Argentina - Economic Indicators

Latam Currency Volatility Contained, So Far

Sep 14, 2018

Argentina faces its worst currency crisis in years. Brazil's currency is also under pressure. Macroeconomic disequilibrium and policy uncertainty are the main risk factors. The contagion effect is limited, but risk factors remain amid a deteriorating external environment. Rising interest rates in the U.S. and the prospects of a trade war that could hinder global growth have prompted a flight to safety affecting some large emerging markets, including...

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GDP Reference Last Previous Units Frequency
Private Consumption 2018 Q2 9,371,292,996 8,349,950,181 Ths. ARS, NSAAR Quarterly
Real Private Consumption 2018 Q2 543,411,985 549,649,181 Ths. 2004 ARS, SAAR Quarterly
Government Consumption 2018 Q2 2,306,576,735 1,966,290,241 Ths. ARS, NSAAR Quarterly
Real Gross Domestic Product 2018 Q2 713,415,894 743,385,135 Ths. 2004 ARS, SAAR Quarterly
Nominal Gross Domestic Product 2018 Q2 14,205,391,741 12,153,968,535 Ths. ARS, NSAAR Quarterly
Real Government Consumption 2018 Q2 98,097,158 98,091,322 Ths. 2004 ARS, CDASAAR Quarterly
Price Reference Last Previous Units Frequency
Consumer Price Index (CPI) Aug 2018 155.1 149.3 Index Dec2016=100, NSA Monthly
Wholesale Price Index Aug 2018 246.55 235.04 Index 2015=100, NSA Monthly
Producer Price Index (PPI) Aug 2018 248.2 236.6 Index 2015=100, NSA Monthly
Labor Reference Last Previous Units Frequency
Wage & Salaries Jun 2018 143.14 141.93 Index Oct2016=100, NSA Monthly
Primary Industries Employment 2018 Q2 1,175,522,381 537,612,162 Ths. ARS, SAAR Quarterly
Unemployment 2018 Q1 1,183,000 926,000 #, NSA Quarterly
Total Employment 2018 Q1 11,749,000 11,892,000 #, NSA Quarterly
Labor Force 2018 Q1 12,932,000 12,818,000 #, NSA Quarterly
Unemployment Rate 2018 Q1 9.1 7.2 %, NSA Quarterly
Agriculture Employment 2017 107,868 108,766 # Annual
Trade Reference Last Previous Units Frequency
Imports of Goods and Services 2018 Q2 2,134,557,392 1,860,482,444 Ths. ARS, NSAAR Quarterly
Real Exports of Goods and Services 2018 Q2 131,426,548 153,214,766 Ths. 2004 ARS, CDASAAR Quarterly
Net Exports 2018 Q2 -408,044,362 -425,758,470 Ths. ARS, NSAAR Quarterly
Real Net Exports 2018 Q2 -84,475,893 -75,063,988 Ths. 2004 ARS, CDASAAR Quarterly
Exports of Goods and Services 2018 Q2 1,726,513,030 1,434,723,974 Ths. ARS, NSAAR Quarterly
Real Imports of Goods and Services 2018 Q2 215,902,441 228,278,754 Ths. 2004 ARS, SAAR Quarterly
Exports of Goods 2018 Q1 14,413 14,392 Mil. USD, NSA Quarterly
Imports of Goods 2018 Q1 16,175 16,927 Mil. USD, NSA Quarterly
Current Account Balance 2018 Q1 -9,622 -9,270 Mil. USD, NSA Quarterly
Balance of Goods 2018 Q1 -1,761 -2,535 Mil. USD, NSA Quarterly
Government Reference Last Previous Units Frequency
Government Revenues 2016 Q4 505,429 400,085 Mil. ARS, NSA Quarterly
Government Budget Balance 2016 Q4 -136,317 -101,861 Mil. ARS, NSA Quarterly
Government Expenditures 2016 Q4 641,746 501,946 Millions of Pesos, NSA Quarterly
Outstanding Public Debt 2016 275,446,128 222,703,203 Ths. USD Annual
Markets Reference Last Previous Units Frequency
Lending Rate Jul 2018 50.87 43.07 % p.a., NSA Monthly
Treasury Bills (over 31 days) Jan 2018 27.9 29.23 Annual Nominal % Monthly
Stock Market Index 30 Dec 2014 414,609 407,896 Index, NSA Business Daily
Real Estate Reference Last Previous Units Frequency
Building Permits 2014 63,749 62,134 #, NSA Annual
Consumer Reference Last Previous Units Frequency
Consumer Confidence Aug 2018 36.25 36.25 Dif. Index=50, NSA Monthly
Retail Sales Jun 2018 6,886 6,028 Mil. ARS, NSA Monthly
Business Reference Last Previous Units Frequency
Industrial Production Jul 2018 -5.7 -8.1 % Y/Y, NSA Monthly
Capacity Utilization Jul 2018 60.1 61.8 %, NSA Monthly
Change in Inventories 2018 Q2 912,947,742 409,482,022 Ths. ARS, NSAAR Quarterly
Real Change in Inventories 2018 Q2 7,368,275 10,709,636 Ths. 2004 ARS, CDASAAR Quarterly
Demographics Reference Last Previous Units Frequency
Population 2040 52,778,476 52,472,056 Total, Number, NSA Annual
Death Rate 2016 8.1 7.7 %, NSA Annual
Birth Rate 2015 17.9 18.2 %, NSA Annual
Net Migration 2012 30,000 # Annual

