Overview: Argentina has rich natural resources, a highly literate population, an export-oriented agricultural sector, and a diversified industrial base. Nevertheless, the economy has encountered major problems in recent years. Economic growth slowed to 2.0% in 1987, down from the 5.5% registered in 1986. The widening public sector deficit and a triple-digit inflation rate dominated the economy in 1987 and into 1988. Since 1978, Argentina's external debt has nearly doubled to more than $58 billion, creating severe debt-servicing difficulties and hurting the country's creditworthiness with international lenders.

GNP: $74.3 billion, per capita $2,360; real growth rate 2.0% (1987)

Inflation rate (consumer prices): 188% (1988)

Unemployment rate: 6.5% (1988 est.)

Budget: revenues $7.1 billion; expenditures $9.5 billion, including capital expenditures of $NA (1987)

Exports: $6.3 billion (f.o.b., 1987); @m5commodities--meat, wheat, corn, oilseed, hides, wool; @m5partners--US 14%, USSR, Italy, Brazil, Japan, Netherlands

Imports: $5.8 billion (c.i.f., 1987); @m5commodities--machinery and equipment, chemical, metals, fuel and lubricants, agricultural products; @m5partners--US 20%, Brazil, FRG, Bolivia, Japan, Italy, Netherlands

External debt: $58.0 billion (December 1988)

Industrial production: growth rate - 0.6% (1988)

Electricity: 16,058,000 kW capacity; 48,034 million kWh produced, 1,520 kWh per capita (1988)

Industries: food processing (especially meat packing), motor vehicles, consumer durables, textiles, chemicals and petrochemicals, printing, metallurgy, steel

Agriculture: accounts for 15% of GDP (including fishing); produces abundant food for both domestic consumption and exports; among world's top five exporters of grain and beef; principal crops--wheat, corn, sorghum, soybeans, sugar beets; fish catch estimated at 500,000 metric tons in 1987

Aid: NA

Currency: austral (plural--australes); 1 austral (A) = 100 centavos

Exchange rates: australes (A) per US$1--13.3 (end December 1988), 2.1443 (1987), 0.9430 (1986), 0.6018 (1985); black-market rate 550 (July 1989)

Fiscal year: calendar year

NOTE: The information regarding Argentina on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Argentina Economy 1989 information contained here. All suggestions for corrections of any errors about Argentina Economy 1989 should be addressed to the CIA.