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Economy of Paraguay vs Ukraine compared: GDP & Debt

Updated on by Georank team

Paraguay has a GDP of $44.5B compared to $191B for Ukraine, ranking 98/197 and 57/197 by economy size, respectively.

Paraguay has $19.9B in government debt (44.8% of GDP), compared to $171B (89.7% of GDP) in Ukraine.

Paraguay vs Ukraine GDP by year

Paraguay
Ukraine
1x
Year GDP, current $
Paraguay Ukraine
2024 $44,458,118,397 $190,741,262,415
2023 $43,118,053,175 $181,221,517,869
2022 $41,952,910,858 $161,989,520,721
2021 $39,950,899,939 $199,765,859,571
2020 $35,432,178,068 $156,617,722,013
2019 $37,925,338,329 $153,883,047,510
2018 $40,225,448,341 $130,891,088,294
2017 $38,997,129,474 $112,090,505,082
2016 $36,089,700,223 $93,355,869,404
2015 $36,211,447,840 $91,030,967,789
2014 $40,377,929,296 $133,503,871,862
2013 $38,501,122,141 $190,498,811,460
2012 $33,271,921,136 $182,591,753,828
2011 $33,756,238,766 $169,333,835,202
2010 $27,260,886,405 $141,209,170,427
2009 $22,355,151,162 $121,552,153,444
2008 $24,615,267,664 $188,110,390,660
2007 $17,856,393,235 $148,733,861,386
2006 $13,429,430,050 $111,884,752,475
2005 $10,737,500,188 $89,238,865,119
2004 $9,624,440,836 $67,220,154,164
2003 $7,691,367,471 $52,010,355,753
2002 $7,196,260,657 $43,956,163,612
2001 $8,495,806,432 $39,309,580,983
2000 $8,855,705,140 $32,375,083,935
1999 $8,837,070,236 $31,580,639,554
1998 $9,260,481,572 $41,882,523,345
1997 $9,965,225,678 $50,151,531,592
1996 $9,788,391,781 $44,558,831,005
1995 $9,062,131,475 $48,213,856,469
1994 $7,870,982,005 $52,549,580,265
1993 $7,249,533,620 $65,648,559,903
1992 $7,157,424,031 $73,945,908,384
1991 $6,984,367,763 $77,350,733,982
1990 $5,812,114,523 $81,393,558,423
1989 $4,757,732,200 $82,709,161,099
1988 $4,255,683,528 $74,703,517,903
1987 $3,971,044,724 $64,087,694,038
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/ukraine | CC BY

GDP per capita in Paraguay vs Ukraine by year

Paraguay
GDP per capita

GDP per capita, PPP
Ukraine
GDP per capita

GDP per capita, PPP
1x
Year Current $
Paraguay Ukraine
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $6,416 $18,524 $5,038 $18,550
2023 $6,300 $17,564 $4,803 $17,665
2022 $6,206 $16,347 $3,946 $14,770
2021 $5,977 $15,406 $4,510 $17,846
2020 $5,365 $14,309 $3,505 $15,541
2019 $5,821 $14,150 $3,423 $14,217
2018 $6,258 $14,139 $2,895 $12,555
2017 $6,152 $13,977 $2,467 $11,536
2016 $5,775 $13,329 $2,047 $10,865
2015 $5,879 $12,679 $1,988 $9,922
2014 $6,652 $12,607 $2,904 $10,494
2013 $6,436 $12,137 $4,130 $10,904
2012 $5,642 $10,954 $3,951 $9,552
2011 $5,805 $11,442 $3,657 $9,127
2010 $4,751 $10,893 $3,040 $8,453
2009 $3,942 $9,802 $2,607 $7,995
2008 $4,385 $9,867 $4,018 $9,324
2007 $3,212 $9,179 $3,160 $8,900
2006 $2,439 $8,561 $2,366 $7,971
2005 $1,971 $8,007 $1,875 $7,142
2004 $1,786 $7,686 $1,401 $6,663
2003 $1,444 $7,276 $1,076 $5,764
2002 $1,368 $6,924 $903 $5,123
2001 $1,638 $6,916 $800 $4,747
2000 $1,736 $6,937 $653 $4,228
1999 $1,766 $7,080 $632 $3,871
1998 $1,890 $7,227 $831 $3,794
1997 $2,079 $7,299 $987 $3,794
1996 $2,088 $7,040 $870 $3,812
1995 $1,979 $6,966 $933 $4,124
1994 $1,760 $6,542 $1,009 $4,565
1993 $1,662 $6,234 $1,254 $5,766
1992 $1,683 $5,952 $1,413 $6,568
1991 $1,685 $5,873 $1,483 $7,148
1990 $1,440 $5,637 $1,564 $7,591
1989 $1,211 - $1,593 -
1988 $1,114 - $1,444 -
1987 $1,069 - $1,244 -
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/ukraine | CC BY

Paraguay's GDP per capita is $6,416, ranking 109/197, compared to $5,038 in Ukraine, ranking 120/197. Adjusted for purchasing power (GDP per capita PPP), Paraguay ranks 102nd at $18,524, while Ukraine ranks 101st at $18,550.

