| Economy | Argentina |
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Economy - overview:
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Argentina benefits from rich natural resources, a highly literate population, an export-oriented agricultural sector, and a diversified industrial base. Although one of the world's wealthiest countries 100 years ago, Argentina suffered during most of the 20th century from recurring economic crises, persistent fiscal and current account deficits, high inflation, mounting external debt, and capital flight. A severe depression, growing public and external indebtedness, and a bank run culminated in 2001 in the most serious economic, social, and political crisis in the country's turbulent history. Interim President Adolfo RODRIGUEZ SAA declared a default - the largest in history - on the government's foreign debt in December of that year, and abruptly resigned only a few days after taking office. His successor, Eduardo DUHALDE, announced an end to the peso's decade-long 1-to-1 peg to the US dollar in early 2002. The economy bottomed out that year, with real GDP 18% smaller than in 1998 and almost 60% of Argentines under the poverty line. Real GDP rebounded to grow by an average 8.5% annually over the subsequent six years, taking advantage of previously idled industrial capacity and labor, an audacious debt restructuring and reduced debt burden, excellent international financial conditions, and expansionary monetary and fiscal policies. Inflation also increased, however, during the administration of President Nestor KIRCHNER, which responded with price restraints on businesses, as well as export taxes and restraints, and beginning in early 2007, with understating inflation data. Cristina FERNANDEZ DE KIRCHNER succeeded her husband as President in late 2007, and the rapid economic growth of previous years began to slow sharply the following year as government policies held back exports and the world economy fell into recession. The economy has rebounded strongly from the 2009 recession, but the government's continued reliance on expansionary fiscal and monetary policies risks exacerbating already high inflation. |
GDP (purchasing power parity):
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$709.7 billion (2011 est.)
$657.2 billion (2010 est.)
$602 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$17,400 (2011 est.)
$16,200 (2010 est.)
$15,000 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$435.2 billion (2011 est.) |
GDP - real growth rate:
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8% (2011 est.)
9.2% (2010 est.)
0.8% (2009 est.) |
GDP - composition by sector:
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agriculture: 10%
industry: 30.7%
services: 59.2% (2011 est.) |
Investment (gross fixed):
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22.9% of GDP (2011 est.) |
Population below poverty line:
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30%
note: data are based on private estimates (2010) |
Household income or consumption by percentage share:
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lowest 10%: 1.7%
highest 10%: 29.5% (3rd Quarter, 2010) |
Distribution of family income - Gini index:
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45.8 (2009) |
Inflation rate (consumer prices):
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22% (2010 est.)
16% (2009 est.)
note: data are derived from private estimates |
Central bank discount rate:
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NA% |
Commercial bank prime lending rate:
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11.8% (31 December 2011 est.)
10.558% (31 December 2010 est.) |
Stock of money:
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$32.57 billion (31 December 2008)
$33.93 billion (31 December 2007) |
Stock of money - per capita:
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780 USD per capita |
Stock of quasi money:
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$46.18 billion (31 December 2008)
$45.92 billion (31 December 2007) |
Stock of quasi money - per capita:
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1,106 USD per capita |
Stock of domestic credit:
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$136.4 billion (31 December 2011 est.)
$104.9 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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3,266 USD per capita |
Stock of narrow money:
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$52.63 billion (31 December 2011 est.)
$56.32 billion (31 December 2010 est.) |
Stock of broad money:
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$132.3 billion (31 December 2011 est.)
$112.9 billion (31 December 2010 est.) |
Labor force:
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16.76 million
note: urban areas only (2011 est.) |
Labor force participation rate:
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40.12 % of population |
Labor force - by occupation:
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agriculture: 5%
industry: 23%
services: 72% (2009 est.) |
Unemployment rate:
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7.2% (2011 est.)
7.8% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 21.2%
male: 18.8%
female: 24.7% (2009) |
Budget:
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revenues: $109.1 billion
expenditures: $118 billion (2011 est.) |
Budget revenues per capita:
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2,612 USD per capita |
Taxes and other revenues:
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25.1% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-2% of GDP (2011 est.) |
Public debt:
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42.9% of GDP (2011 est.)
