Economy of Argentina
Country group |
|
---|---|
Statistics | |
Population | 46,044,703 (2022)[3] |
GDP | |
GDP rank | |
GDP growth |
|
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
Population below poverty line | |
42 medium (2021)[9] | |
Labor force | |
Labor force by occupation |
|
Unemployment | |
Average gross salary | |
External | |
Exports | $88.44 billion (2022)[18] |
Export goods | Soybeans and derivatives, petroleum and gas, vehicles, corn, wheat |
Main export partners |
(2022)[19] |
Imports | $81.52 billion (2022)[20] |
Import goods | Machinery, motor vehicles, petroleum and natural gas, organic chemicals, plastics |
Main import partners |
|
FDI stock | |
−$31.32 billion (2017 est.)[21] | |
Gross external debt | |
Public finances | |
−15% (of GDP) (2023 est.)[21] | |
Revenues | |
Expenses | |
| |
| |
The economy of Argentina is the second-largest national economy in
Argentina benefits from rich
Argentina's currency declined by about 50% in 2018 to more than 38 Argentine pesos per U.S. Dollar. As of that year, it is under a stand-by program from the International Monetary Fund. In 2019, the currency fell further by 25%. In 2020, it fell by 90%, in 2021, 68%,[27] and a further 52% in 2022 (until July 20).[28]
Argentina is considered an emerging market by the
History
Before the 1880s, Argentina was a relatively isolated backwater, dependent on the
From 1880 to 1905, this expansion resulted in a 7.5-fold growth in GDP during its most vigorous period, averaging about 8% annually. One important measure of development, GDP per capita, rose from 35% of the United States average to about 80% during that period. Growth then slowed considerably, such that by 1941 Argentina's real per capita GDP was roughly half that of the U.S. Even so, from 1890 to 1950, the country's per capita income was similar to that of Western Europe; although income in Argentina remained considerably less evenly distributed. According to a study by Baten and Pelger and Twrdek (2009), where the authors compare anthropometric values, i.e., height with real wages, Argentina's GDP increased for the decades after 1870. Before 1910 however, the heights have been left unaffected. This, in turn, suggests that the increase in the population's welfare did not occur during the income expansion of the given period.
The
The
The economy continued to decline during the military dictatorship from 1976 to 1983 and for some time afterward. The dictatorship's chief economist, José Alfredo Martínez de Hoz, advanced a controversial, neoliberal policy of financial liberalization that increased the debt burden and failed to curb inflation, which reached 344% in 1983.[33] While black markets and shortages disappeared as price and exchange controls were removed,[34] the currency devalued tenfold[35] and the economy failed to grow.
Record foreign debt interest payments, tax evasion, and capital flight resulted in a balance of payments crisis that plagued Argentina with severe stagflation from 1975 to 1990, including a bout of hyperinflation in 1989 and 1990. Attempting to remedy this situation, economist Domingo Cavallo pegged the peso to the U.S. dollar in 1991 and limited the money supply's growth. His team then embarked on a path of trade liberalization, deregulation, and privatization. Inflation dropped to single digits, and GDP grew by one third in four years.
External economic shocks and a dependency on volatile short-term capital and debt to maintain the overvalued
Argentina's socio-economic situation has since been steadily improving.
The economy nearly doubled from 2002 to 2011, growing an average of 7.1% annually and around 9% for five consecutive years between 2003 and 2007. Real wages rose by around 72% from their low point in 2003 to 2013. The
The Argentine government bond market is based on GDP-linked bonds, and investors, both foreign and domestic, netted record yields amid renewed growth. Argentine debt restructuring offers in 2005 and 2010 resumed payments on the majority of its almost US$100 billion in defaulted bonds and other debt from 2001.
While the Argentine Government considers debt leftover from illegitimate governments unconstitutional odious debt, it has continued servicing this debt despite the annual cost of around US$14 billion and despite being nearly locked out of international credit markets with annual bond issues since 2002 averaging less than US$2 billion (which precludes most debt rollover).