Factbook

Background

Background:
In 1816, the United Provinces of the Rio Plata declared their independence from Spain. After Bolivia, Paraguay, and Uruguay went their separate ways, the area that remained became Argentina. The country's population and culture were heavily shaped by immigrants from throughout Europe, with Italy and Spain providing the largest percentage of newcomers from 1860 to 1930. Up until about the mid-20th century, much of Argentina's history was dominated by periods of internal political conflict between Federalists and Unitarians and between civilian and military factions.
After World War II, an era of Peronist populism and direct and indirect military interference in subsequent governments was followed by a military junta that took power in 1976. Democracy returned in 1983 after a failed bid to seize the Falkland Islands (Islas Malvinas) by force, and has persisted despite numerous challenges, the most formidable of which was a severe economic crisis in 2001-02 that led to violent public protests and the successive resignations of several presidents. The years 2003-15 saw Peronist rule by Nestor and Cristina FERNANDEZ de KIRCHNER, whose policies isolated Argentina and caused economic stagnation. With the election of Mauricio MACRI in November 2015, Argentina began a period of reform and international reintegration.

Geography

Location:
Southern South America, bordering the South Atlantic Ocean, between Chile and Uruguay
Geographic coordinates:
34 00 S, 64 00 W
Map references:
South America
Area:
total: 2,780,400 sq km
land: 2,736,690 sq km
water: 43,710 sq km
country comparison to the world: 9
Area - comparative:
slightly less than three-tenths the size of the US
Area comparison map:
Land boundaries:
total: 11,968 km
border countries (5): Bolivia 942 km, Brazil 1,263 km, Chile 6,691 km, Paraguay 2,531 km, Uruguay 541 km
Coastline:
4,989 km
Maritime claims:
territorial sea: 12 nm
contiguous zone: 24 nm
exclusive economic zone: 200 nm
continental shelf: 200 nm or to the edge of the continental margin
Climate:
mostly temperate; arid in southeast; subantarctic in southwest
Terrain:
rich plains of the Pampas in northern half, flat to rolling plateau of Patagonia in south, rugged Andes along western border
Elevation:
mean elevation: 595 m
elevation extremes: lowest point: Laguna del Carbon -105 m (located between Puerto San Julian and Comandante Luis Piedra Buena in the province of Santa Cruz)
highest point: Cerro Aconcagua 6,962 m (located in the northwestern corner of the province of Mendoza; highest point in South America)
Natural resources:
fertile plains of the pampas, lead, zinc, tin, copper, iron ore, manganese, petroleum, uranium, arable land
Land use:
agricultural land: 53.9%
arable land 13.9%; permanent crops 0.4%; permanent pasture 39.6%
forest: 10.7%
other: 35.4% (2014 est.)
Irrigated land:
23,600 sq km (2012)
Population - distribution:
one-third of the population lives in Buenos Aires; pockets of agglomeration occur throughout the northern and central parts of the country; Patagonia to the south remains sparsely populated
Natural hazards:
San Miguel de Tucuman and Mendoza areas in the Andes subject to earthquakes; pamperos are violent windstorms that can strike the pampas and northeast; heavy flooding in some areas
volcanism: volcanic activity in the Andes Mountains along the Chilean border; Copahue (2,997 m) last erupted in 2000; other historically active volcanoes include Llullaillaco, Maipo, Planchon-Peteroa, San Jose, Tromen, Tupungatito, and Viedma
Environment - current issues:
environmental problems (urban and rural) typical of an industrializing economy such as deforestation, soil degradation (erosion, salinization), desertification, air pollution, and water pollution
note: Argentina is a world leader in setting voluntary greenhouse gas targets
Environment - international agreements:
party to: Antarctic-Environmental Protocol, Antarctic-Marine Living Resources, Antarctic Seals, Antarctic Treaty, Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Environmental Modification, Hazardous Wastes, Law of the Sea, Marine Dumping, Ozone Layer Protection, Ship Pollution, Wetlands, Whaling
signed, but not ratified: Marine Life Conservation
Geography - note:
second-largest country in South America (after Brazil); strategic location relative to sea lanes between the South Atlantic and the South Pacific Oceans (Strait of Magellan, Beagle Channel, Drake Passage); diverse geophysical landscapes range from tropical climates in the north to tundra in the far south; Cerro Aconcagua is the Western Hemisphere's tallest mountain, while Laguna del Carbon is the lowest point in the Western Hemisphere; shares Iguazu Falls, the world's largest waterfalls system, with Brazil

