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Flag of Argentina  Economy of Argentina


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, however, reached double-digit levels in 2006 and the government of President Nestor KIRCHNER responded with "voluntary" price agreements with businesses, as well as export taxes and restraints. Multi-year price freezes on electricity and natural gas rates for residential users stoked consumption and kept private investment away, leading to restrictions on industrial use and blackouts in 2007.
GDP (purchasing power parity):
 $526.4 billion (2007 est.)
GDP (official exchange rate):
 $260 billion (2007 est.)
GDP - real growth rate:
 8.7% (2007 est.)
GDP - per capita (PPP):
 $13,100 (2007 est.)
GDP - composition by sector:
 agriculture: 9.5% industry: 34% services: 56.5% (2007 est.)
Labor force:
 16.03 million note: urban areas only (2007 est.)
Labor force - by occupation:
 agriculture: 1% industry: 23% services: 76% (2007 est.)
Unemployment rate:
 8.5% (2007 est.)
Population below poverty line:
 23.4% (January-June 2007)
Household income or consumption by percentage share:
 lowest 10%: 1% highest 10%: 35% (January-March 2007)
Distribution of family income - Gini index:
 49 (2006)
Inflation rate (consumer prices):
 8.8% official rate; actual rate may be double the official rate (2007 est.)
Investment (gross fixed):
 24.2% of GDP (2007 est.)
Budget:
 revenues: $48.99 billion expenditures: $61.23 billion (2007 est.)
Public debt:
 56.1% of GDP (2007 est.)
Agriculture - products:
 sunflower seeds, lemons, soybeans, grapes, corn, tobacco, peanuts, tea, wheat; livestock
Industries:
 food processing, motor vehicles, consumer durables, textiles, chemicals and petrochemicals, printing, metallurgy, steel
Industrial production growth rate:
 7.5% (2007 est.)
Electricity - production:
 101.1 billion kWh (2005)
Electricity - consumption:
 88.98 billion kWh (2005)
Electricity - exports:
 4.14 billion kWh (2005)
Electricity - imports:
 8.017 billion kWh (2005)
Oil - production:
 730,000 bbl/day (2007 est.)
Oil - consumption:
 480,000 bbl/day (2005 est.)
Oil - exports:
 367,600 bbl/day (2004)
Oil - imports:
 21,650 bbl/day (2004)
Oil - proved reserves:
 2.086 billion bbl (1 January 2007 est.)
Natural gas - production:
 43.76 billion cu m (2005 est.)
Natural gas - consumption:
 38.79 billion cu m (2005 est.)
Natural gas - exports:
 6.646 billion cu m (2005 est.)
Natural gas - imports:
 1.669 billion cu m (2005)
Natural gas - proved reserves:
 512.4 billion cu m (1 January 2006 est.)
Current account balance:
 $7.438 billion (2007 est.)
Exports:
 $55.78 billion f.o.b. (2007 est.)
Exports - commodities:
 soybeans and derivatives, petroleum and gas, vehicles, corn, wheat
Exports - partners:
 Brazil 17.1%, China 9.7%, US 7.4%, Chile 6.7%, Spain 4.1% (2007)
Imports:
 $42.53 billion f.o.b. (2007 est.)
Imports - commodities:
 machinery, motor vehicles, petroleum and natural gas, organic chemicals, plastics
Imports - partners:
 Brazil 32.5%, US 14.2%, China 8.7%, Germany 5.7% (2007)
Economic aid - recipient:
 $99.66 million (2005)
Reserves of foreign exchange and gold:
 $46.12 billion (31 December 2007 est.)
Debt - external:
 $135.8 billion (31 December 2007)
Stock of direct foreign investment - at home:
 $65.31 billion (2007 est.)
Stock of direct foreign investment - abroad:
 $26.26 billion (2007 est.)
Market value of publicly traded shares:
 $79.73 billion (2006)
Currency (code):
 Argentine peso (ARS)
Exchange rates:
 Argentine pesos per US dollar - 3.1105 (2007), 3.0543 (2006), 2.9037 (2005), 2.9233 (2004), 2.9006 (2003)
Fiscal year:
 calendar year

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Country Profile of Argentina
Communications of Argentina
Economy of Argentina
Geography of Argentina
Government of Argentina
Transnational Issues of Argentina
Military of Argentina
People of Argentina
Transportation of Argentina

The information above is a partial reproduction of Google Maps and the CIA World Factbook.


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