Argentina

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. A severe depression, growing public and external indebtedness, and a bank run culminated in 2001 in the most serious economic, social, and political crisis in the country’s turbulent history. Interim President Adolfo RODRIGUEZ SAA declared a default - the largest in history - on the government’s foreign debt in December of that year, and abruptly resigned only a few days after taking office. His successor, Eduardo DUHALDE, announced an end to the peso’s decade-long 1-to-1 peg to the US dollar in early 2002. The economy bottomed out that year, with real GDP 18% smaller than in 1998 and almost 60% of Argentines under the poverty line. Real GDP rebounded to grow by an average 8.5% annually over the subsequent six years, taking advantage of previously idled industrial capacity and labor, an audacious debt restructuring and reduced debt burden, excellent international financial conditions, and expansionary monetary and fiscal policies. Inflation also increased, however, during the administration of President Nestor KIRCHNER, which responded with price restraints on businesses, as well as export taxes and restraints, and beginning in early 2007, with understating inflation data. Cristina FERNANDEZ DE KIRCHNER succeeded her husband as President in late 2007, and the rapid economic growth of previous years began to slow sharply the following year as government policies held back exports and the world economy fell into recession. The economy has rebounded from the 2009 recession, but the government’s continued reliance on expansionary fiscal and monetary policies risks exacerbating already high inflation, which remains under-reported by official statistics.

$596 billion (2010 est.)

$554.5 billion (2009 est.)

$571.6 billion (2008 est.)

$351 billion (2010 est.)

7.5% (2010 est.)

-3% (2009 est.)

5% (2008 est.)

$14,700 (2010 est.)

$13,700 (2009 est.)

$14,100 (2008 est.)

16.62 million

7.9% (2010 est.)

8.7% (2009 est.)

30% (January-June 2010)

45.7 (2009)

22% of GDP (2010 est.)

50.3% of GDP (2010 est.)

48.6% of GDP (2009 est.)

22% (2010 est.)

16% (2009 est.)

NA%

15.66% (31 December 2009 est.)

19.47% (31 December 2008 est.)

$41.66 billion (31 December 2010 est)

$35.33 billion (31 December 2009 est)

$112.9 billion (31 December 2010 est.)

$85.18 billion (31 December 2009 est.)

$113.9 billion (31 December 2010 est.)

$84.92 billion (31 December 2009 est.)

$48.93 billion (31 December 2009)

$52.31 billion (31 December 2008)

$86.68 billion (31 December 2007)

sunflower seeds, lemons, soybeans, grapes, corn, tobacco, peanuts, tea, wheat; livestock

food processing, motor vehicles, consumer durables, textiles, chemicals and petrochemicals, printing, metallurgy, steel

6.7% (2010 est.)

109.5 billion kWh (2007 est.)

99.21 billion kWh (2007 est.)

2.628 billion kWh (2007 est.)

10.28 billion kWh (2007 est.)

796,300 bbl/day (2009 est.)

622,000 bbl/day (2009 est.)

314,400 bbl/day (2007 est.)

52,290 bbl/day (2007 est.)

2.386 billion bbl (1 January 2010 est.)

41.36 billion cu m (2009 est.)

43.14 billion cu m (2009 est.)

890 million cu m (2008 est.)

2.66 billion cu m (2009 est.)

398.4 billion cu m (1 January 2010 est.)

$6.976 billion (2010 est.)

$11.29 billion (2009 est.)

$68.01 billion (2010 est.)

$55.67 billion (2009 est.)

soybeans and derivatives, petroleum and gas, vehicles, corn, wheat

Brazil 18.78%, China 9.26%, Chile 7.11%, US 6.38% (2009)

$52.61 billion (2010 est.)

$37.14 billion (2009 est.)

machinery, motor vehicles, petroleum and natural gas, organic chemicals, plastics

Brazil 31.12%, US 13.69%, China 10.26%, Germany 4.69% (2009)

$53.61 billion (31 December 2010 est.)

$48.03 billion (31 December 2009 est.)

$128.6 billion (31 December 2010 est.)

$118.4 billion (31 December 2009 est.)

$86.8 billion (31 December 2010 est.)

$80.1 billion (31 December 2009 est.)

$30.16 billion (31 December 2010 est.)

$29.46 billion (31 December 2009 est.)

Argentine pesos (ARS) per US dollar - 3.8983 (2010), 3.7101 (2009), 3.1636 (2008), 3.1105 (2007), 3.0543 (2006)