People & Society

Population:
44,293,293 (July 2017 est.)
country comparison to the world: 31
Nationality:
noun: Argentine(s)
adjective: Argentine
Ethnic groups:
European (mostly Spanish and Italian descent) and mestizo (mixed European and Amerindian ancestry) 97.2%, Amerindian 2.4%, African 0.4% (2010 est.)
Languages:
Spanish (official), Italian, English, German, French, indigenous (Mapudungun, Quechua)
Religions:
nominally Roman Catholic 92% (less than 20% practicing), Protestant 2%, Jewish 2%, other 4%
Demographic profile:
Argentina's population continues to grow but at a slower rate because of its steadily declining birth rate. Argentina's fertility decline began earlier than in the rest of Latin America, occurring most rapidly between the early 20th century and the 1950s and then becoming more gradual. Life expectancy has been improving, most notably among the young and the poor. While the population under age 15 is shrinking, the youth cohort - ages 15-24 - is the largest in Argentina's history and will continue to bolster the working-age population. If this large working-age population is well-educated and gainfully employed, Argentina is likely to experience an economic boost and possibly higher per capita savings and investment. Although literacy and primary school enrollment are nearly universal, grade repetition is problematic and secondary school completion is low. Both of these issues vary widely by region and socioeconomic group.
Argentina has been primarily a country of immigration for most of its history, welcoming European immigrants (often providing needed low-skilled labor) after its independence in the 19th century and attracting especially large numbers from Spain and Italy. More than 7 million European immigrants are estimated to have arrived in Argentina between 1880 and 1930, when it adopted a more restrictive immigration policy. European immigration also began to wane in the 1930s because of the global depression. The inflow rebounded temporarily following WWII and resumed its decline in the 1950s when Argentina’s military dictators tightened immigration rules and European economies rebounded. Regional migration increased, however, supplying low-skilled workers escaping economic and political instability in their home countries. As of 2015, immigrants made up almost 5% of Argentina’s population, the largest share in South America. Migration from neighboring countries accounted for approximately 80% of Argentina’s immigrant population in 2015.
The first waves of highly skilled Argentine emigrant workers headed mainly to the United States and Spain in the 1960s and 1970s, driven by economic decline and repressive military dictatorships. The 2008 European economic crisis drove the return migration of some Argentinean and other Latin American nationals, as well as the immigration of Europeans to South America, where Argentina was a key recipient. In 2015, Argentina received the highest number of legal migrants in Latin America and the Caribbean. The majority of its migrant inflow came from Paraguay and Bolivia.
Age structure:
0-14 years: 24.59% (male 5,612,766/female 5,278,857)
15-24 years: 15.28% (male 3,460,276/female 3,307,227)
25-54 years: 39.38% (male 8,707,818/female 8,733,370)
55-64 years: 9.13% (male 1,963,923/female 2,081,796)
65 years and over: 11.62% (male 2,159,811/female 2,987,449) (2017 est.)
population pyramid:
Dependency ratios:
total dependency ratio: 56.5
youth dependency ratio: 39.4
elderly dependency ratio: 17.1
potential support ratio: 5.8 (2015 est.)
Median age:
total: 31.7 years
male: 30.5 years
female: 32.9 years (2017 est.)
country comparison to the world: 105
Population growth rate:
0.91% (2017 est.)
country comparison to the world: 121
Birth rate:
16.7 births/1,000 population (2017 est.)
country comparison to the world: 110
Death rate:
7.5 deaths/1,000 population (2017 est.)
country comparison to the world: 110
Net migration rate:
-0.1 migrant(s)/1,000 population (2017 est.)
country comparison to the world: 102
Population distribution:
one-third of the population lives in Buenos Aires; pockets of agglomeration occur throughout the northern and central parts of the country; Patagonia to the south remains sparsely populated
Urbanization:
urban population: 92% of total population (2017)
rate of urbanization: 0.93% annual rate of change (2015-20 est.)
Major urban areas - population:
BUENOS AIRES (capital) 15.18 million; Cordoba 1.511 million; Rosario 1.381 million; Mendoza 1.009 million; San Miguel de Tucuman 910,000; La Plata 846,000 (2015)
Sex ratio:
at birth: 1.06 male(s)/female
0-14 years: 1.06 male(s)/female
15-24 years: 1.05 male(s)/female
25-54 years: 1 male(s)/female
55-64 years: 0.94 male(s)/female
65 years and over: 0.71 male(s)/female
total population: 0.98 male(s)/female (2017 est.)
Maternal mortality ratio:
52 deaths/100,000 live births (2015 est.)
country comparison to the world: 94
Infant mortality rate:
total: 9.8 deaths/1,000 live births
male: 10.7 deaths/1,000 live births
female: 8.8 deaths/1,000 live births (2017 est.)
country comparison to the world: 139
Life expectancy at birth:
total population: 77.3 years
male: 74.2 years
female: 80.6 years (2017 est.)
country comparison to the world: 74
Total fertility rate:
2.26 children born/woman (2017 est.)
country comparison to the world: 93
Contraceptive prevalence rate:
81.3% (2013)
Health expenditures:
4.8% of GDP (2014)
country comparison to the world: 147
Physicians density:
3.91 physicians/1,000 population (2013)
Hospital bed density:
5 beds/1,000 population (2014)
Drinking water source:
improved:
urban: 99% of population
rural: 100% of population
total: 99.1% of population
unimproved:
urban: 1% of population
rural: 0% of population
total: 0.9% of population (2015 est.)
Sanitation facility access:
improved:
urban: 96.2% of population
rural: 98.3% of population
total: 96.4% of population
unimproved:
urban: 3.8% of population
rural: 1.7% of population
total: 3.6% of population (2015 est.)
HIV/AIDS - adult prevalence rate:
0.4% (2016 est.)
country comparison to the world: 75
HIV/AIDS - people living with HIV/AIDS:
120,000 (2016 est.)
country comparison to the world: 38
HIV/AIDS - deaths:
2,400 (2016 est.)
country comparison to the world: 48
Major infectious diseases:
note: active local transmission of Zika virus by Aedes species mosquitoes has been identified in this country (as of August 2016); it poses an important risk (a large number of cases possible) among US citizens if bitten by an infective mosquito; other less common ways to get Zika are through sex, via blood transfusion, or during pregnancy, in which the pregnant woman passes Zika virus to her fetus (2016)
Obesity - adult prevalence rate:
28.3% (2016)
country comparison to the world: 31
Children under the age of 5 years underweight:
2.3% (2005)
country comparison to the world: 119
Education expenditures:
5.9% of GDP (2015)
country comparison to the world: 32
Literacy:
definition: age 15 and over can read and write
total population: 98.1%
male: 98%
female: 98.1% (2015 est.)
School life expectancy (primary to tertiary education):
total: 17 years
male: 16 years
female: 18 years (2014)
Unemployment, youth ages 15-24:
total: 18.3%
male: 15.6%
female: 22.8% (2014 est.)
country comparison to the world: 73

