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Economy of Argentina

Economy of Argentina
Buenos Aires-2672f-Banco de la Nación Argentina.jpg
Currency Argentine peso (ARS)
Calendar year
Trade organisations
WTO, Mercosur, Unasur
Statistics
GDP $630.4 billion (nominal) (21st, 2015)
$884.2 billion (PPP) (26th, 2015)
GDP growth
-2.6% (2014), 2.5% (2015),
-2.3% (2016e), 2.7% (2017f)
GDP per capita
$14,617 (nominal) (53rd, 2015)
$20,499 (PPP) (63rd, 2015)
GDP by sector
Agriculture, forestry, and fishing, 6.0%
mining, 3.6%
manufacturing, 17.2%
construction, 5.6%
commerce and tourism, 16.9%
transport, communications, and utilities, 7.9%
government, 9.5%
business, social and other services, 33.3%. (2015)
39.1% (August 2016)
Population below poverty line
32.2% (2016)
Official (INDEC) figure; alternative 2013 estimates vary from 15.4% (CONICET), to 27.5% (UCA), and 28.9% (CGT).
0.427 (2014)
Labour force
17.9 million (2012) Categories:
private sector employees, 49%
employers and the self-employed, 27%
public-sector employees, 21%
unpaid family workers, 3% (2001).
Labour force by occupation
Agricultural, 7.3%
manufacturing, 13.1%
construction, 7.6%
commerce and tourism, 21.4%
transport, communications and utilities, 7.8%
financial, real estate and business services, 9.4%
public administration and defense, 6.3%
social services and other, 27.1%. (2006)
Unemployment 8.5% (September 2016)
Average gross salary
AR$ 18,367 monthly (June 2016)
Main industries
Food processing and beverages; motor vehicles and auto parts; appliances and electronics; chemicals, petrochemicals, and biodiesel; pharmaceuticals; steel and aluminum; machinery; glass and cement; textiles; tobacco products; publishing; furniture; leather.
116th (2017)
External
Exports $56.76 billion (2015)
Export goods
Soybeans and derivatives, petroleum and gas, vehicles, corn, wheat
Main export partners
 Brazil 17%
 China 8.6%
 United States 5.9% (2015)
Imports $57.18 billion (2015)
Import goods
Machinery, motor vehicles, petroleum and natural gas, organic chemicals, plastics
Main import partners
 Brazil 22.4%
 United States 16.3%
 China 15.5%
 Germany 5.1% (2015)
FDI stock
$94.19 billion (2015)
$163.2 billion; of which public, $92.5 billion (March 2016)
Public finances
$222.7 billion (bonds, 68%); 44.8% of GDP (December 2015)
Revenues $142.9 billion (2015) (social security, 25.9%; income and capital gains, 23.6%; value-added sales tax, 20.1%; trade and duties, 15.1%; financial tax, 6.3%; excise and other, 9.0%)
Expenses $167.3 billion (2015) (social security, 38.8%; subsidies and infrastructure, 22.5%; debt service, 9.2%; education, culture and research, 8.8%; social assistance, 5.4%; health, 3.4%; security, 3.1%; defense, 2.1%; other, 6.7%)
B- (Domestic)
SD (Foreign)
B- (T&C Assessment)
(Standard & Poor's)
Foreign reserves
$39.9 billion (January 2017)
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

The economy of Argentina is a high-income economy, Latin America's third largest, and the second largest in South America behind Brazil.

The country benefits from rich natural resources, a highly literate population, an export-oriented agricultural sector, and a diversified industrial base. Argentina's economic performance has historically been very uneven, in which high economic growth alternated with severe recessions, particularly during the late twentieth century, and income maldistribution and poverty increased. Early in the twentieth century Argentina had one of the highest per capita GDP levels in the world and the third largest economy in the developing world. Today a high-income economy, Argentina maintains a relatively high quality of life and GDP per capita.

Argentina is considered an emerging market by the FTSE Global Equity Index, and is one of the G-20 major economies.

Prior to the 1880s, Argentina was a relatively isolated backwater, dependent on the salted meat, wool, leather, and hide industries for both the greater part of its foreign exchange and the generation of domestic income and profits. The Argentine economy began to experience swift growth after 1880 through the export of livestock and grain commodities, as well as through British and French investment, marking the beginning of a fifty-year era of significant economic expansion and mass European immigration.


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