Nicaragua is about 3.1 times smaller than Paraguay.

Paraguay is approximately 406,752 sq km, while Nicaragua is approximately 130,370 sq km, making Nicaragua 32.05% the size of Paraguay. Meanwhile, the population of Paraguay is ~7.4 million people (1.1 million fewer people live in Nicaragua).
This to-scale comparison of Paraguay vs. Nicaragua uses the Mercator projection, which distorts the size of regions near the poles. Learn more.

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