Economy Of Argentina
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Economy 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. Over the past decade, however, the country has suffered recurring economic problems of inflation, external debt, capital flight, and budget deficits. Growth in 2000 was a negative 0.8%, as both domestic and foreign investors remained skeptical of the government's ability to pay debts and maintain the peso's fixed exchange rate with the US dollar. The economic situation worsened in 2001 with the widening of spreads on Argentine bonds, massive withdrawals from the banks, and a further decline in consumer and investor confidence. Government efforts to achieve a "zero deficit," to stabilize the banking system, and to restore economic growth proved inadequate in the face of the mounting economic problems. The peso's peg to the dollar was abandoned in January 2002, and the peso was floated in February; the exchange rate plunged and inflation picked up rapidly, but by mid-2002 the economy had stabilized, albeit at a lower level. Strong demand for the peso compelled the Central Bank to intervene in foreign exchange markets to curb its appreciation in 2003. Led by record exports, the economy began to recover with output up 8% in 2003, unemployment falling, and inflation reduced to under 4% at year-end.
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GDP
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purchasing power parity - $435.5 billion (2004 est.)
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GDP - real growth rate
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8.7% (2004 est.)
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GDP - per capita
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purchasing power parity - $11,200 (2004 est.)
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GDP - composition by sector
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agriculture: 11.1%
industry: 34.8%
services: 54.1% (2004 est.)
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Investment gross fixed
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15.1% of GDP (2004 est.)
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Population below poverty line
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51.7% (May 2003)
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Household income or consumption by percentage share
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lowest 10%: NA
highest 10%: NA
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Distribution of family income - Gini index
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Inflation rate consumer prices
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13.4% (2004 est.)
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Labor force
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14.92 million (2004 est.)
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Labor force by occupation
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agriculture NA, industry NA, services NA
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Unemployment rate
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17.3% (2004 est.)
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Budget
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revenues: $26.62 billion
expenditures: $26 billion, including capital expenditures of NA (2004 est.)
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Public debt
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65.7% of GDP (2004 est.)
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Agriculture products
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sunflower seeds, lemons, soybeans, grapes, corn, tobacco, peanuts, tea, wheat; livestock
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Industries
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food processing, motor vehicles, consumer durables, textiles, chemicals and petrochemicals, printing, metallurgy, steel
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Industrial production growth rate
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16.2% (2004 est.)
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Electricity production
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97.17 billion kWh (2001)
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Electricity production by source
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fossil fuel: 52.2%
hydro: 40.8%
other: 0.2% (2001)
nuclear: 6.7%
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Electricity consumption
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92.12 billion kWh (2001)
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Electricity exports
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5.662 billion kWh (2001)
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Electricity imports
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7.417 billion kWh (2001)
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Oil production
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828,600 bbl/day (2004 est.)
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Oil consumption
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486,000 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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2.927 billion bbl (2004)
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Natural gas production
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37.15 billion cu m (2001 est.)
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Natural gas consumption
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31.1 billion cu m (2001 est.)
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Natural gas exports
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6.05 billion cu m (2001 est.)
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Natural gas imports
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0 cu m (2001 est.)
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Natural gas proved reserves
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768 billion cu m (2004)
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Current account balance
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$7.855 billion (2004 est.)
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Exports
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$29.57 billion f.o.b. (2004 est.)
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Exports commodities
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edible oils, fuels and energy, cereals, feed, motor vehicles
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Exports partners
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Brazil 15.8%, Chile 12%, US 10.6%, China 8.4%, Spain 4.7% (2003)
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Imports
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$13.27 billion f.o.b. (2003 est.)
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Imports commodities
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machinery and equipment, motor vehicles, chemicals, metal manufactures, plastics
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Imports partners
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Brazil 34%, US 16.4%, Germany 5.6%, China 5.2% (2003)
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Reserves of foreign exchange gold
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$14.16 billion (2004 est.)
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Debt external
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$145.6 billion (2004 est.)
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Economic aid recipient
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$10 billion (2001 est.)
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Currency
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Argentine peso (ARS)
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Currency code
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ARS
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Exchange rates
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Argentine pesos per US dollar - 2.9003 (2003), 3.0633 (2002), 0.9995 (2001), 0.9995 (2000), 0.9995 (1999)
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Fiscal year
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calendar year
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This information was reproduced in part from the CIA World Fact book.
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