Nevertheless, Argentina has continued to hold successful bond issues, as the country's stock market, consumer confidence, and overall economy continue to grow. The country's successful, US$16.5 billion bond sale in April 2016 was the largest in emerging market history.
In May 2018, Argentina's government asked the International Monetary Fund for its intervention, with an emergency loan for a $30 billion bailout, as reported by Bloomberg.
In May 2018, the official estimated
In 2019 the inflation was considered the highest in 28 years according to the index, ascending to 53.8%.
To the cause of the quarantine in 2020, in April, 143,000 SMEs will not be able to pay salaries and fixed expenses for the month, even with government assistance, so they will have to borrow or increase their capital contribution, and approximately 35,000 companies consider closing their business. even so, the president remains firm in his decision to maintain the state of total quarantine. Despite cuts in the payment chain, some project 180 total days and calculate 5% of companies that fell in May.
In February 2023, the rate of inflation in Argentina surpassed 100% for the first time since the early 1990s.[36]
In December 2023, Argentina was seeing a projected 200% annualized inflation rate of the Argentine Peso. With this inflation in mind, Javier Milei (Argentina's newly sworn in president as of 10 December 2023, with 55.69% of the vote in the runoff election[37]) weakened the Argentine Peso by 50% to 800 per dollar, along with cuts to energy subsidies, cancellations of public works, and more.[38] Although an impactful policy, Argentinians knew Milei would enact significant economic policies, as he openly supported extreme economic policies as a self-described anarcho-capitalist.[39] As part of Javier Milei's plans the Government of Argentina announced in April 2024 a cut of 15000 state jobs.[40]
Argentina's 2023 annual inflation was the highest in the world at 211.4%.[41] In January 2024, Argentina’s poverty rate reached 57.4%, the highest poverty rate in the country since 2004.[42]
Data
The following table shows the main economic indicators in 1980–2023 (with IMF staff estimates in 2024–2028). Inflation below 5% is in green.[43]
Year | GDP
(in bn. US$PPP) |
GDP per capita
(in US$ PPP) |
GDP
(in bn. US$nominal) |
GDP per capita
(in US$ nominal) |
GDP growth
(real) |
Inflation rate
(in Percent) |
Unemployment
(in Percent) |
Government debt
(in % of GDP) |
---|---|---|---|---|---|---|---|---|
1980 | 172.5 | 6,172.5 | 233.7 | 8,361.2 | 0.7% | n/a | 3.0% | n/a |
1981 | 178.0 | 6,256.5 | 189.8 | 6,671.4 | -5.7% | n/a | 5.0% | n/a |
1982 | 183.0 | 6,327.2 | 94.3 | 3,257.9 | -3.1% | n/a | 4.5% | n/a |
1983 | 197.3 | 6,725.1 | 116.3 | 3,962.7 | 3.7% | n/a | 5.0% | n/a |
1984 | 208.5 | 6,988.1 | 130.5 | 4,374.8 | 2.0% | n/a | 5.0% | n/a |
1985 | 200.2 | 6,595.2 | 98.6 | 3,248.7 | -7.0% | n/a | 6.3% | n/a |
1986 | 218.8 | 7,117.3 | 118.6 | 3,857.0 | 7.1% | n/a | 6.3% | n/a |
