| Economy | Argentina |
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Economy - overview:
|
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 9% annually over the subsequent five 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, but was stymied in her efforts to hike export taxes still further by protesting farmers. Her government nationalized private pension funds in late 2008, which bolstered government coffers, but failed to assuage investors' concerns about the direction of economic policy. |
GDP (purchasing power parity):
|
$575.6 billion (2008 est.)
$537.5 billion (2007)
$494.5 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
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$14,200 (2008 est.)
$13,400 (2007 est.)
$12,500 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
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$338.7 billion (2008 est.) |
GDP - real growth rate:
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7.1% (2008 est.)
8.7% (2007 est.)
8.5% (2006 est.) |
GDP - composition by sector:
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agriculture: 9.2%
industry: 34.1%
services: 56.7% (2008 est.) |
Investment (gross fixed):
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24% of GDP (2008 est.) |
Population below poverty line:
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23.4% (January-June 2007) |
Household income or consumption by percentage share:
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lowest 10%: 1%
highest 10%: 35% (January-March 2007) |
Distribution of family income - Gini index:
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49 (January-March 2007) |
Inflation rate (consumer prices):
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22% based on non-official estimates; the much lower official rate lacks credibility (2008 est.) |
Central bank discount rate:
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NA |
Commercial bank prime lending rate:
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28% (28 November 2008) |
Stock of money:
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$33.93 billion (31 December 2007) |
Stock of money - per capita:
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830 USD per capita |
Stock of quasi money:
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$45.92 billion (31 December 2007) |
Stock of quasi money - per capita:
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1,123 USD per capita |
Stock of domestic credit:
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$72.55 billion (31 December 2007) |
Stock of domestic credit - per capita:
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1,774 USD per capita |
Labor force:
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16.27 million
note: urban areas only (2008 est.) |
Labor force participation rate:
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39.77 % of population |
Labor force - by occupation:
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agriculture: 1%
industry: 23%
services: 76% (2008 est.) |
Unemployment rate:
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7.8% (September 2008) |
Budget:
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revenues: $86.3 billion
expenditures: $80.4 billion (2008 est.) |
Budget revenues per capita:
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2,110 USD per capita |
Public debt:
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51% of GDP (June 2008) |
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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6.5% (2008 est.) |
Electricity - production:
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109.4 billion kWh (2006 est.) |
Electricity - production per capita:
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2,674 kWh per capita |
Electricity - consumption:
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97.72 billion kWh (2006 est.) |
Electricity - consumption - per capita:
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2,389 kWh per capita |
Electricity - exports:
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2.628 billion kWh (2007 est.) |
Electricity - imports:
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10.27 billion kWh (2007 est.) |
Oil - production:
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790,800 bbl/day (2007 est.) |
Oil - production per capita:
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19,329 bbl/day per capita |
Oil - consumption:
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440,000 bbl/day (2007 est.) |
Oil - consumption - per capita:
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3.93 bbl/year per capita |
Oil - exports:
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339,900 bbl/day (2005) |
Oil - imports:
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23,380 bbl/day (2005) |
Oil - proved reserves:
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2.587 billion bbl (1 January 2008 est.) |
Natural gas - production:
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44.8 billion cu m (2007 est.) |
Natural gas - production per capita:
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1,095 cu m per capita |
Natural gas - consumption:
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44.1 billion cu m (2007 est.) |
Natural gas - consumption - per capita:
|
1,078 cu m per capita |
Natural gas - exports:
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2.6 billion cu m (2007 est.) |
Natural gas - imports:
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1.9 billion cu m (2007 est.) |
Natural gas - proved reserves:
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446 billion cu m (1 January 2008 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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$6 billion (2008 est.) |
Current account balance - per capita:
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1 USD per capita |
Exports:
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$73 billion f.o.b. (2008 est.) |
Exports per capita:
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1,785 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 19.1%, China 9.4%, US 7.9%, Chile 7.6% (2007) |
Imports:
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$59.9 billion f.o.b. (2008 est.) |
Imports per capita:
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1,465 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 34.6%, US 12.6%, China 12%, Germany 5% (2007) |
Reserves of foreign exchange and gold:
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$45.9 billion (15 December 2008) |
Reserves of foreign exchange and gold - per capita:
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1,122 USD per capita |
Debt - external:
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$135.5 billion (31 December 2008 est.) |
Debt - external - per capita:
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3,312 USD per capita |
Stock of direct foreign investment - at home:
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$69.1 billion (2008 est.) |
Stock of direct foreign investment - at home - per capita:
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1,689 USD per capita |
Stock of direct foreign investment - abroad:
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$26.81 billion (2008 est.) |
Stock of direct foreign investment - abroad - per capita:
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656 USD per capita |
Market value of publicly traded shares:
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$86.68 billion (31 December 2007) |
Market value of publicly traded shares - per capita:
|
2,119 USD per capita |
Economic aid - donor:
|
void |
Economic aid - recipient:
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$99.66 million (2005) |
Economic aid - recipient per capita:
|
3 USD per capita |
Currency (code):
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Argentine peso (ARS) |
Exchange rates:
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Argentine pesos (ARS) per US dollar - 3.1636 (2008 est.), 3.1105 (2007), 3.0543 (2006), 2.9037 (2005), 2.9233 (2004) |
Fiscal year:
|
calendar year |
|
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