Argentina Economy - 2024

Economic overview

large diversified economy; financial risks from debt obligations, rapid inflation, and reduced investor appetites; resource-rich, export-led growth model; increasing trade relations with China; G20 and OAS leader; tendency to nationalize businesses and under-report inflation

Real GDP (purchasing power parity)

$986.134 billion (2021 est.)
$893.251 billion (2020 est.)
$991.876 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

10.4% (2021 est.)
-9.94% (2020 est.)
-2% (2019 est.)

Real GDP per capita

$21,500 (2021 est.)
$19,700 (2020 est.)
$22,100 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$447.467 billion (2019 est.)

Inflation rate (consumer prices)

25.7% (2017 est.)
26.5% (2016 est.)

note: data are derived from private estimates

Credit ratings

Fitch rating: CCC (2020)

Moody's rating: Ca (2020)

Standard & Poors rating: CCC+ (2020)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 10.8% (2017 est.)

industry: 28.1% (2017 est.)

services: 61.1% (2017 est.)

GDP - composition, by end use

household consumption: 65.9% (2017 est.)

government consumption: 18.2% (2017 est.)

investment in fixed capital: 14.8% (2017 est.)

investment in inventories: 3.7% (2017 est.)

exports of goods and services: 11.2% (2017 est.)

imports of goods and services: -13.8% (2017 est.)

Agricultural products

maize, soybeans, wheat, sugar cane, milk, barley, sunflower seed, beef, grapes, potatoes

Industries

food processing, motor vehicles, consumer durables, textiles, chemicals and petrochemicals, printing, metallurgy, steel

Industrial production growth rate

15.26% (2021 est.)

note: based on private sector estimates

Labor force

21.206 million (2021 est.)

note: urban areas only

Unemployment rate

10.9% (2021 est.)
11.46% (2020 est.)
9.84% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 29.9% (2021 est.)

male: 25%

female: 37.1%

Population below poverty line

35.5% (2019 est.)

Gini Index coefficient - distribution of family income

42.3 (2020 est.)

Average household expenditures

on food: 28.3% of household expenditures (2018 est.)

on alcohol and tobacco: 1.9% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 1.8%

highest 10%: 31% (2017 est.)

Remittances

0.19% of GDP (2021 est.)
0.17% of GDP (2020 est.)
0.13% of GDP (2019 est.)

Budget

revenues: $150.823 billion (2019 est.)

expenditures: $170.725 billion (2019 est.)

Budget surplus (+) or deficit (-)

-6% (of GDP) (2017 est.)

Public debt

57.6% of GDP (2017 est.)
55% of GDP (2016 est.)

Taxes and other revenues

10.87% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

$6.708 billion (2021 est.)
$3.121 billion (2020 est.)
-$3.492 billion (2019 est.)

Exports

$87.415 billion (2021 est.)
$64.431 billion (2020 est.)
$79.964 billion (2019 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

Brazil 16%, China 11%, United States 7%, Chile 5% (2019)

Exports - commodities

corn, soybean products, delivery trucks, wheat, beef, gold (2021)

Imports

$72.362 billion (2021 est.) note: data are in current year dollars
$52.339 billion (2020 est.) note: data are in current year dollars
$66.574 billion (2019 est.) note: data are in current year dollars

Imports - partners

Brazil 21%, China 18%, US 14%, Germany 6% (2019)

Imports - commodities

cars, refined petroleum, vehicle parts, natural gas, soybeans (2019)

Reserves of foreign exchange and gold

$39.653 billion (31 December 2021 est.)
$39.404 billion (31 December 2020 est.)
$44.881 billion (31 December 2019 est.)

Debt - external

$278.524 billion (2019 est.)
$261.949 billion (2018 est.)

Exchange rates

Argentine pesos (ARS) per US dollar -

Exchange rates:
94.991 (2021 est.)
70.539 (2020 est.)
48.148 (2019 est.)
28.095 (2018 est.)
16.563 (2017 est.)