1987 | 229.9 | 7,393.6 | 121.6 | 3,910.0 | 2.5% | n/a | 6.0% | n/a |
1988 | 233.3 | 7,413.9 | 142.4 | 4,524.5 | -2.0% | n/a | 6.5% | n/a |
1989 | 225.5 | 7,077.1 | 91.4 | 2,867.3 | -7.0% | n/a | 8.0% | n/a |
1990 | 230.8 | 7,094.5 | 158.0 | 4,857.8 | -1.3% | n/a | 7.6% | n/a |
1991 | 263.6 | 7,996.3 | 212.0 | 6,429.5 | 10.5% | n/a | 6.5% | n/a |
1992 | 297.4 | 8,899.4 | 255.8 | 7,653.7 | 10.3% | n/a | 7.1% | 25.0% |
1993 | 323.5 | 9,537.8 | 264.4 | 7,796.2 | 6.3% | n/a | 11.6% | 26.9% |
1994 | 349.7 | 10,178.7 | 287.8 | 8,378.7 | 5.8% | n/a | 13.3% | 28.4% |
1995 | 346.8 | 9,972.8 | 288.5 | 8,295.1 | -2.8% | n/a | 18.9% | 30.7% |
1996 | 372.7 | 10,589.9 | 304.3 | 8,645.5 | 5.5% | n/a | 18.8% | 32.6% |
1997 | 409.9 | 11,512.5 | 327.4 | 9,196.5 | 8.1% | n/a | 16.8% | 31.7% |
1998 | 430.5 | 11,955.7 | 334.2 | 9,283.2 | 3.9% | 0.9% | 14.8% | 34.1% |
1999 | 421.8 | 11,587.1 | 317.0 | 8,709.1 | -3.4% | -1.2% | 16.1% | 38.9% |
2000 | 427.9 | 11,633.0 | 317.8 | 8,638.5 | -0.8% | -0.9% | 17.1% | 40.8% |
2001 | 418.3 | 11,256.7 | 300.4 | 8,085.4 | -4.4% | -1.1% | 19.2% | 48.0% |
2002 | 378.5 | 10,089.1 | 112.5 | 2,997.6 | -10.9% | 25.9% | 22.5% | 147.2% |
2003 | 420.5 | 11,104.7 | 142.4 | 3,761.1 | 9.0% | 13.4% | 17.3% | 125.2% |
2004 | 470.3 | 12,303.2 | 164.9 | 4,314.1 | 8.9% | 4.4% | 13.6% | 117.9% |
2005 | 528.0 | 13,681.2 | 199.3 | 5,163.6 | 8.9% | 9.6% | 11.6% | 80.3% |
2006 | 588.1 | 15,090.3 | 232.9 | 5,976.1 | 8.0% | 10.9% | 10.2% | 70.8% |
2007 | 658.4 | 16,728.5 | 287.9 | 7,315.7 | 9.0% | 8.8% | 8.5% | 62.1% |
2008 | 698.2 | 17,567.3 | 363.5 | 9,146.8 | 4.1% | 8.6% | 7.9% | 53.8% |
2009 | 661.1 | 16,472.3 | 334.6 | 8,337.8 | -5.9% | 6.3% | 8.7% | 55.4% |
2010 | 736.8 | 18,063.9 | 424.7 | 10,413.0 | 10.1% | 10.5% | 7.8% | 43.5% |
2011 | 797.3 | 19,322.2 | 527.6 | 12,787.8 | 6.0% | 9.8% | 7.2% | 38.9% |
2012 | 819.7 | 19,641.4 | 579.7 | 13,889.8 | -1.0% | 10.0% | 7.2% | 40.4% |
2013 | 849.6 | 20,131.7 | 611.5 | 14,488.8 | 2.4% | 10.6% | 7.1% | 43.5% |
2014 | 839.9 | 19,683.8 | 563.6 | 13,208.8 | -2.5% | n/a | 7.3% | 44.7% |
2015 | 867.2 | 20,105.2 | 642.5 | 14,895.3 | 2.7% | n/a | 6.5% | 52.6% |
2016 | 885.2 | 20,307.9 | 556.8 | 12,772.9 | -2.1% | n/a | 8.5% | 53.1% |
2017 | 1,039.3 | 23,597.1 | 643.9 | 14,618.3 | 2.8% | 25.7% | 8.4% | 57.0% |
2018 | 1,036.3 | 23,290.6 | 524.4 | 11,786.4 | -2.6% | 34.3% | 9.2% | 85.2% |
2019 | 1,033.7 | 23,007.8 | 451.8 | 10,054.0 | -2.0% | 53.5% | 9.8% | 88.8% |
2020 | 942.2 | 20,792.5 | 389.1 | 8,571.9 | -9.9% | 42.0% | 11.6% | 102.8% |
2021 | 1,083.4 | 23,817.0 | 486.7 | 10,631.7 | 10.7% | 48.4% | 8.7% | 80.8% |
2022 | 1,226.2 | 26,483.6 | 630.6 | 13,619.9 | 5.0% | 72.4% | 6.8% | 84.7% |
2023 | 1,239.5 | 26,506.1 | 621.8 | 13,297.4 | -2.5% | 121.7% | 7.4% | 89.5% |
2024 | 1,302.5 | 27,576.3 | 632.6 | 13,394.3 | 2.8% | 93.7% | 7.2% | 79.9% |
2025 | 1,371.9 | 28,758.8 | 635.9 | 13,330.5 | 3.3% | 54.1% | 7.2% | 76.8% |
