Argentina Economy 2018, CIA World Factbook
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Argentina Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Argentina Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

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 (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.5% (2017 est.) -2.2% (2016 est.) 2.6% (2015 est.)
country comparison to the world: 130
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$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
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 66.5%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 18%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 15.3%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 1.5%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 12%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -13.4% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 10.9%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 28.2%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 60.9% (2017 est.)
[see also: GDP - composition, by sector of origin - services 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:
2.4%
note: based on private sector estimates (2017 est.)
country comparison to the world: 117
[see also: Industrial production growth rate country ranks ]

Labor force:
18 million
note: urban areas only (2017 est.)
country comparison to the world: 35
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 0.5%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 24.8%
[see also: Labor force - by occupation - industry country ranks ]
services: 74.7% (2014 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
8.1% (2017 est.) 8.5% (2016 est.)
country comparison to the world: 112
[see also: Unemployment rate country ranks ]

Population below poverty line:
32.2%
note: data are based on private estimates (2016 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.6%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 30.8% (2014 est.)

Distribution of family income - Gini index:
42.7 (2014) 45.8 (2009)
country comparison to the world: 48
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $123.2 billion
[see also: Budget - revenues country ranks ]
expenditures: $161.1 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
19.9% of GDP (2017 est.)
country comparison to the world: 154
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-6.1% of GDP (2017 est.)
country comparison to the world: 176
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
53.7% of GDP (2017 est.) 54.5% of GDP (2016 est.)
country comparison to the world: 89
[see also: Public debt country ranks ]

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
[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:
24.5% (31 December 2017 est.) 31.23% (31 December 2016 est.)
country comparison to the world: 11
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$62.95 billion (31 December 2017 est.) $59 billion (31 December 2016 est.)
country comparison to the world: 49
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$166.9 billion (31 December 2017 est.) $146.5 billion (31 December 2016 est.)
country comparison to the world: 48
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$216.7 billion (31 December 2017 est.) $194 billion (31 December 2016 est.)
country comparison to the world: 45
[see also: Stock of domestic credit country ranks ]

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
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$22.13 billion (2017 est.) -$14.9 billion (2016 est.)
country comparison to the world: 193
[see also: Current account balance country ranks ]

Exports:
$59.69 billion (2017 est.) $57.78 billion (2016 est.)
country comparison to the world: 47
[see also: Exports country ranks ]

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
[see also: Imports country ranks ]

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
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$208.6 billion (31 December 2017 est.) $190.2 billion (31 December 2016 est.)
country comparison to the world: 37
[see also: Debt - external country ranks ]

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
[see also: Stock of direct foreign investment - at home country ranks ]

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
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Argentine pesos (ARS) per US dollar - 16.92 (2017 est.) 14.7582 (2016 est.) 14.7582 (2015 est.) 9.2332 (2014 est.) 8.0753 (2013 est.)


NOTE: 1) The information regarding Argentina on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Argentina Economy 2018 information contained here. All suggestions for corrections of any errors about Argentina Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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