Government

Country name:
conventional long form: Argentine Republic
conventional short form: Argentina
local long form: Republica Argentina
local short form: Argentina
etymology: originally the area was referred to as Tierra Argentina, i.e., "Land beside the Silvery River" or "silvery land," which referred to the massive estuary in the east of the country, the Rio de la Plata (River of Silver); over time the name shortened to simply Argentina or "silvery"
Government type:
presidential republic
Capital:
name: Buenos Aires
geographic coordinates: 34 36 S, 58 22 W
time difference: UTC-3 (2 hours ahead of Washington, DC, during Standard Time)
Administrative divisions:
23 provinces (provincias, singular - provincia) and 1 autonomous city*; Buenos Aires, Catamarca, Chaco, Chubut, Ciudad Autonoma de Buenos Aires*, Cordoba, Corrientes, Entre Rios, Formosa, Jujuy, La Pampa, La Rioja, Mendoza, Misiones, Neuquen, Rio Negro, Salta, San Juan, San Luis, Santa Cruz, Santa Fe, Santiago del Estero, Tierra del Fuego - Antartida e Islas del Atlantico Sur (Tierra del Fuego), Tucuman
note: the US does not recognize any claims to Antarctica
Independence:
9 July 1816 (from Spain)
National holiday:
Revolution Day (May Revolution Day), 25 May (1810)
Constitution:
several previous; latest effective 11 May 1853; amended many times, last in 1994 (2016)
Legal system:
civil law system based on West European legal systems; note - in mid-2015, Argentina adopted a new civil code, replacing the old one in force since 1871
International law organization participation:
has not submitted an ICJ jurisdiction declaration; accepts ICCt jurisdiction
Citizenship:
citizenship by birth: yes
citizenship by descent: yes
dual citizenship recognized: yes
residency requirement for naturalization: 2 years
Suffrage:
18-70 years of age; universal and compulsory; 16-17 years of age - optional for national elections
Executive branch:
chief of state: President Mauricio MACRI (since 10 December 2015); Vice President Gabriela MICHETTI (since 10 December 2015); note - the president is both chief of state and head of government
head of government: President Mauricio MACRI (since 10 December 2015); Vice President Gabriela MICHETTI (since 10 December 2015)
cabinet: Cabinet appointed by the president
elections/appointments: president and vice president directly elected on the same ballot by qualified majority popular vote for a 4-year term (eligible for a second consecutive term); election last held in 2 rounds on 25 October and 22 November 2015 (next to be held in October 2019)
election results: Mauricio MACRI elected president in second round; percent of vote in first round - Daniel SCIOLI (PJ) 37.1%, Mauricio MACRI (PRO) 34.2%, Sergio MASSA (FR/PJ) 21.4%, other 7.3%; percent of vote in second round - Mauricio MACRI (PRO) 51.4%, Daniel SCIOLI (PJ) 48.6%
Legislative branch:
description: bicameral National Congress or Congreso Nacional consists of the Senate (72 seats; members directly elected in multi-seat constituencies by simple majority vote to serve 6-year terms with one-third of the membership elected every 2 years) and the Chamber of Deputies (257 seats; members directly elected in multi-seat constituencies by proportional representation vote; members serve 4-year terms with one-half of the membership renewed every 2 years)
elections: Senate - last held on 22 October 2017 (next to be held in October 2019); Chamber of Deputies - last held on 22 October 2017 (next to be held in October 2019)
election results: Senate - percent of vote by bloc or party - NA; seats by bloc or party - Cambiemos 12, UC 6, PJ 4, FRC 2; Chamber of Deputies - percent of vote by bloc or party - NA; seats by bloc or party - Cambiemos 61, UC 28, PJ 18, FR 7, FCS 3, FRC 2, other 8
Judicial branch:
highest court(s): Supreme Court or Corte Suprema (consists of the court president, vice-president, and 5 judges)