2026 | 1,440.5 | 29,897.4 | 660.3 | 13,704.4 | 3.0% | 42.1% | 7.0% | 75.6% |
2027 | 1,507.2 | 30,971.6 | 695.3 | 14,288.0 | 2.8% | 37.1% | 7.0% | 73.3% |
2028 | 1,573.4 | 32,014.0 | 728.1 | 14,813.3 | 2.5% | 32.5% | 7.0% | 69.5% |
Sectors
Agriculture
Argentina is one of the world's major agricultural producers, ranking among the top producers in most of the following, exporters of beef,
Argentina is the largest producer in the world of
In 2018, Argentina was the 3rd largest producer of
In livestock, Argentina was, in 2019, the 4th world producer of
Soy and its byproducts, mainly
Fruits and vegetables made up 4% of exports: apples and pears in the
Government policy towards the lucrative agrarian sector is a subject of, at times, contentious debate in Argentina. A
Argentine
Natural resources
Mining and other extractive activities, such as gas and petroleum, are growing industries, increasing from 2% of GDP in 1980 to around 4% today.
In mining, in 2019, Argentina was the 4th largest world producer of lithium,[64] the 9th largest world producer of silver,[65] the 17th largest world producer of gold[66] and the 7th largest world producer of boron.[67]
Around 35 million m³ each of petroleum and
Industry
The World Bank lists the top producing countries each year, based on the total value of production. According to the 2019 list, Argentina has the 31st most valuable industry in the world (57.7 billion dollars), behind Mexico, Brazil and Venezuela, but ahead of Colombia, Peru and Chile.[68]
In 2019, Argentina was the 31st world producer of steel, the 28th producer of vehicles, the 22nd world producer of beer, the 4th world producer of soybean oil and the 3rd world producer of sunflower oil, among other industrial products.[69][70][71][72]
Argentina's auto industry produced 791,000 motor vehicles in 2013, and exported 433,000 (mainly to Brazil, which in turn exported a somewhat larger number to Argentina); Argentina's domestic new auto market reached a record 964,000 in 2013.[74] This marked a peak in vehicle production, by 2021 production had fallen to 434,753 vehicles.[75] Vehicles remain Argentina's top export to Brazil, accounting for $3.1bil in exports in 2021.[76]
Beverages are another significant sector, and Argentina has long been among the top five wine producing countries in the world; beer overtook wine production in 2000, and today leads by nearly two billion liters a year to one.
Most manufacturing is organized in the 314
Construction permits nationwide covered over 15 million m2 (160 million ft²) in 2013. The construction sector accounts for over 5% of GDP, and two-thirds of construction is for residential buildings.[82]
Argentine electric output totaled over 133 billion
Services
The service sector is the largest contributor to total GDP, accounting for over 60%. Argentina enjoys a diversified service sector, which includes well-developed social, corporate, financial, insurance, real estate, transport, communication services, and tourism.
