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Argentina Economy 2011
https://theodora.com/wfb2011/argentina/argentina_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 13, 2011

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. 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 from the 2009 recession, but the government's continued reliance on expansionary fiscal and monetary policies risks exacerbating already high inflation, which remains under-reported by official statistics.

GDP (purchasing power parity):
$621.7 billion (2010 est.)
country comparison to the world: 24

$576.7 billion (2009 est.)
$571.6 billion (2008 est.)
note: data are in 2010 US dollars; data are derived from official data and may overstate actual GDP
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$351 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
7.8% (2010 est.)
country comparison to the world: 12

0.9% (2009 est.)
6.8% (2008 est.)
note: data are derived from official data and may overstate actual growth
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$15,000 (2010 est.)
country comparison to the world: 75

$14,100 (2009 est.)
$14,100 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 8.5%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 31.6%
[see also: GDP - composition by sector - industry country ranks ]
services: 59.8% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
16.62 million
country comparison to the world: 36
note: urban areas only (2009 est.)
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 5%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 23%
[see also: Labor force - by occupation - industry country ranks ]
services: 72% (2009 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
7.9% (2010 est.)
country comparison to the world: 84

8.7% (2009 est.)
note: based on official data, which may understate unemployment
[see also: Unemployment rate country ranks ]

Population below poverty line:
12%
note: based on official government estimates, which may understate the true poverty level (January-June 2009)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.2%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 32.6% (2009)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
45.7 (2009)
country comparison to the world: 38
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
22% of GDP (2009 est.)
country comparison to the world: 67
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $86.67 billion
[see also: Budget - revenues country ranks ]
expenditures: $91.29 billion (2009)
[see also: Budget - expenditures country ranks ]

Public debt:
50.3% of GDP (2010 est.)
country comparison to the world: 51

48.6% of GDP (2009 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
11% (2010 est.)
country comparison to the world: 201

7.7% (2009 est.)
note: based on official estimates; actual inflation may be 2-3 times this level
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
NA%
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
15.66% (31 December 2009 est.)
country comparison to the world: 22

19.47% (31 December 2008 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$41.66 billion (31 December 2010 est)

$35.33 billion (31 December 2009 est)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$112.9 billion (31 December 2010 est.)

$85.18 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$113.9 billion (31 December 2010 est.)
country comparison to the world: 47

$84.92 billion (31 December 2009 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$48.93 billion (31 December 2009)
country comparison to the world: 49

$52.31 billion (31 December 2008)
$86.68 billion (31 December 2007)
[see also: Market value of publicly traded shares country ranks ]

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:
6.6%
country comparison to the world: 45
note: based on private estimates (2009 est.)
[see also: Industrial production growth rate country ranks ]

Electricity - production:
109.5 billion kWh (2007 est.)
country comparison to the world: 30
[see also: Electricity - production country ranks ]

Electricity - consumption:
99.21 billion kWh (2007 est.)
country comparison to the world: 31
[see also: Electricity - consumption country ranks ]

Electricity - exports:
2.628 billion kWh (2007 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
10.28 billion kWh (2007 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
796,300 bbl/day (2009 est.)
country comparison to the world: 26
[see also: Oil - production country ranks ]

Oil - consumption:
622,000 bbl/day (2009 est.)
country comparison to the world: 26
[see also: Oil - consumption country ranks ]

Oil - exports:
314,400 bbl/day (2007 est.)
country comparison to the world: 38
[see also: Oil - exports country ranks ]

Oil - imports:
52,290 bbl/day (2007 est.)
country comparison to the world: 85
[see also: Oil - imports country ranks ]

Oil - proved reserves:
2.386 billion bbl (1 January 2010 est.)
country comparison to the world: 34
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
41.36 billion cu m (2009 est.)
country comparison to the world: 20
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
43.14 billion cu m (2009 est.)
country comparison to the world: 19
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
890 million cu m (2008 est.)
country comparison to the world: 37
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
2.66 billion cu m (2009 est.)
country comparison to the world: 43
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
398.4 billion cu m (1 January 2010 est.)
country comparison to the world: 34
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
$6.976 billion (2010 est.)
country comparison to the world: 29

$11.29 billion (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$68.01 billion (2010 est.)
country comparison to the world: 42

$55.67 billion (2009 est.)
[see also: Exports country ranks ]

Exports - commodities:
soybeans and derivatives, petroleum and gas, vehicles, corn, wheat

Exports - partners:
Brazil 18.78%, China 9.26%, Chile 7.11%, US 6.38% (2009)

Imports:
$52.61 billion (2010 est.)
country comparison to the world: 48

$37.14 billion (2009 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery, motor vehicles, petroleum and natural gas, organic chemicals, plastics

Imports - partners:
Brazil 31.12%, US 13.69%, China 10.26%, Germany 4.69% (2009)

Reserves of foreign exchange and gold:
$53.61 billion (31 December 2010 est.)
country comparison to the world: 20

$48.03 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$128.6 billion (31 December 2010 est.)
country comparison to the world: 32

$118.4 billion (31 December 2009 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$86.8 billion (31 December 2010 est.)
country comparison to the world: 36

$80.1 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$30.16 billion (31 December 2010 est.)
country comparison to the world: 38

$29.46 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Argentine pesos (ARS) per US dollar - 3.8983 (2010), 3.7101 (2009), 3.1636 (2008), 3.1105 (2007), 3.0543 (2006)


NOTE: The information regarding Argentina on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Argentina Economy 2011 information contained here. All suggestions for corrections of any errors about Argentina Economy 2011 should be addressed to the CIA.



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This page was last modified 09-Feb-11
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