Pilar, Paraguay Pilar, Paraguay Pilar () is the capital city of the Paraguayan department of Ñeembucú, located along the Paraguay River in the southwestern part of the country. Located about from Asunción, Pilar serves as an important center of commerce and government for the far southwestern region of the country. Pilar was founded by Pedro Melo de Portugal on October 12, 1779. The original name of the settlement was "Villa del Ñeembucú", named for the nearby Arroyo Ñeembucú that flows into the Paraguay River. Four years later it was renamed "Villa del Pilar" by Spanish priest Marcial Antonio Uliambre, for the Basilica
Economy of Paraguay Economy of Paraguay Paraguay has a market economy highly dependent on agriculture products. In recent years, the economy has grown as a result of increased agricultural exports, especially soybeans. Paraguay has the economic advantages of a young population and vast hydroelectric power but has few mineral resources, and political instability has undercut some of the economic advantages present. The government welcomes foreign investment. Paraguay is a middle-income country that changed rapidly in the 1970s and 1980s as a result of hydroelectric development, agricultural colonization, construction, and cash crop exports. Nevertheless, the country's gross domestic product (GDP) in 1986 was approximately