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Economy of Paraguay vs Zimbabwe compared: GDP & Debt

Updated on by Georank team

Paraguay has a GDP of $44.5B compared to $41.5B for Zimbabwe, ranking 98/197 and 102/197 by economy size, respectively.

Paraguay has $19.9B in government debt (44.8% of GDP), compared to $30.3B (73% of GDP) in Zimbabwe.

Paraguay vs Zimbabwe GDP by year

Paraguay
Zimbabwe
1x
Year GDP, current $
Paraguay Zimbabwe
2024 $44,458,118,397 $41,539,411,516
2023 $43,118,053,175 $35,871,779,681
2022 $41,952,910,858 $40,757,561,709
2021 $39,950,899,939 $41,287,673,690
2020 $35,432,178,068 $31,980,334,561
2019 $37,925,338,329 $33,357,695,635
2018 $40,225,448,341 $34,141,666,667
2017 $38,997,129,474 $51,035,657,371
2016 $36,089,700,223 $20,559,250,000
2015 $36,211,447,840 $19,973,250,000
2014 $40,377,929,296 $19,505,500,000
2013 $38,501,122,141 $19,100,750,000
2012 $33,271,921,136 $17,123,500,000
2011 $33,756,238,766 $14,109,000,000
2010 $27,260,886,405 $12,047,750,000
2009 $22,355,151,162 $9,670,750,000
2008 $24,615,267,664 $4,418,000,000
2007 $17,856,393,235 $5,294,750,000
2006 $13,429,430,050 $5,446,750,000
2005 $10,737,500,188 $5,758,250,000
2004 $9,624,440,836 $5,808,500,000
2003 $7,691,367,471 $5,730,500,000
2002 $7,196,260,657 $6,345,250,000
2001 $8,495,806,432 $6,780,750,000
2000 $8,855,705,140 $6,693,250,000
1999 $8,837,070,236 $6,861,500,000
1998 $9,260,481,572 $6,405,250,000
1997 $9,965,225,678 $8,534,000,000
1996 $9,788,391,781 $8,557,500,000
1995 $9,062,131,475 $7,115,000,000
1994 $7,870,982,005 $6,894,250,000
1993 $7,249,533,620 $6,567,250,000
1992 $7,157,424,031 $6,755,000,000
1991 $6,984,367,763 $8,646,000,000
1990 $5,812,114,523 $8,788,301,546
1989 $4,757,732,200 $8,290,553,535
1988 $4,255,683,528 $7,818,774,177
1987 $3,971,044,724 $6,744,657,033
1986 $3,723,993,943 $6,220,698,247
1985 $3,282,449,236 $5,640,137,575
1984 $4,502,462,807 $6,355,369,172
1983 $5,673,248,726 $7,768,031,182
1982 $5,419,411,765 $8,544,060,905
1981 $5,624,515,873 $8,015,464,252
1980 $4,448,087,302 $6,682,278,300
1979 $3,416,777,778 $5,180,102,910
1978 $2,559,857,143 $4,353,822,343
1977 $2,092,158,730 $4,366,610,469
1976 $1,698,960,317 $4,320,576,877
1975 $1,511,420,635 $4,373,532,601
1974 $1,333,475,397 $3,984,194,614
1973 $995,531,746 $3,311,043,292
1972 $769,039,683 $2,679,096,597
1971 $664,571,429 $2,179,828,710
1970 $594,611,111 $1,885,168,339
1969 $556,293,651 $1,748,891,294
1968 $517,650,794 $1,480,355,355
1967 $492,674,603 $1,397,715,282
1966 $465,888,889 $1,282,403,936
1965 $443,587,302 $1,312,105,394
1964 $408,349,206 $1,217,759,447
1963 $383,904,762 $1,160,103,724
1962 $360,698,413 $1,118,172,226
1961 $322,053,713 $1,097,206,526
1960 $288,884,368 $1,053,528,036

