Impacto Generado en la Economía Paraguaya, por la Inclusión de las Transacciones de las Entidades Binacionales Itaipú y Yacyretá en las Cuentas Nacionales y en la Balanza de Pagos

Abstract

Since 2012, the 50% of binational entities Itaipú and Yacyretá are considered as residential units of the Paraguayan economy in the National Accounts and the Balance of Payments; producing in consequence several effects on the economic statistics of the country. The main objective of this research is to highlight the impact of including transactions made by binational entities in the official economic statistics of Paraguay. The change in the methodology when considering both entities significantly modified the levels of macroeconomic indicators of Paraguay. To name a few, the level of the Gross Domestic Product (GDP) increased between 13.3% and 15.6% in the analyzed period (1994 - 2010), and the GDP per capita augmented in USD 222 on average. Also, there were important changes in the economic structure of the GDP by economic activity, expenditure and income. Furthermore, this change produced a relevant impact in the Consolidated Accounts, mainly in the Disposable National Income and the Gross National Savings. In the international accounts, there was a significant change in the Balance of Goods, where electricity emerged as one of the most relevant export products in the Paraguayan economy, thus, positioning the country as the main exporter of clean and renewable energy. This research also contributes to the available macroeconomic data by creating a new statistical series, applying the rate variation method as a retropolation modality to make available extended and consistent historical data series. Thus, it was possible to overcome difficulties of comparability between old and new publications, like the given in base year updates or methodological changes. In conclusion, the Central Bank of Paraguay made a wise decision by adopting this methodological change. Considering binational entities as residential units represents a considerable statistical improvement for the country. As a result, new macroeconomic indicators became available to the public, which as demonstrated, they represent a better reflection of the economic reality, resulting in key elements to analyze and understand the Paraguayan economy.