The telecommunications sector has been growing at a fast pace, and the economy benefits from widespread access to communications services. These include: 77% of the population with access to mobile phones,[84] 95% of whom use smartphones;[85] Internet (over 32 million users, or 75% of the population);[86] and broadband services (accounting for nearly all 14 million accounts).[87] Regular telephone services, with 9.5 million lines,[88] and mail services are also robust. Total telecom revenues reached more than $17.8 billion in 2013,[89] and while only one in three retail stores in Argentina accepted online purchases in 2013 E-commerce reached US$4.5 billion in sales.[90]
Tourism is an increasingly important sector and provided 4% of direct economic output (over US$17 billion) in 2012; around 70% of tourism sector activity by value is domestic.[93]
Banking
Argentine banking, whose deposits exceeded US$120 billion in December 2012,[94] developed around public sector banks, but is now dominated by the private sector. The private sector banks account for most of the 80 active institutions (over 4,000 branches) and holds nearly 60% of deposits and loans, and as many foreign-owned banks as local ones operate in the country.[95] The largest bank in Argentina by far, however, has long been the public Banco de la Nación Argentina. Not to be confused with the Central Bank, this institution now accounts for 30% of total deposits and a fifth of its loan portfolio.[95]
During the 1990s, Argentina's financial system was consolidated and strengthened. Deposits grew from less than US$15 billion in 1991 to over US$80 billion in 2000, while outstanding credit (70% of it to the private sector) tripled to nearly US$100 billion.[96]
The banks largely lent US dollars and took deposits in
Credit in Argentina is still relatively tight. Lending has been increasing 40% a year since 2004, and delinquencies are down to less than 2%.[94] Still, credit outstanding to the private sector is, in real terms, slightly below its 1998 peak,[96] and as a percent of GDP (around 18%)[94] quite low by international standards. The prime rate, which had hovered around 10% in the 1990s, hit 67% in 2002. Although it returned to normal levels quickly, inflation, and more recently, global instability, have been affecting it again. The prime rate was over 20% for much of 2009, and around 17% since the first half of 2010.[94]
Partly a function of this and past instability, Argentines have historically held more deposits overseas than domestically. The estimated US$173 billion in overseas accounts and investment exceeded the domestic monetary base (
Tourism
According to World Economic Forum's 2017 Travel & Tourism Competitiveness Report, tourism generated over US$22 billion, or 3.9% of GDP, and the industry employed more than 671,000 people, or approximately 3.7% of the total workforce.[99] Tourism from abroad contributed US$5.3 billion, having become the third largest source of foreign exchange in 2004. Around 5.7 million foreign visitors arrived in 2017, reflecting a doubling in visitors since 2002 despite a relative appreciation of the peso.[93]
Argentines, who have long been active travelers within their own country,[100] accounted for over 80%, and international tourism has also seen healthy growth (nearly doubling since 2001).[93] Stagnant for over two decades, domestic travel increased strongly in the last few years,[101] and visitors are flocking to a country seen as affordable, exceptionally diverse, and safe.[102]
Foreign tourism, both to and from Argentina, is increasing as well. INDEC recorded 5.2 million foreign tourist arrivals and 6.7 million departures in 2013; of these, 32% arrived from Brazil, 19% from Europe, 10% from the United States and Canada, 10% from Chile, 24% from the rest of the Western Hemisphere, and 5% from the rest of the world. Around 48% of visitors arrived by commercial flight, 40% by motor travel (mainly from neighboring Brazil), and 12% by sea.
GDP by value added
Supply sector (% of GDP in current prices)[59] | 1993–2001 | 2002–2005 | 2006–2009[N 1] | 2010–2013 |
---|---|---|---|---|
Agriculture, forestry, and fishing | 5.4 | 10.3 | 7.3 | 7.3 |
Mining | 2.0 | 5.9 | 4.8 | 4.2 |
Manufacturing | 18.5 | 23.2 | 19.8 | 16.8 |
Public utilities | 2.2 | 1.7 | 2.3 | 3.1 |
Construction | 5.5 | 3.9 | 6.2 | 5.6 |
Commerce and tourism | 17.3 | 14.0 | 15.6 | 14.4 |
Transport and communications | 8.3 | 8.7 | 7.3 | 6.7 |
Financial services | 4.2 | 4.4 | 3.2 | 3.4 |
Real estate and business services | 16.5 | 11.7 | 13.7 | 12.9 |
Public administration and defense | 6.3 | 5.4 | 5.6 | 7.4 |
Health and education | 8.4 | 6.9 | 8.9 | 11.9 |
Personal and other services | 5.4 | 3.9 | 5.3 | 6.3 |
Total | 100.0 | 100.0 | 100.0 | 100.0 |
- ^ New methodology; not strictly comparable to earlier data
Energy
Electricity generation in Argentina totaled 133.3 billion
Despite the country's large untapped wind and solar potential
Argentina is in the process of commissioning large centralised energy generation and transmission projects. An important number of these projects are being financed by the government through trust funds, while independent private initiative is limited as it has not fully recovered yet from the effects of the Argentine economic crisis.