judge selection and term of office: judges nominated by the president and approved by the Senate; judges can serve until mandatory retirement at age 75
subordinate courts: federal level appellate, district, and territorial courts; provincial level supreme, appellate, and first instance courts
Political parties and leaders:
Cambiemos [Mauricio MACRI] (coalition of CC-ARI, PRO, and UCR)
Citizen's Unity or UC [Cristina FERNANDEZ DE KIRCHNER]
Civic Coalition ARI or CC-ARI [ Elisa CARRIO]
Civic Front for Santiago or FCS [Gerardo ZAMORA]
Dissident Peronists (PJ Disidente) or Federal Peronism (a right-wing faction of PJ which is opposed to the Kirchners) [Eduardo DUHALDE]
Front for the Renewal of Concord or FRC
Front for Victory or FpV (left-wing faction of PJ) [Cristina FERNANDEZ DE KIRCHNER]
Justicialist Party or PJ [Jose Luis GIOJA]
Progresistas [Margarita STOLBIZER]
Radical Civic Union or UCR [Lilia PUIG DE STUBRIN]
Renewal Front (Frente Renovador) or FR [Sergio MASSA]
Republican Proposal or PRO [Mauricio MACRI]
Socialist Party or PS [Antonio BONFATTI]
United for a New Alternative or UNA (includes FR)
numerous provincial parties
Political pressure groups and leaders:
Argentine Association of Pharmaceutical Labs or CILFA
Argentine Industrial Union (manufacturers' association)
Argentine Rural Confederation or CRA (small to medium landowners' association)
Argentine Rural Society (large landowners' association)
Blue and White CGT (dissident CGT labor confederation)
Central of Argentine Workers or CTA (a union for employed and unemployed workers)
General Confederation of Labor or CGT (Peronist-leaning umbrella labor organization)
Roman Catholic Church
other: business organizations; Peronist-dominated labor movement; Piquetero groups (popular protest organizations that can be either pro- or anti-government); students
International organization participation:
AfDB (nonregional member), Australia Group, BCIE, BIS, CAN (associate), CD, CELAC, FAO, FATF, G-15, G-20, G-24, G-77, IADB, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), LAES, LAIA, Mercosur, MIGA, MINURSO, MINUSTAH, NAM (observer), NSG, OAS, OPANAL, OPCW, Paris Club (associate), PCA, SICA (observer), UN, UNASUR, UNCTAD, UNESCO, UNFICYP, UNHCR, UNIDO, Union Latina (observer), UNTSO, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO, ZC
Diplomatic representation in the US:
chief of mission: Ambassador Fernando ORIS DE ROA (since 24 January 2018)
chancery: 1600 New Hampshire Avenue NW, Washington, DC 20009
telephone: [1] (202) 238-6400
FAX: [1] (202) 332-3171
consulate(s) general: Atlanta, Chicago, Houston, Los Angeles, Miami, New York, Washington, DC
Diplomatic representation from the US:
chief of mission: Ambassador (vacant); Charge d'Affaires Tom COONEY (since 20 January 2017)
embassy: Avenida Colombia 4300, C1425GMN Buenos Aires
mailing address: international mail: use embassy street address; APO address: US Embassy Buenos Aires, Unit 4334, APO AA 34034
telephone: [54] (11) 5777-4533
FAX: [54] (11) 5777-4240
Flag description:
three equal horizontal bands of sky blue (top), white, and sky blue; centered in the white band is a radiant yellow sun with a human face (delineated in brown) known as the Sun of May; the colors represent the clear skies and snow of the Andes; the sun symbol commemorates the appearance of the sun through cloudy skies on 25 May 1810 during the first mass demonstration in favor of independence; the sun features are those of Inti, the Inca god of the sun
National symbol(s):
Sun of May (a sun-with-face symbol); national colors: sky blue, white
National anthem:
name: "Himno Nacional Argentino" (Argentine National Anthem)
lyrics/music: Vicente LOPEZ y PLANES/Jose Blas PARERA
note: adopted 1813; Vicente LOPEZ was inspired to write the anthem after watching a play about the 1810 May Revolution against Spain

