Argentina

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Introduction - Argentina:
Location - Argentina:
People - Argentina:
Government - Argentina:
Economy - Argentina:

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 worlds 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. Beginning in 1998, with external debt equivalent to more than 400% of annual exports, the economy slowed and ultimately fell into a full-blown depression; investors fears grew in the wake of Russias debt default, Brazils devaluation, and the political discord caused by then-President Carlos MENEMs unpopular efforts to run for a constitutionally prohibited third term. The government of Fernando DE LA RUA, elected President in late 1999, tried several measures to cut the fiscal deficit and instill confidence and received large IMF credit facilities, but nothing worked to revive the economy. Depositors began withdrawing money from the banks in late 2001, and the government responded with strict limits on withdrawals. When street protests turned deadly, DE LA RUA was forced to resign in December 2001. Interim President Adolfo Rodriguez SAA declared a default - the largest in history - on Argentinas foreign debt, but he stepped down only a few days later when he failed to garner political support from the countrys governors. Eduardo DUHALDE became President in January 2002 and announced an end to the pesos decade-long 1-to-1 peg to the US dollar. When the peso depreciated and inflation rose, DUHALDEs government froze utility tariffs, curtailed creditors rights, and imposed high taxes on exports. The economy rebounded strongly from the crisis, inflation started falling, and DUHALDE called for special elections. Nestor KIRCHNER was elected President, taking office in May 2003, and continued the restrictions imposed by DUHALDE. With the reemergence of double-digit inflation in 2005, the KIRCHNER administration pressured businesses into a series of agreements to hold down prices. The government also restructured its debt in 2005 and paid off its IMF obligations in early 2006, reducing Argentinas external debt burden. Real GDP growth averaged 9% during the period 2003-06, bolstering government revenues and keeping the budget in surplus.

Gdp purchasing power parity

$608.8 billion (2006 est.)

Gdp official exchange rate

$210 billion (2006 est.)

Gdp real growth rate

8.5% (2006 est.)

Gdp per capita ppp

$15,200 (2006 est.)

Gdp composition by sector

agriculture: 9.5%
industry: 35.8%
services: 54.7% (2005 est.)

Labor force

15.35 million (2006 est.)

Labor force by occupation

agriculture: NA%
industry: NA%
services: NA%

Unemployment rate

8.7% (2006 est.)

Population below poverty line

26.9% (July-December 2006)

Household income or consumption by percentage share

lowest 10%: 1%
highest 10%: 35% (June 2006)

Distribution of family income gini index

48.3 (June 2006)

Inflation rate consumer prices

9.8% (2006)

Investment gross fixed

22.6% of GDP (2006 est.)

Budget

revenues: $52.1 billion
expenditures: $47.6 billion; including capital expenditures of $5.4 billion (2006 est.)

Public debt

61% of GDP (2006)

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

8.2% (2006 est.)

Electricity production

93.94 billion kWh (2004)

Electricity consumption

90.93 billion kWh (2004)

Electricity exports

4.143 billion kWh (2004)

Electricity imports

7.7 billion kWh (2004)

Oil production

745,000 bbl/day (2005 est.)

Oil consumption

470,000 bbl/day (2004 est.)

Oil exports

367,600 bbl/day (2004)

Oil imports

21,650 bbl/day (2004)

Oil proved reserves

2.675 billion bbl (1 January 2005 est.)

Natural gas production

44.88 billion cu m (2004 est.)

Natural gas consumption

37.85 billion cu m (2004 est.)

Natural gas exports

7.83 billion cu m (2004 est.)

Natural gas imports

800 million cu m (2004 est.)

Natural gas proved reserves

612.5 billion cu m (1 January 2005 est.)

Current account balance

$8.053 billion (2006)

Exports

$46.6 billion f.o.b. (2006)

Exports commodities

edible oils, fuels and energy, cereals, feed, motor vehicles

Exports partners

Brazil 16.9%, Chile 8.9%, US 8.4%, China 7.3% (2006)

Imports

$31.69 billion f.o.b. (2006 est.)

Imports commodities

machinery and equipment, motor vehicles, chemicals, metal manufactures, plastics

Imports partners

Brazil 36.1%, US 14.9%, China 6.3%, Germany 5.1% (2006)

Reserves of foreign exchange and gold

$32.07 billion (2006)

Debt external

$109 billion (30 December 2006)

Economic aid recipient

$0 (2002)

Currency code

Argentine peso (ARS)

Exchange rates

Argentine pesos per US dollar - 3.0543 (2006), 2.9037 (2005), 2.9233 (2004), 2.9006 (2003), 3.0633 (2002)

Communications - Argentina:
Transportation - Argentina:
Military - Argentina:
This page was last updated on 16 September, 2007
Source: CIA >>>


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