The first of the three nuclear reactors was inaugurated in 1974, and in 2015 nuclear power generated 5% of the country's energy output.[105]
The electricity sector was unbundled in
Infrastructure
Argentina's transport infrastructure is relatively advanced, and at a higher standard than the rest of Latin America.[111] There are over 230,000 km (144,000 mi) of roads (not including private rural roads) of which 72,000 km (45,000 mi) are paved,[112] and 2,800 kilometres (1,700 mi) are expressways, many of which are privatized tollways.[113] Having tripled in length in the last decade, multilane expressways now connect several major cities with more under construction.[113][114] Expressways are, however, currently inadequate to deal with local traffic,[114] as over 12 million motor vehicles were registered nationally as of 2012 (the highest, proportionately, in the region).[115]
The railway network has a total length of 37,856 kilometres (23,523 mi), though at the network's peak this figure was 47,000 km (29,204 mi).[54][116] After decades of declining service and inadequate maintenance, most intercity passenger services shut down in 1992 following the privatization of the country's railways and the breaking up of the state rail company, while thousands of kilometers fell into disuse. Outside Greater Buenos Aires most rail lines still in operation are freight related, carrying around 23 million tons a year.[59][117] The metropolitan rail lines in and around Buenos Aires remained in great demand owing in part to their easy access to the Buenos Aires Underground, and the commuter rail network with its 833 kilometres (518 mi) length carries around 1.4 million passengers daily.[118]
In April 2015, by overwhelming majority the
Inaugurated in 1913, the Buenos Aires Underground was the first underground rail system built in Latin America, the Spanish speaking world and the Southern Hemisphere.[130] No longer the most extensive in South America, its 60 kilometres (37 mi) of track carry a million passengers daily.[131]
Argentina has around 11,000 km (6,835 mi) of navigable
Foreign trade
In 2022, Argentina was the 44th largest exporter (by merchandise exports) in the world (US$88 billion), 0.4% of the global total.[134]
Argentine exports are fairly well diversified. However, although agricultural raw materials are over 20% of the total exports, agricultural goods still account for over 50% of exports when processed foods are included. Soy products alone (soybeans, vegetable oil) account for almost one fourth of the total. Cereals, mostly maize and wheat, which were Argentina's leading export during much of the twentieth century, make up less than one tenth now.[135]
Industrial goods today account for over a third of Argentine exports. Motor vehicles and auto parts are the leading industrial export, and over 12% of the total merchandise exports. Chemicals, steel, aluminum, machinery, and plastics account for most of the remaining industrial exports. Trade in manufactures has historically been in deficit for Argentina, however, and despite the nation's overall trade surplus, its manufacturing trade deficit exceeded US$30 billion in 2011.[136] Accordingly, the system of non-automatic import licensing was extended in 2011,[137] and regulations were enacted for the auto sector establishing a model by which a company's future imports would be determined by their exports (though not necessarily in the same rubric).[138]
A net energy importer until 1987, Argentina's fuel exports began increasing rapidly in the early 1990s and today account for about an eighth of the total; refined fuels make up about half of that. Exports of crude petroleum and natural gas have recently been around US$3 billion a year.[135] Rapidly growing domestic energy demand and a gradual decline in oil production, resulted in a US$3 billion energy trade deficit in 2011 (the first in 17 years)[139] and a US$6 billion energy deficit in 2013.[140]
Argentine imports have historically been dominated by the need for industrial and technological supplies, machinery, and parts, which have averaged US$50 billion since 2011 (two-thirds of total imports). Consumer goods including motor vehicles make up most of the rest.