Economy

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. In 2016, the World Bank downgraded Argentina from a high-income to upper-middle-income economy, on par with Columbia.
A severe depression, growing public and external indebtedness, and an unprecedented 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 - at the time the largest ever - 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 below 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, 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 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 in 2010 rebounded strongly from the 2009 recession, but slowed in late 2011 even as the government continued to rely on expansionary fiscal and monetary policies, which kept inflation in the double digits.
In order to deal with these problems, the government expanded state intervention in the economy: it nationalized the oil company YPF from Spain's Repsol, expanded measures to restrict imports, and further tightened currency controls in an effort to bolster foreign reserves and stem capital flight. Between 2011 and 2013, Central Bank foreign reserves dropped $21.3 billion from a high of $52.7 billion. In July 2014, Argentina and China agreed on an $11 billion currency swap; the Argentine Central Bank has received the equivalent of $3.2 billion in Chinese yuan, which it counts as international reserves.
With the election of President Mauricio MACRI in November 2015, Argentina began a historic political and economic transformation, as his administration took steps to liberalize the Argentine economy, lifting capital controls, floating the peso, removing export controls on some commodities, cutting some energy subsidies, and reforming the country’s official statistics. Argentina negotiated debt payments with holdout bond creditors and returned to international capital markets in April 2016. In September 2016, Argentina completed its first IMF Article IV Consultation since 2006.
After years of international isolation, Argentina took on several international leadership roles in 2017, including hosting the World Economic Forum on Latin America and the World Trade Organization Ministerial Conference, and is set to assume the presidency of the G-20 in 2018.
GDP (purchasing power parity):
$911.5 billion (2017 est.)
$889.5 billion (2016 est.)
$910 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 29
GDP (official exchange rate):
$619.9 billion (2017 est.)
GDP - real growth rate:
2.5% (2017 est.)
-2.2% (2016 est.)
2.6% (2015 est.)
country comparison to the world: 137
GDP - per capita (PPP):
$20,700 (2017 est.)
$20,400 (2016 est.)
$21,100 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 87
Gross national saving:
12.8% of GDP (2017 est.)
13.6% of GDP (2016 est.)
14.2% of GDP (2015 est.)
country comparison to the world: 141
GDP - composition, by end use:
household consumption: 66.5%
government consumption: 18%
investment in fixed capital: 15.3%
investment in inventories: 1.5%
exports of goods and services: 12%
imports of goods and services: -13.4% (2017 est.)
GDP - composition, by sector of origin:
agriculture: 10.9%
industry: 28.2%
services: 60.9% (2017 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:
2.4%
note: based on private sector estimates (2017 est.)
country comparison to the world: 118
Labor force:
18 million
note: urban areas only (2017 est.)
country comparison to the world: 35
Labor force - by occupation:
agriculture: 0.5%
industry: 24.8%
services: 74.7% (2014 est.)
Unemployment rate:
8.1% (2017 est.)
8.5% (2016 est.)
country comparison to the world: 112
Population below poverty line:
32.2%
note: data are based on private estimates (2016 est.)
Household income or consumption by percentage share:
lowest 10%: 1.6%
highest 10%: 30.8% (2014 est.)
Distribution of family income - Gini index:
42.7 (2014 est.)
45.8 (2009 est.)
country comparison to the world: 50
Budget:
revenues: $123.2 billion
expenditures: $161.1 billion (2017 est.)
Taxes and other revenues:
19.9% of GDP (2017 est.)
country comparison to the world: 154
Budget surplus (+) or deficit (-):
-6.1% of GDP (2017 est.)
country comparison to the world: 176
Public debt:
53.7% of GDP (2017 est.)
54.5% of GDP (2016 est.)
country comparison to the world: 90
Fiscal year:
calendar year
Inflation rate (consumer prices):
26.9% (2017 est.)
26.5% (2015 est.)
note: data are derived from private estimates
country comparison to the world: 221
Central bank discount rate:
NA%
Commercial bank prime lending rate:
24.5% (31 December 2017 est.)
31.23% (31 December 2016 est.)
country comparison to the world: 11
Stock of narrow money:
$62.95 billion (31 December 2017 est.)
$59 billion (31 December 2016 est.)
country comparison to the world: 49
Stock of broad money:
$166.9 billion (31 December 2017 est.)
$146.5 billion (31 December 2016 est.)
country comparison to the world: 48
Stock of domestic credit:
$216.7 billion (31 December 2017 est.)
$194 billion (31 December 2016 est.)
country comparison to the world: 45
Market value of publicly traded shares:
$56.13 billion (31 December 2015 est.)
$60.14 billion (31 December 2014 est.)
$53.1 billion (31 December 2013 est.)
country comparison to the world: 48
Current account balance:
$-22.13 billion (2017 est.)
$-14.9 billion (2016 est.)
country comparison to the world: 193
Exports:
$59.69 billion (2017 est.)
$57.78 billion (2016 est.)
country comparison to the world: 47
Exports - commodities:
soybeans and derivatives, petroleum and gas, vehicles, corn, wheat
Exports - partners:
Brazil 15.5%, US 7.7%, China 7.6%, Vietnam 4.4% (2016)
Imports:
$60.78 billion (2017 est.)
$53.24 billion (2016 est.)
country comparison to the world: 46
Imports - commodities:
machinery, motor vehicles, petroleum and natural gas, organic chemicals, plastics
Imports - partners:
Brazil 24.3%, China 18.7%, US 12.5%, Germany 5.5% (2016)
Reserves of foreign exchange and gold:
$52.97 billion (31 December 2017 est.)
$38.43 billion (31 December 2016 est.)
country comparison to the world: 39
Debt - external:
$208.6 billion (31 December 2017 est.)
$190.2 billion (31 December 2016 est.)
country comparison to the world: 37
Stock of direct foreign investment - at home:
$84.14 billion (31 December 2017 est.)
$72.11 billion (31 December 2016 est.)
country comparison to the world: 49
Stock of direct foreign investment - abroad:
$40.94 billion (31 December 2017 est.)
$39.74 billion (31 December 2016 est.)
country comparison to the world: 47
Exchange rates:
Argentine pesos (ARS) per US dollar -
16.92 (2017 est.)
14.76 (2016 est.)
14.76 (2015 est.)
9.23 (2014 est.)
8.08 (2013 est.)