Economic indicators

Paraguay Ukraine
Gross domestic product
$44.5B
2024
$191B
2024
GDP rank
98/197
2024
57/197
2024
GDP growth
4.25%
2023-2024
2.91%
2023-2024
GDP per capita
$6,416
2024
$5,038
2024
GDP per capita rank
109/197
2024
120/197
2024
GDP per capita, PPP
$18,524
2024
$18,550
2024
GDP per capita PPP rank
102/197
2024
101/197
2024
Government debt
$19.9B
2024
$171B
2024
Debt-to-GDP ratio
44.8%
2024
89.7%
2024
Government debt per person
$2,872
2024
$4,520
2024
Government debt per person rank
103/185
2024
86/185
2024
Average annual personal income after taxes
$6,136
2026
$5,370
2026
Market capitalization of domestic companies
$313M
1999
$4.42B
2018
Number of billionaires n/a
7
2025
Income share by richest 10%
35%
2024
21.7%
2020
Income share by poorest 10%
2%
2024
4.3%
2020
Government expenditure, % of GDP
21%
2024
71.3%
2024
Consumer prices inflation
3.84%
2023-2024
6.5%
2023-2024
Central bank interest rate
6%
2024
15.5%
2025
Unemployment rate
5.69%
2024
9.83%
2021
Population
7120169
40125599

Spending and national debt comparison by year

Paraguay
Spending

Debt
Ukraine
Spending

Debt
1x
Year % of GDP
Paraguay Ukraine
Government spending Government debt Government spending Government debt
2024 21% 44.8% 71.3% 89.7%
2023 21.5% 41.1% 73.4% 81.2%
2022 20.2% 40.5% 65.4% 77.7%
2021 20.4% 37.5% 40.5% 48.9%
2020 22.6% 36.9% 45.6% 60.5%
2019 20.1% 25.8% 41.5% 50.5%
2018 18.5% 22.3% 41.9% 60.4%
2017 18.1% 19.8% 41.7% 71.6%
2016 17.7% 19.4% 40.8% 79.5%
2015 18% 18.6% 43% 79.3%
2014 17.1% 15.6% 44.8% 70.3%
2013 17.1% 13.5% 48.1% 40.5%
2012 17.6% 12.3% 49% 37.5%
2011 14.7% 11.1% 45.7% 36.9%
2010 13.3% 13% 49.2% 40.6%
2009 14.3% 14.9% 48.6% 35.4%
2008 11.8% 16% 47.1% 20.4%
2007 13.1% 16.8% 43.7% 12.3%
2006 14.1% 21% 44.6% 14.8%
2005 14% 28.3% 44.2% 17.7%
2004 14% 36% 41.6% 24.8%
2003 14.6% 37.5% 38.9% 29.4%
2002 17.6% 50.5% 37.9% 33.6%
2001 19% 37.1% 36.7% 36.7%
2000 19.6% 33.6% 35.5% 43.8%
1999 19.2% 32% 25.8% 59%
1998 18% 22.1% 37.1% 46.5%
1997 18.1% 18% 40.8% 28.9%
1996 16.9% 16.8% 36.9% 24.4%
1995 15.7% 17.6% 41.3% 30.2%
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 (1967–1996, retrieved 2026-02-20).

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

In 2024, Paraguay's government spending was $9.33B, accounting for 21% of its GDP, while Ukraine spent $136B, or 71.3% of GDP.

Debt-to-GDP ratio is 44.8% in Paraguay and 89.7% in Ukraine, ranking 120/185 and 33/185, respectively.

Government deficit by year

Deficit/surplus
Paraguay

Ukraine
1x
Year Deficit/surplus, % of GDP
Paraguay Ukraine
2024 -2.12% -17.2%
2023 -3.81% -19.3%
2022 -2.64% -15.6%
2021 -3.39% -3.97%
2020 -5.72% -5.92%
2019 -2.44% -2.08%
2018 -1.01% -2.12%
2017 -0.44% -2.36%
2016 -0.37% -2.46%
2015 -0.44% -1.16%
2014 -0.27% -4.46%
2013 -1.16% -4.78%
2012 -0.58% -4.31%
2011 1.29% -2.76%
2010 1.54% -5.77%
2009 0.59% -6.27%
2008 2.29% -3.14%
2007 1.27% -1.97%
2006 0.91% -1.36%
2005 0.74% -2.28%
2004 1.33% -4.41%
2003 -0.07% -0.89%
2002 -1.89% -1.84%
2001 0.07% -3.03%
2000 -0.55% -3.19%
1999 2.67% 4.95%
1998 4.28% -2.69%
1997 3% -5.37%
1996 2.43% -3.09%
1995 2.78% -4.72%
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/ukraine | 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 Ukraine's deficit of $32.8B, or 17.2% of GDP.

Over the past 30 years, Paraguay recorded a fiscal deficit in 16 of those years, while Ukraine ran a deficit in 29 years. On average, Paraguay posted an annual deficit equal to 0.06% of GDP, compared to deficit of 4.45% of GDP for Ukraine.

