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Economy of Paraguay vs Turkmenistan compared: GDP & Debt

Updated on by Georank team

Paraguay has a GDP of $44.5B compared to $51.4B for Turkmenistan, ranking 98/197 and 92/197 by economy size, respectively.

Paraguay has $19.9B in government debt (44.8% of GDP), compared to $2.11B (4.11% of GDP) in Turkmenistan.

Paraguay vs Turkmenistan GDP by year

Paraguay
Turkmenistan
1x
Year GDP, current $
Paraguay Turkmenistan
2024 $44,458,118,397 $51,387,209,872
2023 $43,118,053,175 $45,894,538,666
2022 $41,952,910,858 $42,208,726,138
2021 $39,950,899,939 $40,589,905,812
2020 $35,432,178,068 $41,509,903,182
2019 $37,925,338,329 $40,810,067,975
2018 $40,225,448,341 $40,765,428,571
2017 $38,997,129,474 $37,926,285,714
2016 $36,089,700,223 $36,169,428,571
2015 $36,211,447,840 $35,799,714,286
2014 $40,377,929,296 $43,524,210,526
2013 $38,501,122,141 $39,197,543,860
2012 $33,271,921,136 $35,164,210,526
2011 $33,756,238,766 $29,233,333,333
2010 $27,260,886,405 $22,583,157,895
2009 $22,355,151,162 $20,214,385,965
2008 $24,615,267,664 $19,271,523,179
2007 $17,856,393,235 $12,664,165,103
2006 $13,429,430,050 $10,276,674,365
2005 $10,737,500,188 $8,103,901,996
2004 $9,624,440,836 $6,838,351,088
2003 $7,691,367,471 $5,977,440,583
2002 $7,196,260,657 $4,462,029,109
2001 $8,495,806,432 $3,534,772,732
2000 $8,855,705,140 $2,904,663,311
1999 $8,837,070,236 $2,450,564,100
1998 $9,260,481,572 $2,605,689,134
1997 $9,965,225,678 $2,450,350,625
1996 $9,788,391,781 $2,378,759,975
1995 $9,062,131,475 $2,482,228,440
1994 $7,870,982,005 $2,561,118,608
1993 $7,249,533,620 $3,179,225,949
1992 $7,157,424,031 $3,200,539,816
1991 $6,984,367,763 $3,208,098,919
1990 $5,812,114,523 $3,189,539,641
1989 $4,757,732,200 $3,006,988,217
1988 $4,255,683,528 $3,010,982,414
1987 $3,971,044,724 $2,331,358,820
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/paraguay/turkmenistan | CC BY

GDP per capita in Paraguay vs Turkmenistan by year

Paraguay
GDP per capita

GDP per capita, PPP
Turkmenistan
GDP per capita

GDP per capita, PPP
1x
Year Current $
Paraguay Turkmenistan
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $6,416 $18,524 $6,857 $21,213
2023 $6,300 $17,564 $6,232 $19,829
2022 $6,206 $16,347 $5,838 $18,340
2021 $5,977 $15,406 $5,723 $16,434
2020 $5,365 $14,309 $5,973 $15,091
2019 $5,821 $14,150 $5,998 $15,478
2018 $6,258 $14,139 $6,125 $14,368
2017 $6,152 $13,977 $5,828 $13,278
2016 $5,775 $13,329 $5,687 $12,919
2015 $5,879 $12,679 $5,759 $12,715
2014 $6,652 $12,607 $7,164 $12,477
2013 $6,436 $12,137 $6,600 $11,723
2012 $5,642 $10,954 $6,054 $11,035
2011 $5,805 $11,442 $5,144 $10,283
2010 $4,751 $10,893 $4,059 $8,972
2009 $3,942 $9,802 $3,708 $8,285
2008 $4,385 $9,867 $3,606 $7,916
2007 $3,212 $9,179 $2,415 $6,901
2006 $2,439 $8,561 $1,997 $6,164
2005 $1,971 $8,007 $1,604 $5,489
2004 $1,786 $7,686 $1,379 $4,798
2003 $1,444 $7,276 $1,229 $4,536
2002 $1,368 $6,924 $936 $4,393
2001 $1,638 $6,916 $756 $4,401
2000 $1,736 $6,937 $634 $4,209
1999 $1,766 $7,080 $546 $3,981
1998 $1,890 $7,227 $591 $3,432
1997 $2,079 $7,299 $565 $3,222
1996 $2,088 $7,040 $558 $3,636
1995 $1,979 $6,966 $592 $3,405
1994 $1,760 $6,542 $622 $3,659
1993 $1,662 $6,234 $788 $4,422
1992 $1,683 $5,952 $811 $4,351
1991 $1,685 $5,873 $832 $5,117
1990 $1,440 $5,637 $848 $5,321
1989 $1,211 - $821 -
1988 $1,114 - $846 -
1987 $1,069 - $675 -
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/paraguay/turkmenistan | CC BY

Paraguay's GDP per capita is $6,416, ranking 109/197, compared to $6,857 in Turkmenistan, ranking 104/197. Adjusted for purchasing power (GDP per capita PPP), Paraguay ranks 102nd at $18,524, while Turkmenistan ranks 94th at $21,213.

