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Argentina:
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Other pages in this profile of Argentina:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
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Economy - overview |
Definition 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) |
Definition - World rank and map $523.7 billion (2007 est.) |
GDP (official exchange rate) |
Definition $260 billion (2007 est.) |
GDP - real growth rate |
Definition - World rank and map 8.7% (2007 est.) |
GDP - per capita |
Definition - World rank and map $13,300 (2007 est.) |
GDP - composition by sector |
Definition agriculture: 9.5% industry: 34% services: 56.5% (2007 est.) |
Labor force |
Definition 16.03 million note: urban areas only (2007 est.) |
Labor force - by occupation |
Definition agriculture: 1% industry: 23% services: 76% (2007 est.) |
Unemployment rate |
Definition - World rank and map 14.1% (2007 est.) |
Population below poverty line |
Definition 23.4% (January-June 2007) |
Household income or consumption by percentage share |
Definition lowest 10%: 1% highest 10%: 35% (January-March 2007) |
Distribution of family income - Gini index |
Definition - World rank and map 49 (2006) |
Inflation rate (consumer prices) |
Definition - World rank and map 8.8% official rate; actual rate may be double the official rate (2007 est.) |
Investment (gross fixed) |
Definition - World rank and map 22% of GDP (2007 est.) |
Budget |
Definition revenues: $48.99 billion expenditures: $61.33 billion (2007 est.) |
Public debt |
Definition - World rank and map 59% of GDP (June 2007 est.) |
Agriculture - products |
Definition sunflower seeds, lemons, soybeans, grapes, corn, tobacco, peanuts, tea, wheat; livestock |
Industries |
Definition food processing, motor vehicles, consumer durables, textiles, chemicals and petrochemicals, printing, metallurgy, steel |
Industrial production growth rate |
Definition - World rank and map 7.5% (2007 est.) |
Electricity - production |
Definition - World rank and map 101.1 billion kWh (2005) |
Electricity - consumption |
Definition - World rank and map 88.98 billion kWh (2005) |
Electricity - consumption per capita |
Definition - World rank and map 2,187.5 kWh (2005) |
Electricity - exports |
Definition 4.14 billion kWh (2005) |
Electricity - imports |
Definition 8.017 billion kWh (2005) |
Oil - production |
Definition - World rank and map 801,700 bbl/day (2005 est.) |
Oil - consumption |
Definition - World rank and map 480,000 bbl/day (2005 est.) |
Oil - consumption per 1,000 people |
Definition - World rank and map 11.8 bbl/day (2005 est.) |
Oil - exports |
Definition - World rank and map 367,600 bbl/day (2004) |
Oil - imports |
Definition - World rank and map 21,650 bbl/day (2004) |
Oil - proved reserves |
Definition - World rank and map 2.086 billion bbl (2007 est.) |
Natural gas - production |
Definition - World rank and map 43.76 billion cu m (2005 est.) |
Natural gas - consumption |
Definition - World rank and map 38.79 billion cu m (2005 est.) |
Natural gas - consumption per capita |
Definition - World rank and map 954 cu m (2005 est.) |
Natural gas - exports |
Definition - World rank and map 6.646 billion cu m (2005 est.) |
Natural gas - imports |
Definition - World rank and map 1.669 billion cu m (2005) |
Natural gas - proved reserves |
Definition - World rank and map 512.4 billion cu m (1 January 2006 est.) |
Current account balance |
Definition - World rank and map $7.438 billion (2007 est.) |
Exports |
Definition - World rank and map $54.6 billion f.o.b. (2007 est.) |
Exports - commodities |
Definition soybeans and derivatives, petroleum and gas, vehicles, corn, wheat |
Exports - partners |
Definition Brazil 17.5%, China 9.4%, US 7.6%, Chile 6.9%, Spain 4.1% (2006) |
Imports |
Definition - World rank and map $42.59 billion f.o.b. (2007 est.) |
Imports - commodities |
Definition machinery, motor vehicles, petroleum and natural gas, organic chemicals, plastics |
Imports - partners |
Definition Brazil 32.6%, US 14.2%, China 8.7%, Germany 5.7% (2006) |
Reserves of foreign exchange and gold |
Definition - World rank and map $46.12 billion (31 December 2007 est.) |
Debt - external |
Definition - World rank and map $135.4 billion (31 December 2007) |
Stock of direct foreign investment - at home |
Definition $64.11 billion (2007 est.) |
Stock of direct foreign investment - abroad |
Definition $26.16 billion (2007 est.) |
Market value of publicly traded shares |
Definition $79.73 billion (2006) |
Economic aid - recipient |
Definition $99.66 million (2005) |
Currency (code) |
Definition Argentine peso (ARS) |
Exchange rates |
Definition Argentine pesos per US dollar - 3.1105 (2007), 3.0543 (2006), 2.9037 (2005), 2.9233 (2004), 2.9006 (2003) |
Fiscal year |
Definition calendar year |
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