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 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. Cristina FERNANDEZ DE KIRCHNER succeeded her husband as president in late 2007, and in 2008 the rapid economic growth of previous years slowed sharply as government policies held back exports and the world economy fell into recession. In 2010 the economy rebounded strongly, but slowed in late 2011 even as the government continued to rely on expansionary fiscal and monetary policies, which kept inflation in the double digits. In order to deal with these problems, the government expanded state intervention in the economy: 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
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
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
0: 9.84% (2019 est.)
1: 9.18% (2018 est.)
Youth Unemployment Rate
Total: 23.2%
Male: 20.8%
Female: 26.7% (2021 est.)
Population Below Poverty Line
35.5% (2019 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: 1.8%
Highest 10%: 31% (2017 est.)
Distribution of Family Income Gini Index
0: 41.4 (2018 est.)
1: 45.8 (2009)
Budget
Revenues: 120.6 billion (2017 est.)
Expenditures: 158.6 billion (2017 est.)
Budget Surplus
-6% (of GDP) (2017 est.)
Public Debt
0: 57.6% of GDP (2017 est.)
1: 55% of GDP (2016 est.)
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
0: $55.33 billion (31 December 2017 est.)
1: $38.43 billion (31 December 2016 est.)
Debt External
0: $278.524 billion (2019 est.)
1: $261.949 billion (2018 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
0: Argentine pesos (ARS) per US dollar -
1: 82.034 (2020 est.)
2: 59.96559 (2019 est.)
3: 37.23499 (2018 est.)
4: 9.23 (2014 est.)
5: 8.08 (2013 est.)