Energy

Electricity access:
population without electricity: 1,500,000
electrification - total population: 96.4%
electrification - urban areas: 99.2%
electrification - rural areas: 96% (2013)
Electricity - production:
133.8 billion kWh (2015 est.)
country comparison to the world: 31
Electricity - consumption:
122.5 billion kWh (2015 est.)
country comparison to the world: 31
Electricity - exports:
55 million kWh (2015 est.)
country comparison to the world: 84
Electricity - imports:
9.018 billion kWh (2015 est.)
country comparison to the world: 28
Electricity - installed generating capacity:
38.19 million kW (2015 est.)
country comparison to the world: 28
Electricity - from fossil fuels:
66.9% of total installed capacity (2015 est.)
country comparison to the world: 111
Electricity - from nuclear fuels:
4.3% of total installed capacity (2015 est.)
country comparison to the world: 24
Electricity - from hydroelectric plants:
23.8% of total installed capacity (2015 est.)
country comparison to the world: 81
Electricity - from other renewable sources:
2.5% of total installed capacity (2015 est.)
country comparison to the world: 115
Crude oil - production:
510,600 bbl/day (2016 est.)
country comparison to the world: 28
Crude oil - exports:
38,600 bbl/day (2014 est.)
country comparison to the world: 44
Crude oil - imports:
10,180 bbl/day (2014 est.)
country comparison to the world: 75
Crude oil - proved reserves:
2.185 billion bbl (1 January 2017 est.)
country comparison to the world: 36
Refined petroleum products - production:
687,100 bbl/day (2014 est.)
country comparison to the world: 26
Refined petroleum products - consumption:
803,000 bbl/day (2015 est.)
country comparison to the world: 27
Refined petroleum products - exports:
52,500 bbl/day (2014 est.)
country comparison to the world: 52
Refined petroleum products - imports:
145,000 bbl/day (2014 est.)
country comparison to the world: 48
Natural gas - production:
36.4 billion cu m (2015 est.)
country comparison to the world: 24
Natural gas - consumption:
72.03 billion cu m (2015 est.)
country comparison to the world: 17
Natural gas - exports:
80 million cu m (2015 est.)
country comparison to the world: 49
Natural gas - imports:
10.67 billion cu m (2015 est.)
country comparison to the world: 27
Natural gas - proved reserves:
316.4 billion cu m (1 January 2017 est.)
country comparison to the world: 37
Carbon dioxide emissions from consumption of energy:
202 million Mt (2013 est.)
country comparison to the world: 30

Communications

Telephones - fixed lines:
total subscriptions: 9,938,630
subscriptions per 100 inhabitants: 23 (July 2016 est.)
country comparison to the world: 20
Telephones - mobile cellular:
total: 63,723,692
subscriptions per 100 inhabitants: 144 (July 2016 est.)
country comparison to the world: 24
Telephone system:
general assessment: in 1998 Argentina opened its telecommunications market to competition and foreign investment encouraging the growth of modern telecommunications technology; fiber-optic cable trunk lines are being installed between all major cities; major networks are entirely digital and the availability of telephone service continues to improve to rural areas
domestic: microwave radio relay, fiber-optic cable, and a domestic satellite system with 40 earth stations serve the trunk network; fixed-line teledensity is increasing gradually and mobile-cellular subscribership is increasing rapidly; broadband Internet services are gaining ground
international: country code - 54; landing point for the Atlantis-2, UNISUR, South America-1, and South American Crossing/Latin American Nautilus submarine cable systems that provide links to Europe, Africa, South and Central America, and US; satellite earth stations - 112; 2 international gateways near Buenos Aires (2016)
Broadcast media:
government owns a TV station and radio network; more than 2 dozen TV stations and hundreds of privately owned radio stations; high rate of cable TV subscription usage (2009)
Internet country code:
.ar
Internet users:
total: 30,786,889
percent of population: 70.2% (July 2016 est.)
country comparison to the world: 25

