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Economy & Business - May 2021

ECONOMIC HIGHLIGHTS

PARAGUAY | Pandemic slows recovery prospects. On 27 April Paraguay’s central bank (BCP) released the March 2021 issue of its monetary policy report, in which it revised its 2021 GDP growth forecast down by 0.5 percentage points. The BCP now forecasts that Paraguay’s GDP will grow 3.5%, citing the “worsening of the health crisis” due to rising coronavirus (Covid-19) infections and the “slower than expected” immunisation of the population against Covid-19 as reasons for this slower recovery. Paraguay’s economy began giving signs of recovery in March, with the BCP’s monthly indicator of economic activity (Imaep) growing 8% year-on-year, the first positive year-on-year result for the Imaep in 2021. According to the BCP’s report, the Imaep increase in March was driven by rising activity in the services, manufacturing, and agricultural sectors, but weighed down by lower activity in the electricity production sector. 

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