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

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

GDP per capita in Paraguay vs Zimbabwe by year

Paraguay
GDP per capita

GDP per capita, PPP
Zimbabwe
GDP per capita

GDP per capita, PPP
1x
Year Current $
Paraguay Zimbabwe
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $6,416 $18,524 $2,497 $5,928
2023 $6,300 $17,564 $2,195 $5,791
2022 $6,206 $16,347 $2,536 $5,396
2021 $5,977 $15,406 $2,614 $4,827
2020 $5,365 $14,309 $2,060 $4,179
2019 $5,821 $14,150 $2,184 $4,166
2018 $6,258 $14,139 $2,271 $3,993
2017 $6,152 $13,977 $3,445 $10,756
2016 $5,775 $13,329 $1,408 $4,275
2015 $5,879 $12,679 $1,387 $4,046
2014 $6,652 $12,607 $1,373 $3,903
2013 $6,436 $12,137 $1,363 $3,784
2012 $5,642 $10,954 $1,239 $3,472
2011 $5,805 $11,442 $1,038 $3,047
2010 $4,751 $10,893 $902 $2,661
2009 $3,942 $9,802 $736 $2,233
2008 $4,385 $9,867 $341 $1,987
2007 $3,212 $9,179 $414 $2,396
2006 $2,439 $8,561 $431 $2,454
2005 $1,971 $8,007 $461 $2,496
2004 $1,786 $7,686 $470 $2,591
2003 $1,444 $7,276 $468 $2,708
2002 $1,368 $6,924 $525 $3,238
2001 $1,638 $6,916 $566 $3,533
2000 $1,736 $6,937 $563 $3,429
1999 $1,766 $7,080 $582 $3,491
1998 $1,890 $7,227 $552 $3,527
1997 $2,079 $7,299 $751 $3,457
1996 $2,088 $7,040 $767 $3,372
1995 $1,979 $6,966 $648 $3,051
1994 $1,760 $6,542 $634 $3,012
1993 $1,662 $6,234 $605 $2,703
1992 $1,683 $5,952 $631 $2,651
1991 $1,685 $5,873 $831 $2,930
1990 $1,440 $5,637 $867 $2,757
1989 $1,211 - $840 -
1988 $1,114 - $816 -
1987 $1,069 - $726 -
1986 $1,031 - $693 -
1985 $935 - $649 -
1984 $1,319 - $757 -
1983 $1,710 - $959 -
1982 $1,680 - $1,096 -
1981 $1,793 - $1,069 -
1980 $1,457 - $949 -
1979 $1,149 - $779 -
1978 $883 - $665 -
1977 $740 - $677 -
1976 $616 - $687 -
1975 $562 - $717 -
1974 $508 - $674 -
1973 $389 - $579 -
1972 $308 - $483 -
1971 $272.1 - $406 -
1970 $249 - $361 -
1969 $238.2 - $346 -
1968 $226.8 - $302 -
1967 $220.9 - $294.4 -
1966 $213.9 - $278.7 -
1965 $208.7 - $294.3 -
1964 $197 - $281.9 -
1963 $189.9 - $277.1 -
1962 $182.8 - $275.7 -
1961 $167.1 - $279.2 -
1960 $153.4 - $276.6 -

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

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

Paraguay's GDP per capita is $6,416, ranking 109/197, compared to $2,497 in Zimbabwe, ranking 148/197. Adjusted for purchasing power (GDP per capita PPP), Paraguay ranks 102nd at $18,524, while Zimbabwe ranks 154th at $5,928.

Economic indicators

Paraguay Zimbabwe
Gross domestic product
$44.5B
2024
$41.5B
2024
GDP rank
98/197
2024
102/197
2024
GDP growth
4.25%
2023-2024
1.74%
2023-2024
GDP per capita
$6,416
2024
$2,497
2024
GDP per capita rank
109/197
2024
148/197
2024
GDP per capita, PPP
$18,524
2024
$5,928
2024
GDP per capita PPP rank
102/197
2024
154/197
2024
Government debt
$19.9B
2024
$30.3B
2024
Debt-to-GDP ratio
44.8%
2024
73%
2024
Government debt per person
$2,872
2024
$1,824
2024
Government debt per person rank
103/185
2024
121/185
2024
Average annual personal income after taxes
$6,136
2026
$2,897
2026
Market capitalization of domestic companies
$313M
1999
$2.46B
1999
Number of billionaires n/a
1
2025
Income share by richest 10%
35%
2024
40.5%
2019
Income share by poorest 10%
2%
2024
1.9%
2019
Government expenditure, % of GDP
21%
2024
12.9%
2024
Consumer prices inflation
3.84%
2023-2024
736%
2023-2024
Central bank interest rate
6%
2024
35%
2024
Unemployment rate
5.69%
2024
12.1%
2024
Population
7120169
17361868

