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BUENOS AIRES, Aug 28 (Reuters) - Paraguay's economy will grow an estimated 4.5 percent in 2015, slightly slower than this year, and inflation is seen at 5 percent, according to the South American country's 2015 budget which was submitted to Congress on Thursday.
Next year's budget, the first compiled by the government of President Horacio Cartes who took office in August 2013, forecast a budget deficit of 1.5 percent of Gross Domestic Product, with tax revenues seen growing 14.3 percent on this year.
Paraguay's central bank predicts economic growth of 4.8 percent in 2014.
Ratings agency Standard & Poor's in June raised Paraguay's sovereign credit rating to BB, reflecting an expectation for continuity in policymaking and a stable outlook. (Reporting by Daniela Desantis; Writing by Richard Lough; Editing by Alden Bentley)