ASUNCION: Paraguay's economy grew 3.4 percent in the fourth quarter of 2011 compared with the same period a year earlier and expanded from the previous quarter, boosted by brisk construction activity despite a slowdown in the ranching sector.
Tuesday's central bank data put 2011 growth at 3.8 percent over 2010, according to a preliminary estimate. The final full-year figure could be slightly revised over the coming weeks.
Paraguayan gross domestic product grew a revised 3.1 percent in the third-quarter year-on-year.
The economy expanded 2.9 percent in the fourth-quarter when compared to the third, showing a recovery in overall activity despite the persistent impact of an outbreak of foot-and-mouth disease on ranching and meat-packing businesses.
Cattle ranching activity fell 14 percent year-on-year in the last quarter of 2011, while industry contracted 4 percent.
However, the construction sector registered growth of 21 percent and agriculture - mainly linked to soy farming - climbed 8 percent.
Officials in the South American country, the world's fourth-biggest supplier of soybeans, have estimated slightly slower growth this year of 3.7 percent, but both the central bank and economy ministry said that target will likely be lowered in the next two weeks.
Comments
Comments are closed for this article.