Major Trade Partners
The following table shows the largest trading partners for Argentina in 2022 by total trade value in billions of
Country | Total Trade Value | Import Value | Export Value | Balance |
---|---|---|---|---|
Brazil | 28.70 | 16.03 | 12.67 | -3.36 |
China | 25.53 | 17.51 | 8.02 | -9.49 |
United States | 17.01 | 10.33 | 6.68 | -3.65 |
India | 6.40 | 1.85 | 4.55 | 2.70 |
Chile | 5.71 | .778 | 4.94 | 4.16 |
Vietnamㅤㅤ | 4.47 | 1.24 | 3.23 | 1.99 |
Netherlands | 4.46 | .886 | 3.57 | 2.68 |
Germany | 3.60 | 2.72 | .884 | -1.83 |
Paraguay | 3.28 | 1.96 | 1.32 | -.635 |
Spain | 2.99 | 1.26 | 1.73 | .473 |
Foreign investment
Foreign direct investment in Argentina is divided nearly evenly between manufacturing (36%), natural resources (34%), and services (30%). The chemical and plastics sector (10%) and the automotive sector (6%) lead foreign investment in local manufacturing; oil and gas (22%) and mining (5%), in natural resources; telecommunications (6%), finance (5%), and retail trade (4%), in services.[143] Spain was the leading source of foreign direct investment in Argentina, accounting for US$22 billion (28%) in 2009; the U.S. was the second leading source, with $13 billion (17%);[143] and China grew to become the third-largest source of FDI by 2011.[144] Investments from the Netherlands, Brazil, Chile, and Canada have also been significant; in 2012, foreign nationals held a total of around US$112 billion in direct investment.[22]
Several bilateral agreements play an important role in promoting U.S. private investment. Argentina has an
Foreign direct investment (FDI) in Argentina, which averaged US$5.7 billion from 1992 to 1998 and reached in US$24 billion in 1999 (reflecting the purchase of 98% of YPF stock by Repsol), fell during the crisis to US$1.6 billion in 2003.[145] FDI then accelerated, reaching US$8 billion in 2008.[146] The global crisis cut this figure to US$4 billion in 2009; but inflows recovered to US$6.2 billion in 2010.[147] and US$8.7 billion in 2011, with FDI in the first half of 2012 up by a further 42%.[148]
FDI volume remained below the regional average as a percent of GDP even as it recovered, however; Kirchner Administration policies and difficulty in enforcing contractual obligations had been blamed for this modest performance.[149] The nature of foreign investment in Argentina nevertheless shifted significantly after 2000, and whereas over half of FDI during the 1990s consisted in privatizations and mergers and acquisitions, foreign investment in Argentina became the most technologically oriented in the region – with 51% of FDI in the form of medium and high-tech investment (compared to 36% in Brazil and 3% in Chile).[150]
Issues
The economy recovered strongly from the 2001–02 crisis, and was the 21st largest in purchasing power parity terms in 2011; its per capita income on a purchasing power basis was the highest in Latin America.[151] A lobby representing US creditors who refused to accept Argentina's debt-swap programmes has campaigned to have the country expelled from the G20.[152] These holdouts include numerous vulture funds which had rejected the 2005 offer, and had instead resorted to the courts in a bid for higher returns on their defaulted bonds. These disputes had led to a number of liens against central bank accounts in New York and, indirectly, to reduced Argentine access to international credit markets.[153]
The government under President Mauricio Macri announced to be seeking a new loan from the International Monetary Fund in order to avoid another economic crash similar to the one in 2001.[154] The May 2018 announcement comes at a time of high inflation and falling interest rates.[154] The loan would reportedly be worth $30 billion.[155]
Following 25 years of boom and bust stagnation, Argentina's economy doubled in size from 2002 to 2013,
Given its ongoing dispute with holdout bondholders, the government has become wary of sending assets to foreign countries (such as the presidential plane, or artworks sent to foreign exhibitions) in case they might be impounded by courts at the behest of holdouts.[160]
The government has been accused of manipulating economic statistics.[161]
Reliability of official CPI estimates
Official CPI inflation figures released monthly by
The official government CPI is calculated based on 520 products, however the controversy arises from these products not being specified, and thus how many of those products are subject to price caps and subsidies.[165] Economic analysts have been prosecuted for publishing estimates that disagree with official statistics.[166] The government enforces a fine of up to 500,000 pesos for providing what it calls "fraudulent inflation figures".[164] Beginning in 2015, the government again began to call for competitive bids from the private sector to provide a weekly independent inflation index.[167]