Economic indicators

Paraguay Turkmenistan
Gross domestic product
$44.5B
2024
$51.4B
2024
GDP rank
98/197
2024
92/197
2024
GDP growth
4.25%
2023-2024
6.3%
2023-2024
GDP per capita
$6,416
2024
$6,857
2024
GDP per capita rank
109/197
2024
104/197
2024
GDP per capita, PPP
$18,524
2024
$21,213
2024
GDP per capita PPP rank
102/197
2024
94/197
2024
Government debt
$19.9B
2024
$2.11B
2024
Debt-to-GDP ratio
44.8%
2024
4.11%
2024
Government debt per person
$2,872
2024
$282
2024
Government debt per person rank
103/185
2024
179/185
2024
Average annual personal income after taxes
$6,136
2026
$7,520
2026
Market capitalization of domestic companies
$313M
1999
n/a
Income share by richest 10%
35%
2024
31.5%
1998
Income share by poorest 10%
2%
2024
2.4%
1998
Government expenditure, % of GDP
21%
2024
14.5%
2024
Consumer prices inflation
3.84%
2023-2024
4.6%
2023-2024
Central bank interest rate
6%
2024
n/a
Unemployment rate
5.69%
2024
4%
2010
Population
7120169
7776557

Spending and national debt comparison by year

Paraguay
Spending

Debt
Turkmenistan
Spending

Debt
1x
Year % of GDP
Paraguay Turkmenistan
Government spending Government debt Government spending Government debt
2024 21% 44.8% 14.5% 4.11%
2023 21.5% 41.1% 13.7% 5.46%
2022 20.2% 40.5% 13% 7.14%
2021 20.4% 37.5% 13.4% 12.3%
2020 22.6% 36.9% 13.5% 15.4%
2019 20.1% 25.8% 13.6% 17.7%
2018 18.5% 22.3% 13.7% 22.5%
2017 18.1% 19.8% 17.8% 24.7%
2016 17.7% 19.4% 14.1% 21.1%
2015 18% 18.6% 17.3% 19%
2014 17.1% 15.6% 17% 16%
2013 17.1% 13.5% 16.9% 20.4%
2012 17.6% 12.3% 14.7% 17.9%
2011 14.7% 11.1% 15.4% 14.8%
2010 13.3% 13% 14.6% 7.04%
2009 14.3% 14.9% 14.4% 3.09%
2008 11.8% 16% 11.7% 3.56%
2007 13.1% 16.8% 14.4% 3.06%
2006 14.1% 21% 16% 4.23%
2005 14% 28.3% 21.1% 6.82%
2004 14% 36% 20.3% 11.4%
2003 14.6% 37.5% 20.8% 16.9%
2002 17.6% 50.5% 19.4% 24.2%
2001 19% 37.1% 22.6% 34.1%
2000 19.6% 33.6% 25.9% 55.1%
1999 19.2% 32% 20.8% 66.7%
1998 18% 22.1% 26.1% 81.6%
1997 18.1% 18% 26.9% 64.2%
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/turkmenistan | CC BY

In 2024, Paraguay's government spending was $9.33B, accounting for 21% of its GDP, while Turkmenistan spent $7.46B, or 14.5% of GDP.

Debt-to-GDP ratio is 44.8% in Paraguay and 4.11% in Turkmenistan, ranking 120/185 and 183/185, respectively.

Government deficit by year

Deficit/surplus
Paraguay

Turkmenistan
1x
Year Deficit/surplus, % of GDP
Paraguay Turkmenistan
2024 -2.12% -0.08%
2023 -3.81% 0.11%
2022 -2.64% 3.38%
2021 -3.39% 0.57%
2020 -5.72% -0.16%
2019 -2.44% -0.4%
2018 -1.01% -0.22%
2017 -0.44% -2.84%
2016 -0.37% -2.38%
2015 -0.44% -0.7%
2014 -0.27% 0.89%
2013 -1.16% 1.53%
2012 -0.58% 7.53%
2011 1.29% 3.84%
2010 1.54% 2.13%
2009 0.59% 7.53%
2008 2.29% 10.7%
2007 1.27% 4.19%
2006 0.91% 5.64%
2005 0.74% 0.86%
2004 1.33% 1.47%
2003 -0.07% 3.99%
2002 -1.89% 0.19%
2001 0.07% 0.77%
2000 -0.55% -0.55%
1999 2.67% 2.48%
1998 4.28% 1.15%
1997 3% -0.2%
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/turkmenistan | 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 Turkmenistan's deficit of $42.9M, or 0.08% of GDP.

