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Economy of Paraguay vs Zambia compared: GDP & Debt

Updated on by Georank

Paraguay has a GDP of $49.3B compared to $28.9B for Zambia, ranking 97/197 and 116/197 by economy size, respectively.

Paraguay has $18.8B in government debt (38.1% of GDP), compared to $24.8B (86% of GDP) in Zambia.

Paraguay vs Zambia GDP by year

Paraguay
Zambia
1x
Year GDP, current $
Paraguay Zambia
2025 $49,278,227,554 $28,879,806,220
2024 $44,738,819,362 $25,303,185,342
2023 $43,140,465,596 $27,577,956,471
2022 $41,841,201,627 $29,163,782,140
2021 $39,937,357,256 $22,096,416,932
2020 $35,432,178,068 $18,137,764,931
2019 $37,925,338,329 $23,308,667,781
2018 $40,225,448,341 $26,311,507,274
2017 $38,997,129,474 $25,873,601,261
2016 $36,089,700,223 $20,958,412,538
2015 $36,211,447,840 $21,251,216,799
2014 $40,377,929,296 $27,141,023,558
2013 $38,501,122,141 $28,037,239,463
2012 $33,271,921,136 $25,503,060,420
2011 $33,756,238,767 $23,459,515,276
2010 $27,260,886,405 $20,265,559,484
2009 $22,355,151,162 $15,328,342,304
2008 $24,615,267,664 $17,910,858,638
2007 $17,856,393,235 $14,056,957,976
2006 $13,429,430,050 $12,756,858,899
2005 $10,737,500,188 $8,331,870,169
2004 $9,624,440,836 $6,221,110,219
2003 $7,691,367,471 $4,901,869,764
2002 $7,196,260,657 $4,193,850,445
2001 $8,495,806,432 $4,094,441,301
2000 $8,855,705,140 $3,600,632,111
1999 $8,837,070,236 $3,404,284,891
1998 $9,260,481,572 $3,537,741,942
1997 $9,965,225,678 $4,303,288,480
1996 $9,788,391,781 $3,597,220,962
1995 $9,062,131,475 $3,806,983,413
1994 $7,870,982,005 $3,656,806,166
1993 $7,249,533,620 $3,273,505,344
1992 $7,157,424,031 $3,182,810,841
1991 $6,984,367,763 $3,376,806,697
1990 $5,812,114,523 $3,288,381,797
1989 $4,757,732,200 $3,994,673,161
1988 $4,255,683,528 $3,728,878,149
1987 $3,971,044,724 $2,265,250,972
1986 $3,723,993,943 $1,664,413,508
1985 $3,282,449,236 $2,252,454,500
1984 $4,502,462,807 $2,719,518,933
1983 $5,673,248,726 $3,321,048,451
1982 $5,419,411,765 $3,871,117,093
1981 $5,624,515,873 $4,008,126,497
1980 $4,448,087,302 $3,884,530,854
1979 $3,416,777,778 $3,353,445,378
1978 $2,559,857,143 $2,811,032,473
1977 $2,092,158,730 $2,515,296,940
1976 $1,698,960,317 $2,742,859,263
1975 $1,511,420,635 $2,442,672,141
1974 $1,333,475,397 $2,910,981,262
1973 $995,531,746 $2,434,255,237
1972 $769,039,683 $1,872,416,680
1971 $664,571,429 $1,653,259,341
1970 $594,611,111 $1,788,779,285
1969 $556,293,651 $1,926,399,230
1968 $517,650,794 $1,573,739,371
1967 $492,674,603 $1,340,639,464
1966 $465,888,889 $1,238,999,505
1965 $443,587,302 $1,061,199,576
1964 $408,349,206 $822,639,671
1963 $383,904,762 $704,339,719
1962 $360,698,413 $679,279,729
1961 $322,053,713 $682,359,727
1960 $288,884,368 $698,739,721