45.1% of GDP (2010 est.)
note: official data; data cover [central/general] Government Debt, and [excludes/includes] debt instruments issued (or owned) by Government entities other than the treasury; the data [include/exclude] treasury debt held by foreign entities; the data [include/exclude] debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment. Debt instruments for the social funds [are/are not] sold at public auctions. |
Industries:
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food processing, motor vehicles, consumer durables, textiles, chemicals and petrochemicals, printing, metallurgy, steel |
Industrial production growth rate:
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7.5%
note: based on private estimates (2011 est.) |
Electricity - production:
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115.4 billion kWh (2008 est.) |
Electricity - production per capita:
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2,763 kWh per capita |
Electricity - consumption:
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104.7 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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2,507 kWh per capita |
Electricity - exports:
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3 billion kWh (2009 est.) |
Electricity - imports:
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5.53 billion kWh (2009 est.) |
Oil - production:
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763,600 bbl/day (2010 est.) |
Oil - production per capita:
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18,282 bbl/day per capita |
Oil - consumption:
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618,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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5.40 bbl/year per capita |
Oil - exports:
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238,100 bbl/day (2009 est.) |
Oil - imports:
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19,380 bbl/day (2009 est.) |
Oil - proved reserves:
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2.505 billion bbl (1 January 2011 est.) |
Natural gas - production:
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40.1 billion cu m (2010 est.) |
Natural gas - production per capita:
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961 cu m per capita |
Natural gas - consumption:
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43.46 billion cu m (2010 est.) |
Natural gas - consumption - per capita:
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1,041 cu m per capita |
Natural gas - exports:
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880 million cu m (2009 est.) |
Natural gas - imports:
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3.78 billion cu m (2010 est.) |
Natural gas - proved reserves:
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378.8 billion cu m (1 January 2011 est.) |
Agriculture - products:
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sunflower seeds, lemons, soybeans, grapes, corn, tobacco, peanuts, tea, wheat; livestock |
Current account balance:
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-$264.1 million (2011 est.)
$3.081 billion (2010 est.) |
Current account balance - per capita:
|
-6 USD per capita |
Exports:
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$83.71 billion (2011 est.)
$68.13 billion (2010 est.) |
Exports per capita:
|
2,005 USD per capita |
Exports - commodities:
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soybeans and derivatives, petroleum and gas, vehicles, corn, wheat |
Exports - partners:
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Brazil 21.2%, China 9.1%, Chile 7%, US 5.4% (2010) |
Imports:
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$71.73 billion (2011 est.)
$53.87 billion (2010 est.) |
Imports per capita:
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1,718 USD per capita |
Imports - commodities:
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machinery, motor vehicles, petroleum and natural gas, organic chemicals, plastics |
Imports - partners:
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Brazil 34.5%, US 13.8%, China 11.4%, Germany 5% (2010) |
Reserves of foreign exchange and gold:
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$53.35 billion (31 December 2011 est.)
$52.23 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
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1,278 USD per capita |
Debt - external:
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$136 billion (31 December 2011 est.)
$128 billion (31 December 2010 est.) |
Debt - external - per capita:
|
3,256 USD per capita |
Stock of direct foreign investment - at home:
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$93.35 billion (31 December 2011 est.)
$86.35 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
|
2,235 USD per capita |
Stock of direct foreign investment - abroad:
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$31.49 billion (31 December 2011 est.)
$30.39 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
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754 USD per capita |
Market value of publicly traded shares:
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$63.91 billion (31 December 2010)
$48.93 billion (31 December 2009)
$52.31 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
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1,531 USD per capita |
Currency (code):
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Argentine peso (ARS) |
Exchange rates:
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Argentine pesos (ARS) per US dollar -
4.132 (2011 est.)
3.8963 (2010 est.)
3.7101 (2009)
3.1636 (2008)
3.1105 (2007) |
Fiscal year:
|
calendar year |
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