economy
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 8.5% annually over the subsequent six 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, 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 has rebounded strongly from the 2009 recession, but the government's continued reliance on expansionary fiscal and monetary policies risks exacerbating already high inflation.
GDP (purchasing power parity)
$709.7 billion (2011 est.)
$657.2 billion (2010 est.)
$602 billion (2009 est.)
note: data are in 2011 US dollars
GDP (official exchange rate)
$435.2 billion (2011 est.)
GDP - real growth rate
8% (2011 est.)
9.2% (2010 est.)
0.8% (2009 est.)
GDP - per capita (PPP)
$17,400 (2011 est.)
$16,200 (2010 est.)
$15,000 (2009 est.)
note: data are in 2011 US dollars
GDP - composition by sector
agriculture: 10%
industry: 30.7%
services: 59.2% (2011 est.)
Population below poverty line
30%
note: data are based on private estimates (2010)
Labor force
16.76 million
note: urban areas only (2011 est.)
Labor force - by occupation
agriculture: 5%
industry: 23%
services: 72% (2009 est.)
Unemployment rate
7.2% (2011 est.)
7.8% (2010 est.)
Unemployment, youth ages 15-24
total: 21.2%
male: 18.8%
female: 24.7% (2009)
Household income or consumption by percentage share
lowest 10%: 1.7%
highest 10%: 29.5% (3rd Quarter, 2010)
Distribution of family income - Gini index
45.8 (2009)
Investment (gross fixed)
22.6% of GDP (2011 est.)
Budget
revenues: $105.8 billion
expenditures: $113.3 billion (2011 est.)
Taxes and other revenues
25.1% of GDP (2011 est.)
Budget surplus (+) or deficit (-)
-2% of GDP (2011 est.)
Public debt
42.9% of GDP (2011 est.)
45.1% of GDP (2010 est.)
Inflation rate (consumer prices)
22% (2010 est.)
16% (2009 est.)
note: data are derived from private estimates
Central bank discount rate
NA%
Commercial bank prime lending rate
11.8% (31 December 2011 est.)
10.558% (31 December 2010 est.)
Stock of money
$32.57 billion (31 December 2008)
$33.93 billion (31 December 2007)
Stock of narrow money
$52.63 billion (31 December 2011 est.)
$56.32 billion (31 December 2010 est.)
Stock of quasi money
$46.18 billion (31 December 2008)
$45.92 billion (31 December 2007)
Stock of broad money
$132.3 billion (31 December 2011 est.)
$112.9 billion (31 December 2010 est.)
Stock of domestic credit
$136.4 billion (31 December 2011 est.)
$104.9 billion (31 December 2010 est.)
Market value of publicly traded shares
$63.91 billion (31 December 2010)
$48.93 billion (31 December 2009)
$52.31 billion (31 December 2008)
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
6.5%
note: based on private estimates (2011 est.)
Electricity - production
115.4 billion kWh (2008 est.)
Electricity - production by source
fossil fuel: 52.2%
hydro: 40.8%
nuclear: 6.7%
other: 0.2% (2001)
Electricity - consumption
104.7 billion kWh (2008 est.)
Electricity - exports
3 billion kWh (2009 est.)
Electricity - imports
5.53 billion kWh (2009 est.)
Oil - production
763,600 bbl/day (2010 est.)
Oil - consumption
618,000 bbl/day (2010 est.)
Oil - exports
238,100 bbl/day (2009 est.)
Oil - imports
19,380 bbl/day (2009 est.)
Oil - proved reserves
2.505 billion bbl (1 January 2011 est.)
Natural gas - production
40.1 billion cu m (2010 est.)
Natural gas - consumption
43.46 billion cu m (2010 est.)
Natural gas - exports
880 million cu m (2009 est.)
Natural gas - imports
3.78 billion cu m (2010 est.)
Natural gas - proved reserves
378.8 billion cu m (1 January 2011 est.)
Current Account Balance
-$264.1 million (2011 est.)
$3.081 billion (2010 est.)
Exports
$83.71 billion (2011 est.)
$68.13 billion (2010 est.)
Exports - commodities
soybeans and derivatives, petroleum and gas, vehicles, corn, wheat
Exports - partners
Brazil 21.2%, China 9.1%, Chile 7%, US 5.4% (2009)
Imports
$71.73 billion (2011 est.)
$53.87 billion (2010 est.)
Imports - commodities
machinery, motor vehicles, petroleum and natural gas, organic chemicals, plastics
Imports - partners
Brazil 34.5%, US 13.8%, China 11.4%, Germany 5% (2009)
Reserves of foreign exchange and gold
$53.35 billion (31 December 2011 est.)
$52.23 billion (31 December 2010 est.)
Debt - external
$136 billion (31 December 2011 est.)
$128 billion (31 December 2010 est.)
Stock of direct foreign investment - at home
$93.35 billion (31 December 2011 est.)
$86.35 billion (31 December 2010 est.)
Stock of direct foreign investment - abroad
$31.49 billion (31 December 2011 est.)
$30.39 billion (31 December 2010 est.)
Exchange rates
Argentine pesos (ARS) per US dollar -
4.132 (2011 est.)
3.8963 (2010 est.)
3.7101 (2009)
3.1636 (2008)
3.1105 (2007
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