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

GDP per capita in Paraguay vs Zambia by year

Paraguay
GDP per capita

GDP per capita, PPP
Zambia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Paraguay Zambia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $7,027 - $1,318 -
2024 $6,457 $18,524 $1,187 $4,215
2023 $6,303 $17,564 $1,331 $4,077
2022 $6,189 $16,347 $1,447 $3,841
2021 $5,975 $15,406 $1,127 $3,503
2020 $5,365 $14,309 $952 $3,157
2019 $5,821 $14,150 $1,259 $3,361
2018 $6,258 $14,139 $1,464 $3,442
2017 $6,152 $13,977 $1,483 $3,392
2016 $5,775 $13,329 $1,239 $3,313
2015 $5,879 $12,679 $1,296 $3,337
2014 $6,652 $12,607 $1,707 $3,441
2013 $6,436 $12,137 $1,821 $3,477
2012 $5,642 $10,954 $1,710 $3,324
2011 $5,805 $11,442 $1,625 $3,228
2010 $4,751 $10,893 $1,451 $3,098
2009 $3,942 $9,802 $1,136 $2,872
2008 $4,385 $9,867 $1,376 $2,708
2007 $3,212 $9,179 $1,119 $2,555
2006 $2,439 $8,561 $1,052 $2,378
2005 $1,971 $8,007 $711 $2,213
2004 $1,786 $7,686 $549 $2,068
2003 $1,444 $7,276 $446 $1,942
2002 $1,368 $6,924 $394 $1,837
2001 $1,638 $6,916 $397 $1,785
2000 $1,736 $6,937 $359 $1,709
1999 $1,766 $7,080 $350 $1,654
1998 $1,890 $7,227 $373 $1,601
1997 $2,079 $7,299 $466 $1,631
1996 $2,088 $7,040 $400 $1,585
1995 $1,979 $6,966 $433 $1,501
1994 $1,760 $6,542 $426 $1,464
1993 $1,662 $6,234 $391 $1,607
1992 $1,683 $5,952 $389 $1,505
1991 $1,685 $5,873 $423 $1,534
1990 $1,440 $5,637 $422 $1,522
1989 $1,211 - $526 -
1988 $1,114 - $504 -
1987 $1,069 - $315 -
1986 $1,031 - $238.2 -
1985 $935 - $332 -
1984 $1,319 - $413 -
1983 $1,710 - $520 -
1982 $1,680 - $627 -
1981 $1,793 - $670 -
1980 $1,457 - $669 -
1979 $1,149 - $595 -
1978 $883 - $514 -
1977 $740 - $474 -
1976 $616 - $533 -
1975 $562 - $490 -
1974 $508 - $601 -
1973 $389 - $518 -
1972 $308 - $410 -
1971 $272.1 - $372 -
1970 $249 - $414 -
1969 $238.2 - $459 -
1968 $226.8 - $387 -
1967 $220.9 - $341 -
1966 $213.9 - $325 -
1965 $208.7 - $287.4 -
1964 $197 - $230 -
1963 $189.9 - $203.2 -
1962 $182.8 - $202.3 -
1961 $167.1 - $209.7 -
1960 $153.4 - $221.6 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

Paraguay's GDP per capita is $7,027, ranking 105/197, compared to $1,318 in Zambia, ranking 170/197. Adjusted for purchasing power (GDP per capita PPP), Paraguay ranks 102nd at $18,524, while Zambia ranks 166th at $4,215.

Economic indicators

Paraguay Zambia
Gross domestic product
$49.3B
2025
$28.9B
2025
GDP rank
97/197
2025
116/197
2025
GDP growth
6.64%
2024-2025
3.76%
2024-2025
GDP per capita
$7,027
2025
$1,318
2025
GDP per capita rank
105/197
2025
170/197
2025
GDP per capita, PPP
$18,524
2024
$4,215
2024
GDP per capita PPP rank
102/197
2024
166/197
2024
Government debt
$18.8B
2025
$24.8B
2025
Debt-to-GDP ratio
38.1%
2025
86%
2025
Government debt per person
$2,679
2025
$1,133
2025
Government debt per person rank
111/185
2025
140/185
2025
Average annual personal income after taxes
$6,874
2026
$1,538
2026
Market capitalization of domestic companies
$313M
1999
$14.9B
2025
Income share by richest 10%
35%
2024
39.1%
2022
Income share by poorest 10%
2%
2024
1.5%
2022
Government expenditure, % of GDP
19.6%
2025
29.7%
2025
Consumer prices inflation
4.04%
2024-2025
13.9%
2024-2025
Central bank interest rate
5.75%
2026
13.3%
2026
Unemployment rate
4.63%
2025
5.67%
2024
Population
7138671
22844606