Transportation

National air transport system:
number of registered air carriers: 6
inventory of registered aircraft operated by air carriers: 107
annual passenger traffic on registered air carriers: 14,245,183
annual freight traffic on registered air carriers: 243,772,567 mt-km (2015)
Civil aircraft registration country code prefix:
LV (2016)
Airports:
1,138 (2013)
country comparison to the world: 6
Airports - with paved runways:
total: 161
over 3,047 m: 4
2,438 to 3,047 m: 29
1,524 to 2,437 m: 65
914 to 1,523 m: 53
under 914 m: 10 (2017)
Airports - with unpaved runways:
total: 977
over 3,047 m: 1
2,438 to 3,047 m: 1
1,524 to 2,437 m: 43
914 to 1,523 m: 484
under 914 m: 448 (2013)
Heliports:
2 (2013)
Pipelines:
gas 29,930 km; liquid petroleum gas 41 km; oil 6,248 km; refined products 3,631 km (2013)
Railways:
total: 36,917.4 km
broad gauge: 26,391 km 1.676-m gauge (149 km electrified)
standard gauge: 2,745.1 km 1.435-m gauge (41.1 km electrified)
narrow gauge: 7,523.3 km 1.000-m gauge; 258 km 0.750-m gauge (2014)
country comparison to the world: 8
Roadways:
total: 231,374 km
paved: 69,412 km (includes 734 km of expressways)
unpaved: 161,962 km (2004)
country comparison to the world: 22
Waterways:
11,000 km (2012)
country comparison to the world: 12
Merchant marine:
total: 161
by type: container ship 1, general cargo 9, oil tanker 27, other 124 (2017)
country comparison to the world: 70
Ports and terminals:
major seaport(s): Bahia Blanca, Buenos Aires, La Plata, Punta Colorada, Ushuaia
river port(s): Arroyo Seco, Rosario, San Lorenzo-San Martin (Parana)
container port(s) (TEUs): Buenos Aires (1,851,701)
LNG terminal(s) (import): Bahia Blanca

Military & Security

Military expenditures:
0.95% of GDP (2016)
0.86% of GDP (2015)
0.88% of GDP (2014)
0.84% of GDP (2013)
0.78% of GDP (2012)
country comparison to the world: 118
Military branches:
Argentine Army (Ejercito Argentino), Navy of the Argentine Republic (Armada Republica; includes naval aviation and naval infantry), Argentine Air Force (Fuerza Aerea Argentina, FAA) (2013)
Military service age and obligation:
18-24 years of age for voluntary military service (18-21 requires parental consent); no conscription; if the number of volunteers fails to meet the quota of recruits for a particular year, Congress can authorize the conscription of citizens turning 18 that year for a period not exceeding one year (2012)
Military - note:
the Argentine military is a well-organized force constrained by the country's prolonged economic hardship; the country has recently experienced a strong recovery, and the military is implementing a modernization plan aimed at making the ground forces lighter and more responsive (2008)

Transnational Issues

Disputes - international:
Argentina continues to assert its claims to the UK-administered Falkland Islands (Islas Malvinas), South Georgia, and the South Sandwich Islands in its constitution, forcibly occupying the Falklands in 1982, but in 1995 agreed to no longer seek settlement by force; UK continues to reject Argentine requests for sovereignty talks; territorial claim in Antarctica partially overlaps UK and Chilean claims; uncontested dispute between Brazil and Uruguay over Braziliera/Brasiliera Island in the Quarai/Cuareim River leaves the tripoint with Argentina in question; in 2010, the ICJ ruled in favor of Uruguay's operation of two paper mills on the Uruguay River, which forms the border with Argentina; the two countries formed a joint pollution monitoring regime; the joint boundary commission, established by Chile and Argentina in 2001 has yet to map and demarcate the delimited boundary in the inhospitable Andean Southern Ice Field (Campo de Hielo Sur); contraband smuggling, human trafficking, and illegal narcotic trafficking are problems in the porous areas of the border with Bolivia
Refugees and internally displaced persons:
refugees (country of origin): 52,703 (Venezuela) (economic and political crisis; includes Venezuelans who have claimed asylum or have received alternative legal stay) (2018)
Illicit drugs:
a transshipment country for cocaine headed for Europe, heroin headed for the US, and ephedrine and pseudoephedrine headed for Mexico; some money-laundering activity, especially in the Tri-Border Area; law enforcement corruption; a source for precursor chemicals; increasing domestic consumption of drugs in urban centers, especially cocaine base and synthetic drugs

Economic Indicators for Argentina including actual values, historical data, and latest data updates for the Argentina economy.