Inflation
High inflation has been a weakness of the Argentine economy for decades.[169] Inflation has been unofficially estimated to be running at around 25% annually since 2008, despite official statistics indicating less than half that figure;[170][171] these would be the highest levels since the 2002 devaluation.[169] A committee was established in 2010 in the Argentine Chamber of Deputies by opposition Deputies Patricia Bullrich, Ricardo Gil Lavedra, and others to publish an alternative index based on private estimates.[172] Food price increases, particularly that of beef, began to outstrip wage increases in 2010, leading Argentines to decrease beef consumption per capita from 69 kg (152 lb) to 57 kg (125 lb) annually and to increase consumption of other meats.[169][173]
Consumer inflation expectations of 28 to 30% led the national mint to buy banknotes of its highest denomination (100 pesos) from Brazil at the end of 2010 to keep up with demand. The central bank pumped at least 1 billion pesos into the economy in this way during 2011.[174]
As of June 2015[update], the government said that inflation was at 15.3%;[175] approximately half that of some independent estimates.[176] Inflation remained at around 18.6% in 2015 according to an International Monetary Fund estimate;[177] but following a sharp devaluation enacted by the Mauricio Macri administration on 17 December, inflation reignited during the first half of 2016 – reaching 42% according to the Finance Ministry.[178]
Supermarkets in Argentina have adopted electronic price tags, allowing prices to be updated quicker.[179]
In the second quarter of 2019, reports suggested that the economy of the country is sinking, inflation is rising and the currency is depreciating. Despite the country receiving one of the largest IMF financial support programmes ever given to any nation, Argentina's poverty rose to 32% from 26% the previous year.[180][181] In August 2019, as an attempt to stabilise the economy, the government decided to impose restrictions on foreign currency purchases.[182]
The inflation rate in Argentina rose to 52.3 percent in February 2022 from 50.7 percent in the prior month, the steepest increase since September.
Argentine workers have protested the inflation holding funerals to mourn the "death of (their) wages". Photographer Irina Werning wrote the following sentence "inflation destroys savings, impedes planning, and discourages investment." taking about the protest [188]
Income distribution
In relation to other Latin American countries, Argentina has a moderate to low level of income inequality. Its
In the mid-1970s, the most affluent 10% of Argentina's population had an income 12 times that of the poorest 10%. That figure had grown to 18 times by the mid-1990s, and by 2002, the peak of the crisis, the income of the richest segment of the population was 43 times that of the poorest.[190] These heightened levels of inequality had improved to 26 times by 2006,[191] and to 16 times at the end of 2010.[192] Economic recovery after 2002 was thus accompanied by significant improvement in income distribution: in 2002, the richest 10% absorbed 40% of all income, compared to 1.1% for the poorest 10%;[193] by 2010, the former received 29% of income, and the latter, 1.8%.[192]
Argentina has an
See also
- List of Latin American and Caribbean countries by GDP growth
- List of Latin American and Caribbean countries by GDP (nominal)
- List of Latin American and Caribbean countries by GDP (PPP)
- Argentina and the World Bank
- Economic history of Argentina
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Notes
Further reading
- Bulmer-Thomas, Victor. The Economic History of Latin America since Independence (New York: Cambridge University Press). 2003.
- Argentina: Life After Default Article looking at how Argentina has, for the most part, recovered from its crisis in 2002
External links
- Argentine Economy Ministry (in Spanish)
- Argentine Central Bank (in Spanish)
- Argentina's Economic Recovery: Policy Choices and Implications from the Center for Economic and Policy Research
- Argentina economic data
- Argentina Trade Statistics
- Argentina Export, Import, Trade Balance
- Tariffs applied by Argentina as provided by ITC's ITC Market Access Map[permanent dead link], an online database of customs tariffs and market requirements
- Private Inflation data from The Billion Prices Project at Massachusetts Institute of technology (in Spanish)