Economy Overview
In 2014, the government also took some measures to mend ties with the international financial community, including engaging with the IMF to improve its economic data reporting, reaching a compensation agreement with Repsol for the expropriation of YPF, and agreeing to pay $9.7 billion in arrears to the Paris Club over five years, including $606 million owed to the United States. In July 2014, Argentina made its first payment to Paris Club creditors since the country’s 2001 financial crisis. At the same time, the Argentine government in July 2014 entered a technical default on its external debt after it failed to reach an agreement with holdout creditors in the US. The government’s delay in reaching a settlement and the continuation of interventionist and populist policies are contributing to high inflation and a prolonged recession, according to private analysts.
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
-2.1%
Labor Force
17.31 million
Labor Force by Occupation
Agriculture: 5%
Industry: 23%
Services: 72% (2009 est.)
Unemployment Rate
7.1% (2013 est.)
Population Below Poverty Line
30%
Household Income or Consumption by Percentage Share
Lowest 10%: 1.5%
Highest 10%: 32.3% (2010 est.)
Distribution of Family Income Gini Index
45.8 (2009)
Budget
Revenues: $117.2 billion
Expenditures: $130.5 billion (2014 est.)
Public Debt
39.5% of GDP (2013 est.)
Central Bank Discount Rate
NA%
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$62.53 billion (31 December 2013 est.)
Stock of Broad Money
$139.7 billion (31 December 2013 est.)
Stock of Domestic Credit
$168.1 billion (31 December 2013 est.)
Market Value of Publicly Traded Shares
$63.91 billion (31 December 2010 est.)
Reserves of Foreign Exchange and Gold
$30.53 billion (31 December 2013 est.)
Debt External
$118.7 billion (31 December 2013 est.)
Stock of Direct Foreign Investment at Home
$109.9 billion (31 December 2013 est.)
Stock of Direct Foreign Investment Abroad
$34.33 billion (31 December 2013 est.)
Exchange Rates
3.8963 (2010 est.)
