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Brazil & Southern Cone - January 2020

Economic Highlights

PARAGUAY| Fiscal deficit larger than anticipated. On 19 December 2019, Paraguay’s deputy economy minister, Humberto Colmán, had warned that the country may exceed its 2.5% fiscal deficit target in 2019. In November 2019, Paraguay’s congress had approved a bill which lifted the fiscal deficit cap of 1.5% of GDP, as set out in the 2013 fiscal responsibility law (LRF), to 3%. In its December 2019 report on the central government’s financial situation, the economy sub-secretariat reported that the year closed with a G$6.756trn (US$1.087bn) deficit, equivalent to 2.8% of GDP. The government has stressed that this is due to record levels of public investment, which totalled 2.9% of GDP.  

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