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Argentina
- Economy
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Overview
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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. Her government nationalized private pension funds in late 2008 in an attempt to bolster government coffers, but the move also adversely affected private investment spending.
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GDP
(Gross
domestic product) |
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Purchasing
power parity:
$ 548,800,000,000
USD (2009)
Rank: 24
Official
exchange rate:
$310.1 billion
Composition by
sector
- agriculture: 9.5%
- industry: 35.8%
- services: 54.7%
Per capita: $ 13,400
(2009 est.)
Rank: 80
Real growth rate: -2.8
(2009 est.)
Rank: 161
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Industrial Sector &
Agriculture |
Industries: food processing, motor vehicles, consumer durables, textiles, chemicals and petrochemicals, printing, metallurgy, steel
Industrial production growth rate: 6,6
(2009 est.)
Rank: 45
Agriculture - products: sunflower seeds, lemons, soybeans, grapes, corn, tobacco, peanuts, tea, wheat; livestock
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Labor Force
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Labor force: 15,350,000
(2006 est. )
Rank: 33
by
occupation: agriculture: NA%; industry: NA%; services: NA%
Unemployment rate:
8.7
(2009 est.)
Rank: 101
Population below poverty
line: 26.9%
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Financial Data |
Currency: Argentine peso (ARS)
Code:
ARSAR
Exchange rates: Argentine pesos per US dollar - 2.9003 (2003), 3.0633 (2002), 0.9995 (2001), 0.9995 (2000), 0.9995 (1999)
Currency Calculator
Current
account balance: $ 11,290,000,000
(2009 est.)
Rank: 19
Budget
2006
- revenues:
revenues: $51.9 billion
- expenditures: expenditures: $48.1 billion; including capital expenditures of $5.4 billion (2006 est.)
Inflation rate: 7,7
(2009 est.
Rank: 178
Reserves: $ 28,070,000,000
USD (Dezember 2005)
Rank: 34
Investment: 20.9
(2009)
Rank: 78
Public Debt:
48.6
USD (2009 est.)
Rank: 49
Debt - external: $145.6 billion (2003 est.)
(31 December 2009 est.)
Rank: 32
Economic Aid - Donor:
Economic Aid - Recipient: $99.66 million (2005)
Household income by percentage share highest
10%: 35%
Household income by percentage share lowest 10%: 1%
Bezugsjahr: (June 2006)
Gini Index: 45.7
Gini Index US: 48.3
Gini Index Bezugsjahr: 6/2006
Corruption Index: 2.9
Corruption Rank: 105
Tourismus:
Tourismus-Einnahmen:
Fiscal year: calendar year
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Source:
CIA
World Factbook. This page was last updated on
18 February, 2011
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