Spending and national debt comparison by year

Paraguay
Spending

Debt
Zimbabwe
Spending

Debt
1x
Year % of GDP
Paraguay Zimbabwe
Government spending Government debt Government spending Government debt
2024 21% 44.8% 12.9% 73%
2023 21.5% 41.1% 15.5% 76.1%
2022 20.2% 40.5% 14.4% 66.8%
2021 20.4% 37.5% 12.8% 39.9%
2020 22.6% 36.9% 9.27% 56.8%
2019 20.1% 25.8% 9.36% 53.9%
2018 18.5% 22.3% 13.9% 33%
2017 18.1% 19.8% 19.8% 49%
2016 17.7% 19.4% 16.6% 35.1%
2015 18% 18.6% 14.7% 34.1%
2014 17.1% 15.6% 14.1% 29.2%
2013 17.1% 13.5% 14.7% 26.4%
2012 17.6% 12.3% 14.6% 27.2%
2011 14.7% 11.1% 16.2% 30%
2010 13.3% 13% 12.8% 33.2%
2009 14.3% 14.9% 7.93% 39.7%
2008 11.8% 16% 2.54% 41.3%
2007 13.1% 16.8% 3.43% 30.2%
2006 14.1% 21% 5.72% 26.7%
2005 14% 28.3% 10.5% 22.4%
2004 14% 36% - -
2003 14.6% 37.5% - -
2002 17.6% 50.5% - -
2001 19% 37.1% - -
2000 19.6% 33.6% - -
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/zimbabwe | CC BY

In 2024, Paraguay's government spending was $9.33B, accounting for 21% of its GDP, while Zimbabwe spent $5.37B, or 12.9% of GDP.

Debt-to-GDP ratio is 44.8% in Paraguay and 73% in Zimbabwe, ranking 120/185 and 50/185, respectively.

Government deficit by year

Deficit/surplus
Paraguay

Zimbabwe
1x
Year Deficit/surplus, % of GDP
Paraguay Zimbabwe
2024 -2.12% -1.06%
2023 -3.81% -3.9%
2022 -2.64% -3.3%
2021 -3.39% -2.24%
2020 -5.72% -0.34%
2019 -2.44% -1.72%
2018 -1.01% -3.81%
2017 -0.44% -7.37%
2016 -0.37% -4.63%
2015 -0.44% -1.45%
2014 -0.27% -0.71%
2013 -1.16% -0.69%
2012 -0.58% -0.13%
2011 1.29% -1.72%
2010 1.54% -0.11%
2009 0.59% -1.39%
2008 2.29% -1.2%
2007 1.27% -1.67%
2006 0.91% -1.4%
2005 0.74% -3.46%
2004 1.33% -
2003 -0.07% -
2002 -1.89% -
2001 0.07% -
2000 -0.55% -
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/zimbabwe | 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 Zimbabwe's deficit of $438M, or 1.06% of GDP.

Over the past 20 years, Paraguay recorded a fiscal deficit in 13 of those years, while Zimbabwe ran a deficit in 20 years. On average, Paraguay posted an annual deficit equal to 0.79% of GDP, compared to deficit of 2.11% of GDP for Zimbabwe.

