아르헨티나의 경제

Economy of Argentina
아르헨티나의 경제
High-rises of Puerto Madero (40022145164).jpg
부에노스아이레스 중앙업무지구
통화아르헨티나 페소(ARS)
역년
무역 조직
WTO, Mercosur, Prosur, Unasur(중지), G-20
국가 그룹
통계 정보
인구.Increase47,327,407(표준)[3]
GDP
  • Increase5,642억달러 (2022년 1월)[4]
  • Increase1조 1,950억달러(PPP, 2022년 기준)[4]
GDP 순위
GDP 성장
  • - 2.5% (2018년)
    - 2.1% (2019년)
    - 9.9% (표준)
    +10.2% (표준)[5]
1인당 GDP
  • Increase$12,170 (2022년 동부 표준시)[4]
  • Increase$25,822 (PPP, 2022 [4]est)
1인당 GDP 순위
부문별 GDP
  • 농림어업 6.0%
  • 채굴: 3.6%
  • 제조시: 17.2%
  • 시공: 5.6%
  • 상업 및 관광: 16.9%
  • 수송, 통신 및 유틸리티: 7.9%
  • 정부기관: 9.5%
  • 기업, 사회 및 기타 서비스: 33.3%
  • (2015년)[6]
빈곤선 이하의 인구
Negative increase41.4 중형([11]2018년)
노동력
  • Increase20,434,054 (2019)[14]
  • Increase고용률 54.1%(2018년)[15]
직업별 노동력
  • 농업용 7.3%
  • 제조시 13.1%
  • 건설 7.6%
  • 상업 및 관광 21.4%
  • 수송, 통신 및 유틸리티 7.8%
  • 금융, 부동산 및 비즈니스 서비스, 9.4%
  • 행정 및 방위 6.3%
  • 사회 복지 서비스 및 기타 27.1%(2006년)
[16]
실업률
평균총급여
월 80,381 호주달러 ([19]2020년 12월)
주요 산업
Decrease 제126회 (중간, 2020년[20]
외부의
내보내기Decrease548억8천만달러(최소)[21]
수출품
콩 및 파생품, 석유 및 가스, 차량, 옥수수, 밀
주요 수출 파트너
Imports(가져오기)Decrease423억 5천만 달러 (최소)[21]
수입품
기계, 자동차, 석유 및 천연가스, 유기화학제품, 플라스틱
주요 수입 파트너
  • Increase765억8천만달러(2017년 12월 31일)[22]
  • Increase해외: 409억4000만달러(2017년 12월 31일)[22]
Decrease- 313억2000만달러(2017년 1월)[22]
  • Negative increase2,149억달러(2017년 12월 31일)[22]
  • 1,632억 달러(이 중 925억 [23]달러(2016년 3월)
재정
  • Negative increaseGDP의 102%(2021년)[24]
  • Negative increase2,715억달러(채권, 68%) GDP 대비 44.8%(2021년 [23]12월)
- (GDP 대비) 6%(2017년 9월)[22]
수익
  • 1,206억(2017년 1월)[22]
  • 1539억달러(2015년) (사회보장 25.9%, 소득·자본이익 23.6%, 부가가치세 20.1%, 무역·관세 15.1%, 금융세 6.3%, 소비세 및 기타 9.0%)[25]
비용
  • 1586억(2017년 1월)[22]
  • 1533억 달러(2015년) (사회보장 38.8%, 보조금 및 인프라 22.5%, 채무서비스 9.2%, 교육문화연구 8.8%, 사회지원 5.4%, 보건 3.4%, 보안 3.1%, 국방 2.1%, 기타 6.7%)[25][26]
외환보유고
  • Decrease447억8천만달러([22]2019년 12월 30일)
주 데이터 소스: CIA 월드 팩트북
특별히 명기되어 있지 않는 한, 모든 값은 미국 달러로 표시됩니다.

아르헨티나는 개발도상국이다.이 나라의 경제는 남미에서 브라질에 이어 두 번째로 큰 국가 경제입니다.

아르헨티나는 풍부한 천연 자원, 문맹률이 높은 인구, 수출 지향적인 농업 부문, 다양한 산업 기반으로부터 혜택을 받고 있습니다.아르헨티나의 경제 실적은 역사적으로 매우 고르지 못했으며, 특히 20세기 후반 이후 높은 경제성장과 극심한 경기 침체가 번갈아 일어났다.이 시기 이후로 소득의 부당 분배와 빈곤이 증가했다.20세기 초 아르헨티나는 전 세계적으로 1인당 GDP 수준이 10위 안에 들었다.그것은 캐나다, 호주와 대등했고 프랑스와 이탈리아를 모두 앞질렀다.

아르헨티나의 통화는 2018년 미국 달러당 38아르헨티나 페소 이상으로 약 50% 하락했다.그 해 현재, 그것은 국제통화기금(IMF)의 대기 프로그램 하에 있다.2019년, 통화는 25% 더 떨어졌다.

아르헨티나는 FTSE Global Equity Index(2018년)에 의해 신흥시장으로 꼽히고 있으며 주요 20개국(G20) 중 하나다.

