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Argentina:
Economy

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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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