Paraguay has the fastest growing economy in Latin America this year. According to the Central Bank in the second quarter of 2013 Paraguay’s gross domestic product (GDP) increased 13.3%; driven by agriculture and beef exports. The Central Bank has forecasted ‘strong growth’ for the country’s economy as agriculture experiences a quick recovery after two years of adverse weather conditions. In the second quarter agriculture expanded 45.9% helped by the resumption of beef sales to Chile which were suspended in 2011 because of an outbreak of foot and mouth disease. The country is also expecting an excellent soy crop which is its main export, and livestock, fisheries, and forestry all increased above 8.2% compared to the second quarter of 2012.
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