Spending and national debt comparison by year

Paraguay
Spending

Debt
Zambia
Spending

Debt
1x
Year % of GDP
Paraguay Zambia
Government spending Government debt Government spending Government debt
2025 19.6% 38.1% 29.7% 86%
2024 20.9% 44.6% 26.5% 125.2%
2023 21.5% 41% 27.4% 129.1%
2022 20.2% 40.6% 28.2% 99.5%
2021 20.5% 37.5% 30.5% 111%
2020 22.6% 36.9% 34% 140%
2019 20.1% 25.8% 29.8% 103.3%
2018 18.5% 22.3% 27.7% 81.2%
2017 18.1% 19.8% 25% 66.6%
2016 17.7% 19.4% 23.9% 61.2%
2015 18% 18.6% 27.6% 61.9%
2014 17.1% 15.6% 24.3% 33.9%
2013 17.1% 13.5% 24% 25.9%
2012 17.6% 12.3% 21.9% 24.9%
2011 14.7% 11.1% 19.5% 20.8%
2010 13.3% 13% 18.1% 18.9%
2009 14.3% 14.9% 17.8% 20.5%
2008 11.8% 16% 19.5% 19.2%
2007 13.1% 16.8% 19.9% 21.9%
2006 14.1% 21% 19.7% 25%
2005 14% 28.3% 22.5% 75.7%
2004 14% 36% 23.3% 129.9%
2003 14.6% 37.5% 27.3% 159.5%
2002 17.6% 50.5% 27.6% 180.2%
2001 19% 37.1% 28% 210.2%
2000 19.6% 33.6% 21.4% 261%
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 (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1967–1989, retrieved 2026-07-08).

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

In 2025, Paraguay's government spending was $9.66B, accounting for 19.6% of its GDP, while Zambia spent $8.58B, or 29.7% of GDP.

Debt-to-GDP ratio is 38.1% in Paraguay and 86% in Zambia, ranking 138/185 and 35/185, respectively.

Government deficit by year

Deficit/surplus
Paraguay

Zambia
1x
Year Deficit/surplus, % of GDP
Paraguay Zambia
2025 -1.69% -3.83%
2024 -2.1% -3.46%
2023 -3.81% -5.48%
2022 -2.65% -7.82%
2021 -3.39% -8.13%
2020 -5.72% -13.8%
2019 -2.44% -9.41%
2018 -1.01% -8.31%
2017 -0.44% -7.5%
2016 -0.37% -5.69%
2015 -0.44% -8.88%
2014 -0.27% -5.43%
2013 -1.16% -6.4%
2012 -0.58% -3.16%
2011 1.29% -1.78%
2010 1.54% -2.43%
2009 0.59% -2.06%
2008 2.29% -0.67%
2007 1.27% -1.04%
2006 0.91% 16.9%
2005 0.74% -2.37%
2004 1.33% -2.51%
2003 -0.07% -5.31%
2002 -1.89% -4.5%
2001 0.07% -5.89%
2000 -0.55% 1.16%
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 (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1967–1989, retrieved 2026-07-08).

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

In 2025, Paraguay's government deficit, the difference between spending and revenue, was $832M, equivalent to 1.69% of GDP. This compares to Zambia's deficit of $1.11B, or 3.83% of GDP.

Over the past 26 years, Paraguay recorded a fiscal deficit in 17 of those years, while Zambia ran a deficit in 24 years. On average, Paraguay posted an annual deficit equal to 0.71% of GDP, compared to deficit of 4.14% of GDP for Zambia.

Inflation comparison by year

Inflation
Paraguay

Zambia
1x
Year Consumer prices inflation
Paraguay Zambia
2025 4.04% 13.9%
2024 3.84% 15%
2023 4.63% 10.9%
2022 9.77% 11%
2021 4.79% 22%
2020 1.77% 15.7%
2019 2.76% 9.2%
2018 3.98% 7.5%
2017 3.6% 6.6%
2016 4.09% 17.9%
2015 3.13% 10.1%
2014 5.03% 7.8%
2013 2.68% 7%
2012 3.68% 6.6%
2011 8.25% 8.7%
2010 4.65% 8.5%
2009 2.59% 13.4%
2008 10.2% 12.4%
2007 8.13% 10.7%
2006 9.59% 9%
2005 6.81% 18.3%
2004 4.32% 18%
2003 14.2% 21.4%
2002 10.5% 22.2%
2001 7.27% 21.4%
2000 8.98% 24.1%
1999 6.75% 23.9%
1998 11.6% 22.7%
1997 6.95% 21.4%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2025, retrieved 2026-07-08); World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

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

Over the past 29 years, Paraguay has recorded an average annual inflation rate of 6.16%, compared with 14.4% in Zambia. In 2025, inflation was 4.04% in Paraguay and 13.9% in Zambia.