Inflation comparison by year

Inflation
Paraguay

Zimbabwe
1x
Year Consumer prices inflation
Paraguay Zimbabwe
2024 3.84% 736%
2023 4.63% 667%
2022 9.77% 193.4%
2021 4.79% 98.5%
2020 1.77% 557%
2019 2.76% 255.3%
2018 3.98% 10.6%
2017 3.6% 0.9%
2016 4.09% -1.6%
2015 3.13% -2.4%
2014 5.03% -0.2%
2013 2.68% 1.6%
2012 3.68% 3.7%
2011 8.25% 3.5%
2010 4.65% 3%
2009 2.59% 6.2%
2008 10.2% 157%
2007 8.13% -72.7%
2006 9.59% 33%
2005 6.81% -31.5%
2004 4.32% 113.6%
2003 14.2% -8.6%
2002 10.5% -34.4%
2001 7.27% -37.2%
2000 8.98% 4.5%
1999 6.75% -13.4%
1998 11.6% -28%
1997 6.95% -1%

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/zimbabwe | CC BY

Over the past 28 years, Paraguay has recorded an average annual inflation rate of 6.23%, compared with 93.4% in Zimbabwe. In 2024, inflation was 3.84% in Paraguay and 736% in Zimbabwe.

Top exports between countries

Paraguay
Export category Export value
Processed food, beverages & tobacco $178K
Machinery & equipment $3K
Zimbabwe
Export category Export value
Processed food, beverages & tobacco $3.7M

Balance of trade

Paraguay Zimbabwe
Current account balance
-$1.53B
2024
$501M
2024
Current account balance ranking
133/190
2024
62/190
2024
Current account balance, % of GDP
-3.44%
2024
+1.21%
2024
Goods imports
$15.8B
2024
$9.06B
2024
Goods exports
$14.9B
2024
$7.79B
2024
Service imports
$2.54B
2024
$1.66B
2024
Service exports
$2.65B
2024
$457M
2024
Imports of goods and services, % of GDP
39.6%
2024
23.4%
2024
Exports of goods and services, % of GDP
37.2%
2024
18%
2024

Economic freedom indices

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

Paraguay Zimbabwe
Economic freedom 66.4 35.2
Economic freedom ranking 61/197 190/197
Property rights 44.2 19.4
Government integrity 27.3 20.7
Judicial effectiveness 38.4 16.8
Tax burden 95.9 73.6
Government spending 86.9 93.9
Fiscal health 83 52.4
Business freedom 72 42
Labor freedom 44.1 33.3
Monetary freedom 76.5 0
Trade freedom 78.4 50.4
Investment freedom 80 10
Financial freedom 70 10

Economic freedom comparison by year

Paraguay
Zimbabwe
1x
Year Economic freedom index
Paraguay Zimbabwe
2026 66.4 35.2
2025 65.2 35.1
2024 60.1 38.2
2023 61 39
2022 62.9 33.1
2021 62.6 39.5
2020 63 43.1
2019 61.8 40.4
2018 62.1 44
2017 62.4 44
2016 61.5 38.2
2015 61.1 37.6
2014 62 35.5
2013 61.1 28.6
2012 61.8 26.3
2011 62.3 22.1
2010 61.3 21.4
2009 61 22.7
2008 60 29.5
2007 58.3 32
2006 55.6 33.5
2005 53.4 35.2
2004 56.7 34.4
2003 58.2 36.7
2002 59.6 36.7
2001 60.3 38.8
2000 64 48.7
1999 63.7 47.2
1998 65.2 44.6
1997 67.3 48
1996 67.1 46.7
1995 65.9 48.5

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

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

The Economic Freedom Index for Paraguay is 66.4, ranking 61/197, compared to 35.2 for Zimbabwe, ranking 190/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Paraguay Zimbabwe
Services, % of GDP
48.7%
2024
50.6%
2024
Industry, % of GDP
32.5%
2024
35%
2024
Agriculture, forestry, and fishing, % of GDP
10.7%
2024
8.69%
2024
GNI, Atlas method
$43.7B
2024
$39.9B
2024
GNI per capita, PPP
$17,930
2024
$5,870
2024
Total reserves including gold
$9.89B
2023
$485M
2024
Total reserves ranking
76/177
2023
157/177
2024
Net foreign direct investment
-$335M
2024
-$465M
2024
Net inflows of foreign direct investment
$1.1B
2024
$465M
2024
Net outflows of foreign direct investment
$166M
2024
$131M
2024
Servicing debt to the IMF, % of GNI
4.58%
2024
3.44%
2024
Poverty at national poverty lines
20.1%
2024
38.3%
2019
Gross capital formation, % of GDP
22.8%
2024
8.85%
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/zimbabwe | 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 (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.