Inflation comparison by year

Inflation
Paraguay

Ukraine
1x
Year Consumer prices inflation
Paraguay Ukraine
2024 3.84% 6.5%
2023 4.63% 12.9%
2022 9.77% 20.2%
2021 4.79% 9.4%
2020 1.77% 2.7%
2019 2.76% 7.9%
2018 3.98% 10.9%
2017 3.6% 14.4%
2016 4.09% 13.9%
2015 3.13% 48.7%
2014 5.03% 12.1%
2013 2.68% -0.3%
2012 3.68% 0.6%
2011 8.25% 8%
2010 4.65% 9.4%
2009 2.59% 15.9%
2008 10.2% 25.2%
2007 8.13% 12.8%
2006 9.59% 9.1%
2005 6.81% 13.5%
2004 4.32% 9%
2003 14.2% 5.2%
2002 10.5% 0.8%
2001 7.27% 12%
2000 8.98% 28.2%
1999 6.75% 22.7%
1998 11.6% 10.6%
1997 6.95% 15.9%

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/ukraine | CC BY

Over the past 28 years, Paraguay has recorded an average annual inflation rate of 6.23%, compared with 12.8% in Ukraine. In 2024, inflation was 3.84% in Paraguay and 6.5% in Ukraine.

Top exports between countries

Paraguay
Export category Export value
Raw agricultural goods $72K
Processed food, beverages & tobacco $31K
Metals $1K
Textiles & consumer goods $1K
Ukraine
Export category Export value
Chemicals & pharma $166K
Machinery & equipment $71K
Textiles & consumer goods $30K
Processed food, beverages & tobacco $20K
Raw agricultural goods $7K
Metals $6K
Raw materials & minerals $3K

Balance of trade

Paraguay Ukraine
Current account balance
-$1.53B
2024
-$15.1B
2024
Current account balance ranking
133/190
2024
179/190
2024
Current account balance, % of GDP
-3.44%
2024
-7.94%
2024
Goods imports
$15.8B
2024
$72.3B
2024
Goods exports
$14.9B
2024
$39.3B
2024
Service imports
$2.54B
2024
$22.9B
2024
Service exports
$2.65B
2024
$17.3B
2024
Imports of goods and services, % of GDP
39.6%
2024
48.3%
2024
Exports of goods and services, % of GDP
37.2%
2024
29.4%
2024

Economic freedom indices

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

Paraguay Ukraine
Economic freedom 66.4 54.1
Economic freedom ranking 61/197 135/197
Property rights 44.2 21.6
Government integrity 27.3 35
Judicial effectiveness 38.4 28.2
Tax burden 95.9 83.7
Government spending 86.9 0
Fiscal health 83 3.9
Business freedom 72 57.4
Labor freedom 44.1 46.9
Monetary freedom 76.5 65.7
Trade freedom 78.4 73
Investment freedom 80 35
Financial freedom 70 30

Economic freedom comparison by year

Paraguay
Ukraine
1x
Year Economic freedom index
Paraguay Ukraine
2026 66.4 -
2025 65.2 -
2024 60.1 -
2023 61 -
2022 62.9 54.1
2021 62.6 56.2
2020 63 54.9
2019 61.8 52.3
2018 62.1 51.9
2017 62.4 48.1
2016 61.5 46.8
2015 61.1 46.9
2014 62 49.3
2013 61.1 46.3
2012 61.8 46.1
2011 62.3 45.8
2010 61.3 46.4
2009 61 48.8
2008 60 51
2007 58.3 51.5
2006 55.6 54.4
2005 53.4 55.8
2004 56.7 53.7
2003 58.2 51.1
2002 59.6 48.2
2001 60.3 48.5
2000 64 47.8
1999 63.7 43.7
1998 65.2 40.4
1997 67.3 43.5
1996 67.1 40.6
1995 65.9 39.9

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

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

The Economic Freedom Index for Paraguay is 66.4, ranking 61/197, compared to 54.1 for Ukraine, ranking 135/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Paraguay Ukraine
Services, % of GDP
48.7%
2024
60.6%
2024
Industry, % of GDP
32.5%
2024
19%
2024
Agriculture, forestry, and fishing, % of GDP
10.7%
2024
7.11%
2024
GNI, Atlas method
$43.7B
2024
$184B
2024
GNI per capita, PPP
$17,930
2024
$18,560
2024
Total reserves including gold
$9.89B
2023
$43.8B
2024
Total reserves ranking
76/177
2023
46/177
2024
Net foreign direct investment
-$335M
2024
-$3.71B
2024
Net inflows of foreign direct investment
$1.1B
2024
$4.02B
2024
Net outflows of foreign direct investment
$166M
2024
$305M
2024
Servicing debt to the IMF, % of GNI
4.58%
2024
5.42%
2024
Poverty at national poverty lines
20.1%
2024
23.2%
2020
Gross capital formation, % of GDP
22.8%
2024
18.6%
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/ukraine | 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 (1967–1996, 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.