Economy Overview
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.
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.)
Labor Force
18 million
(2017 est.)
Labor Force by Occupation
Agriculture: 5.3%
Industry: 28.6%
Services: 66.1%
(2017 est.)
Unemployment Rate
9.18%
(2018 est.)
Population Below Poverty Line
25.7%
(2017 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: 1.8%
Highest 10%: 31%
(2017 est.)
Budget
Revenues: 120.6 billion
(2017 est.)
Expenditures: 158.6 billion
(2017 est.)
Public Debt
55% of GDP
(2016 est.)
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
$38.43 billion
(31 December 2016 est.)
Debt External
$190.2 billion
(31 December 2016 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
8.08
(2013 est.)