Over the past 28 years, Paraguay recorded a fiscal deficit in 16 of those years, while Turkmenistan ran a deficit in 9 years. On average, Paraguay posted an annual deficit equal to 0.25% of GDP, compared to surplus of 1.84% of GDP for Turkmenistan.

Inflation comparison by year

Inflation
Paraguay

Turkmenistan
1x
Year Consumer prices inflation
Paraguay Turkmenistan
2024 3.84% 4.6%
2023 4.63% -1.6%
2022 9.77% 11.2%
2021 4.79% 19.5%
2020 1.77% 6.1%
2019 2.76% 5.1%
2018 3.98% 13.3%
2017 3.6% 8%
2016 4.09% 3.6%
2015 3.13% 7.4%
2014 5.03% 6%
2013 2.68% 6.8%
2012 3.68% 5.3%
2011 8.25% 5.3%
2010 4.65% 4.4%
2009 2.59% -2.7%
2008 10.2% 14.5%
2007 8.13% 6.3%
2006 9.59% 8.2%
2005 6.81% 10.7%
2004 4.32% 5.9%
2003 14.2% 5.6%
2002 10.5% 8.8%
2001 7.27% 11.6%
2000 8.98% 8%
1999 6.75% 23.5%
1998 11.6% 16.8%
1997 6.95% 83.7%

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/turkmenistan | CC BY

Over the past 28 years, Paraguay has recorded an average annual inflation rate of 6.23%, compared with 10.9% in Turkmenistan. In 2024, inflation was 3.84% in Paraguay and 4.6% in Turkmenistan.

Top exports between countries

Paraguay
Export category Export value
Animal & marine products $481K
Turkmenistan
Export category Export value

Balance of trade

Paraguay Turkmenistan
Current account balance
-$1.53B
2024
n/a
Current account balance ranking
133/190
2024
n/a
Current account balance, % of GDP
-3.44%
2024
n/a
Goods imports
$15.8B
2024
n/a
Goods exports
$14.9B
2024
n/a
Service imports
$2.54B
2024
n/a
Service exports
$2.65B
2024
n/a
Imports of goods and services, % of GDP
39.6%
2024
11.2%
2024
Exports of goods and services, % of GDP
37.2%
2024
17.6%
2024

Economic freedom indices

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

Paraguay Turkmenistan
Economic freedom 66.4 47
Economic freedom ranking 61/197 177/197
Property rights 44.2 17.4
Government integrity 27.3 8.4
Judicial effectiveness 38.4 12.3
Tax burden 95.9 94.2
Government spending 86.9 94.3
Fiscal health 83 99.9
Business freedom 72 37.5
Labor freedom 44.1 29.3
Monetary freedom 76.5 76.7
Trade freedom 78.4 74.2
Investment freedom 80 10
Financial freedom 70 10

Economic freedom comparison by year

Paraguay
Turkmenistan
1x
Year Economic freedom index
Paraguay Turkmenistan
2026 66.4 47
2025 65.2 47.1
2024 60.1 46.3
2023 61 46.5
2022 62.9 46.2
2021 62.6 47.4
2020 63 46.5
2019 61.8 48.4
2018 62.1 47.1
2017 62.4 47.4
2016 61.5 41.9
2015 61.1 41.4
2014 62 42.2
2013 61.1 42.6
2012 61.8 43.8
2011 62.3 43.6
2010 61.3 42.5
2009 61 44.2
2008 60 43.4
2007 58.3 43
2006 55.6 43.8
2005 53.4 47.6
2004 56.7 50.7
2003 58.2 51.3
2002 59.6 43.2
2001 60.3 41.8
2000 64 37.6
1999 63.7 36.1
1998 65.2 35
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/paraguay/turkmenistan | CC BY

The Economic Freedom Index for Paraguay is 66.4, ranking 61/197, compared to 47 for Turkmenistan, ranking 177/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Paraguay Turkmenistan
Services, % of GDP
48.7%
2024
50.4%
2024
Industry, % of GDP
32.5%
2024
37.5%
2024
Agriculture, forestry, and fishing, % of GDP
10.7%
2024
12.2%
2024
GNI, Atlas method
$43.7B
2024
$48.8B
2024
GNI per capita, PPP
$17,930
2024
$21,020
2024
Total reserves including gold
$9.89B
2023
$1.51B
1999
Total reserves ranking
76/177
2023
135/177
1999
Net foreign direct investment
-$335M
2024
n/a
Net inflows of foreign direct investment
$1.1B
2024
$1.64B
2024
Net outflows of foreign direct investment
$166M
2024
$0
2024
Servicing debt to the IMF, % of GNI
4.58%
2024
1.91%
2024
Poverty at national poverty lines
20.1%
2024
0.2%
2020
Gross capital formation, % of GDP
22.8%
2024
47.2%
2012

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/turkmenistan | 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)
  8. Central Intelligence Agency (CIA) (2020, retrieved 2026-02-20)
  9. TradeMap (2022, retrieved 2026-02-08)

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.