Paraguay’s gross domestic product (GDP) grew by 2.6% in 2003, thereby reversing the previous year’s contraction. This result was exclusively due to significant output growth in the agricultural sector (15%) as a result of good weather conditions, as non-agricultural activities shrank by 0.4%. Thanks to this recovery in GDP, the total nationwide unemployment rate eased from 16.4% in 2002 to 13% in 2003, Nevertheless, this completed a six-year period of very meagre growth in the Paraguayan economy.

Related Subject(s): Economic and Social Development
Countries: Paraguay
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