverty at national poverty lines
20.1%
2024
56.8%
2018
Gross capital formation, % of GDP
22.8%
2024
20.5%
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/sierra-leone | 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. TradeMap (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.