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Economy

 Paraguay has one of the smaller economies in the region. The informal sector continues to be a major part of the economy, while the formal sector struggles to modernize. The formal sector is dominated by agriculture, services and the commercial sector. Industry is much less developed, depending mainly on the processing and manufacturing of agriculture goods. The commercial sector is dominated by shopping tourism from neighboring Brazil and Argentina. Paraguay also has few mineral sources for mining. The country does mine lime for the cement industry, and has some gas and oil resources in the northern Chaco region, but those have yet to be exploited.

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Updated: 17 June 2008

 


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