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.

Cristina FERNANDEZ DE KIRCHNER succeeded her husband as president in late 2007, and in 2008 the rapid economic growth of previous years slowed sharply as government policies held back exports and the world economy fell into recession. In 2010 the economy rebounded strongly, 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, continued working with the IMF to shore up its finances, and returned to international capital markets in April 2016.

In 2017, Argentina’s economy emerged from recession with GDP growth of nearly 3.0%. The government passed important pension, tax, and fiscal reforms. And after years of international isolation, Argentina took on several international leadership roles, 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):
$922.1 billion (2017 est.)
$896.5 billion (2016 est.)
$913.2 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 28
[see also: GDP country ranks ]

GDP (official exchange rate):
$637.6 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.9% (2017 est.)
-1.8% (2016 est.)
2.7% (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 117
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$20,900 (2017 est.)
$20,600 (2016 est.)
$21,200 (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 88
[see also: GDP - per capita country ranks ]

Gross national saving:
17.6% of GDP (2017 est.)
16.8% of GDP (2016 est.)
15.8% of GDP (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 114
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 65.9% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 18.2% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 14.8% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 3.7% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 11.2% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -13.8% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 10.8% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 28.1% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 61.1% (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:
2.7% (2017 est.)
note: based on private sector estimates
country comparison to the world (CIA rank, may be based on non-current data): 111
[see also: Industrial production growth rate country ranks ]

Labor force:
18 million (2017 est.)
note: urban areas only
country comparison to the world (CIA rank, may be based on non-current data): 33
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 5.3%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 28.6%
[see also: Labor force - by occupation - industry country ranks ]
services: 66.1% (2017 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
8.4% (2017 est.)
8.5% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 120
[see also: Unemployment rate country ranks ]

Population below poverty line:
25.7% (2017 est.)
note: data are based on private estimates
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.8%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 31% (2017 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
41.7 (2017 est.)
45.8 (2009)
country comparison to the world (CIA rank, may be based on non-current data): 54
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 120.6 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 158.6 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
18.9% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 157
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-6% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 182
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
57.6% of GDP (2017 est.)
55% of GDP (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 77
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
25.7% (2017 est.)
26.5% (2016 est.)
note: data are derived from private estimates
country comparison to the world (CIA rank, may be based on non-current data): 219
[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:
26.58% (31 December 2017 est.)
31.23% (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 9
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$62.61 billion (31 December 2017 est.)
$59 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 48
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$62.61 billion (31 December 2017 est.)
$59 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 48
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$219.4 billion (31 December 2017 est.)
$194 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 44
[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 (CIA rank, may be based on non-current data): 50
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$31.32 billion (2017 est.)
-$14.69 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 200
[see also: Current account balance country ranks ]

Exports:
$58.45 billion (2017 est.)
$57.78 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 49
[see also: Exports country ranks ]

Exports - partners:
Brazil 16.1%, US 7.9%, China 7.5%, Chile 4.4% (2017)

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

Imports:
$63.97 billion (2017 est.)
$53.5 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 48
[see also: Imports country ranks ]

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

Imports - partners:
Brazil 26.9%, China 18.5%, US 11.3%, Germany 4.9% (2017)

Reserves of foreign exchange and gold:
$55.33 billion (31 December 2017 est.)
$38.43 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 38
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$214.9 billion (31 December 2017 est.)
$190.2 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 34
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$76.58 billion (31 December 2017 est.)
$72.11 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 52
[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 (CIA rank, may be based on non-current data): 46
[see also: Stock of direct foreign investment - abroad country ranks ]

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.)