Paraguay has a market economy characterized by a large informal sector. Agriculture dominates the economy, but unequal land distribution has resulted in a large class of peasant farm laborers. A large portion of the population is uninvolved in the formal economy, instead existing as subsistence farmers.
Asuncion is the capital and largest city of Paraguay. Asuncion is the home of the national government, principal port, and the chief industrial and cultural centre of the country. Local manufacturing production includes footwear, textiles, and tobacco products.
Asuncion has an overall cost of living index which equates it with low cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups.
The latest cost of living rank for each of the 13 Basket Groups is now available.