Hire in Paraguay

Overview of Paraguay

After facing a major economic crisis in 1999, Paraguay could bounce back on its own two feet. The population of this country is not large, with only around 7.4 million+ inhabitants, and the GDP is around 3,814.53 crores USD according to 2019 statistics. The unemployment rate here was quite high because of the lack of working opportunities. Still, the government is tying up with many big companies interested in investing in this raw and untouched land. This has promised an increase in the working opportunities here in Paraguay.

Total population here: 6,907,517

GDP: US $151.95 billion (2024)

Economic overview

The pandemic affected Paraguay's economy quite harshly. A decline of 5% of the GDP was predicted in the year 2020. But the country was quite impressively able to beat the pandemic. The people here were cooperative enough to understand the graveness of the situation and took action accordingly. The authorities here were able to bring the country back to its original working schedule. The government is working quite impressively to improve the country's business climate and are also trying their best to improve governance.

Market size

The COVID-19 pandemic caused more harm to the already underdeveloped service sector here in Paraguay. So, to compensate for the laws, many people took aid from e-commerce. Agriculture is a massive occupation here and contributes a lot to the country's GDP. But research suggests that even in Paraguay's capital city, Asuncion, the monthly wages for certain engineering professions are quite low. So, people planning to move to this country should do proper research about the sustainability of the profession they choose to work in.

A brief glimpses of industries in Paraguay

• The farming sector in Paraguay contributes the most to its economy. It makes up around 27% of the country's GDP. It is the most consistent source of employment for the citizens of this country. Around 45% of the working population of Paraguay are involved in the farming sector. This suffices the country's need for a basic food supply. Corn, wheat, rice and cassava are some major crops cultivated here. The country exports soya to many other developed and developing countries. The agricultural sector here reported a remarkable increase in the value of soya exports from US $1.25 billion to US $2.54 billion in just a year.
• Surprisingly only 4% of the Paraguay population work in a company with more than 50 employees. This gives us an understanding of how raw the market is here and how good the opportunities are for foreign investors.
• The population of eastern plains in Paraguay is involved in dairy and ranching. Beef export is the second largest after soybean export. With the increasing demand for meat, the beef export industry here reached a value of US $143 million in 2004. By 2007 the value reached around US $353 million. And by 2008, it increased to US $597 million.
• The mining industry is quite dormant here. There is not much history of mining resources in Paraguay. But very recently, small mining projects are being carried out here to explore the country's unexplored mineral resources.
• 31% of labor force here in Paraguay is involved in the manufacturing industry. Since 2004 there has been an exponential increase in the number of employment opportunities generated by the manufacturing industry. The aftermath of the COVID-19 pandemic caused a surge in the requirement of medical and health care services. The pharmaceutical industry here is tying up with foreign suppliers to satisfy the country's drug needs to tackle emerging diseases.
• An increase in the demand for internet and related services has led to an increase in the revenue of the IT industry here. The IT sector is booming here because of the masses shifting to using e-commerce services and slowly replacing physical movements.

Cost of Living in Paraguay

People who are wishing to discover an unspoiled land should choose Paraguay. The living cost is 1.3 times less than the world average. The people here are warm and welcoming, and the culture is quite rich as well. The average monthly cost of living here is somewhere around US $565 for an individual, but the following table gives proper details of total expenditure in Paraguay.

Cost of renting in Paraguay

The factors affecting the cost of renting a place in Paraguay depend on a number of factors, such as the locality you choose. The availability of resources in the vicinity also affects the renting costs of houses and apartments. But it is quite evident that the rents here are a lot less than the other countries in the American continent. The average rent of a house for an is somewhere around $565, and for a family of four, it is somewhere around $1393.

Cost of living depending upon your location

The location you choose to live in will greatly affect the overall cost and expenditure of living. The lifestyle also varies with the cities and their popularity. Following are the cities in Paraguay

• Tier one cities here include Asunción, Ciudad del Este, Encarnación and San Lorenz
• Other major areas in Paraguay include Luque, Lambaré, Capiata etc

Top skills in Paraguay

Paraguay has plenty of pristine lands. The service sector here is still quite dormant. To cater to this need, the government is opening doors to countless opportunities. Here the service sector has a plethora of vacancies for individuals that are skilled enough to carry out their tasks efficiently.

Tops skills here are

• IT sector
• Pharmaceuticals
• Programming
• Business
• Graphic designing 
• Linguistics

Top skills city-wise and occupation-wise in Paraguay

Each city in Paraguay has its own unique features and things to offer to its population. The salary and stay costs vary with each city. The capital city is comparatively costlier than the other cities here. But the overall cost of living in Paraguay is 55% less than in New York.

• Asunción: Asunción is the capital city of Paraguay; hence the quality of lifestyle here is better than any other city in Paraguay. The monthly average salary here is around 8,950,000 PYG (US $1296.32). The top occupations of Paraguay include dentistry, physician, and C level executive.
• Ciudad del Este: The second largest city after Asunción es Ciudad del Este en Paraguay. The annual average salary noted here is in the range of 309,185,138 to 516,034,587 PYG (US $44782.28 to US $83432.68$). The top recruiting sectors in Ciudad del Este are banking, finance, programming and information technology.
• Encarnación: There is a tremendous rise in the demand for engineers in the city. Many foreign industries are willingly investing in startups in this city. The average annual salary reported here is around US $97,725, and the salary range is between US $62,008 and US $1,24,196. The top recruiting sectors here are pharmaceuticals, mechanical parts manufacturing units, health care sector, mining etc.

Hiring cost in Paraguay

The most important factor that affects the chances of employment of an employee is the hiring cost. One has to keep in mind the factors involving the hiring cost in any sector. Some of these are:

• Onboarding costs
• Training cost as per the need of task assigned
• Renting cost post-hiring 
• The time invested in the procedure involved in hiring and training.

Employment law in Paraguay

The sectors recruiting international or national employees must follow a certain protocol. They have to be followed the following laws while hiring an employee

• Discrimination protection act
• Employee privacy 
• Statutory employee protection rights
• Restrictive covenants and business protection
• Work consultation and trade union and industrial action

How Can Skuad Help You with Hiring in Paraguay?

With several rules and regulations to be addressed while recruiting new talent, hiring processes in Paraguay can become complicated and time-consuming. But with Skuad as your hiring partner, you can get the best talent for your organization in a quick time. Connect with Skuad Experts to know more.