Top exports between countries

Paraguay
Export category Export value
Zambia
Export category Export value
Processed food, beverages & tobacco $531K

Balance of trade

Paraguay Zambia
Current account balance
-$1.57B
2025
-$1.12B
2024
Current account balance ranking
131/190
2025
121/190
2024
Current account balance, % of GDP
-3.18%
2025
-4.41%
2024
Goods imports
$17.5B
2025
$10.1B
2024
Goods exports
$15.4B
2025
$11.4B
2024
Service imports
$2.75B
2025
$1.99B
2024
Service exports
$3.72B
2025
$1.38B
2024
Imports of goods and services, % of GDP
39.3%
2025
27.6%
2024
Exports of goods and services, % of GDP
37.2%
2025
35%
2024

Economic freedom indices

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

Paraguay Zambia
Economic freedom 66.4 51.9
Economic freedom ranking 61/197 152/197
Property rights 44.2 43.9
Government integrity 27.3 39.3
Judicial effectiveness 38.4 45
Tax burden 95.9 74.3
Government spending 86.9 78.1
Fiscal health 83 30.9
Business freedom 72 53.4
Labor freedom 44.1 48.8
Monetary freedom 76.5 66.6
Trade freedom 78.4 62.8
Investment freedom 80 40
Financial freedom 70 40

Economic freedom comparison by year

Paraguay
Zambia
1x
Year Economic freedom index
Paraguay Zambia
2026 66.4 51.9
2025 65.2 50.9
2024 60.1 48.4
2023 61 47.8
2022 62.9 48.7
2021 62.6 50.4
2020 63 53.5
2019 61.8 53.6
2018 62.1 54.3
2017 62.4 55.8
2016 61.5 58.8
2015 61.1 58.7
2014 62 60.4
2013 61.1 58.7
2012 61.8 58.3
2011 62.3 59.7
2010 61.3 58
2009 61 56.6
2008 60 56.2
2007 58.3 56.2
2006 55.6 56.8
2005 53.4 55
2004 56.7 54.9
2003 58.2 55.3
2002 59.6 59.6
2001 60.3 59.5
2000 64 62.8
1999 63.7 64.2
1998 65.2 62.7
1997 67.3 62.1
1996 67.1 59.6
1995 65.9 55.1

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).

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

The Economic Freedom Index for Paraguay is 66.4, ranking 61/197, compared to 51.9 for Zambia, ranking 152/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Paraguay Zambia
Services, % of GDP
48.1%
2025
57%
2025
Industry, % of GDP
32.3%
2025
35.3%
2025
Agriculture, forestry, and fishing, % of GDP
11.6%
2025
4.11%
2025
GNI, Atlas method
$47.4B
2025
$26.2B
2025
GNI per capita, PPP
$19,390
2025
$3,990
2025
Total reserves including gold
$9.57B
2024
$4.09B
2024
Total reserves ranking
82/177
2024
111/177
2024
Net foreign direct investment
-$945M
2025
-$2.05B
2024
Net inflows of foreign direct investment
$1.1B
2024
$2.36B
2024
Net outflows of foreign direct investment
$166M
2024
$311M
2024
Servicing debt to the IMF, % of GNI
4.58%
2024
17.3%
2024
Poverty at national poverty lines
20.1%
2024
60%
2022
Gross capital formation, % of GDP
25.3%
2025
23.8%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

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

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. International Monetary Fund (IMF) | Public Finances in Modern History (1967–1989, retrieved 2026-07-08)
  4. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  5. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  7. LivingCost (2026, retrieved 2026-07-08)
  8. TradeMap (2025, retrieved 2026-07-08)

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.