역사

주요 기사:아르헨티나의 경제사

1880년대 이전에 아르헨티나는 소금에 절인 고기, 양모, 가죽 및 가죽 산업에 의존하여 상대적으로 고립된 외딴 곳이었고 외환과 국내 수입과 이익의 창출에 기여했습니다.아르헨티나 경제는 1880년 이후 가축과 곡물 원료의 수출과 영국과 프랑스의 투자를 통해 급속한 성장을 경험하기 시작했고, 50년 동안 상당한 경제 확장과 대량 유럽 이민의 시작을 알렸다.

1880년부터 1905년까지, 이러한 확장은 가장 활발한 기간 동안 연평균 약 8%의 GDP를 7.5배 성장시켰다.발전의 중요한 지표 중 하나인 1인당 GDP는 이 기간 동안 미국 평균의 35%에서 약 80%로 증가했다.그 후 성장은 상당히 둔화되었고, 1941년까지 아르헨티나의 1인당 실질 GDP는 미국의 약 절반이었다. 비록 1890년부터 1950년까지 아르헨티나의 1인당 국민소득은 서유럽과 비슷했지만, 아르헨티나의 소득은 상당히 고르게 분배되지 않았다.바텐과 펠거와 트와르데크(2009)의 연구에 따르면, 저자들이 인체측정학적 가치, 즉 키를 실질 임금과 비교한 결과, 아르헨티나의 GDP는 1870년 이후 수십 년 동안 증가했다.그러나 1910년 이전에는 높은 곳은 영향을 받지 않았다.이는 다시 인구의 복지 증가가 해당 기간의 소득 확대 기간 동안 발생하지 않았음을 시사한다.

대공황은 1929년과 1932년 사이에 아르헨티나의 GDP를 4분의 1로 떨어뜨렸다.1930년대 후반까지 부분적으로 수입 대체를 통해 잃어버린 기반을 회복한 경제는 제2차 세계대전 동안 완만한 성장을 지속했다.이 전쟁은 아르헨티나 수출품의 수입 감소와 가격 상승으로 이어져 누적 16억 달러의 흑자를 냈고, 그 중 3분의 1은 로카-룬시만 조약에 의해 영국은행의 불환예금으로서 봉쇄되었다.혁신적인 자기 자금과 정부 융자의 혜택을 모두 받으면서도 제조업 부가가치는 1943년에 처음으로 농업의 부가가치를 넘어 1947년까지 100만 명 이상을 고용했고, 수입 소비재의 수요는 1950년까지 전체의 40%에서 10%로 감소시켰다.

포퓰리즘 정권인 후안 페론은 1945년부터 1955년까지 중앙은행, 철도 및 기타 전략적 산업과 서비스를 국유화했다.1958년 이후의 발달주의 제정은 부분적이긴 하지만, 그 후 15년 동안 이어졌다.인플레이션은 이 기간 동안 만성적인 문제가 되었다. (1944년부터 1974년까지 연평균 26%). 그러나 완전히 "발전"되지는 않았지만 1932년부터 1974년까지 아르헨티나의 경제는 거의 5배(연간 기준으로는 3.8%) 성장한 반면 인구는 2배 밖에 되지 않았다.주목할 만한 것은 아니지만, 이러한 확장은 아르헨티나 사회에 몇 가지 주목할 만한 변화를 가져왔다. 특히 라틴 아메리카에서 가장 큰 비례 중산층(1960년대까지 인구의 40%)과 이 지역에서 가장 높은 임금을 받고 가장 노동조합이 결성된 노동자 계층의 발전이다.

그러나 1976년부터 1983년까지 군사독재 기간 동안, 그리고 그 후 한동안 경제는 쇠퇴했다.독재 정권의 수석 경제학자인 호세 알프레도 마르티네즈 데 호즈는 금융 자유화의 부패하고 반노동 정책을 추진하여 부채 부담을 증가시키고 산업 발전과 사회적 이동성을 방해했다.1982년까지 모든 규모의 40만 개 이상의 기업들이 파산했고 1983년부터 2001년까지 지배된 신자유주의 경제정책은 상황을 되돌리는데 실패했다.

1인당 GDP의 역사적 발전

기록적인 외채 이자 지급, 탈세, 자본 이탈로 아르헨티나는 1975년부터 1990년까지 극심한 스태그플레이션으로 1989년과 1990년의 초인플레이션을 포함한 국제수지 위기를 겪었다.경제학자 도밍고 카발로는 1991년 페소화를 미국 달러화에 고정시키고 통화량 증가를 제한했다.그 후 그의 팀은 무역 자유화, 규제 완화, 민영화의 길을 걷기 시작했다.인플레이션은 한 자릿수로 떨어졌고 GDP는 4년 만에 3분의 1 성장했습니다.

대외경제 충격과 고평가된 고정환율을 유지하기 위해 변동성이 높은 단기자본과 부채에 의존한 것은 혜택을 희석시켜 1995년부터 불규칙한 경제성장을 초래했고 2001년에는 결국 붕괴했다.그 해와 그 다음 해, 경제는 1930년 이래 가장 큰 폭의 하락을 겪었다; 2002년에 아르헨티나는 채무불이행 상태에 빠졌다.GDP는 4년 만에 20% 가까이 감소했고, 실업률은 25%에 달했으며, 페소는 평가절하돼 변동환율(환율)을 기록한 뒤 70%나 떨어졌다.

아르헨티나의 사회경제적 상황은 그 이후로 꾸준히 개선되고 있다.2003년 이후 확대된 정책과 원자재 수출이 GDP의 반등을 촉발했다.이러한 경향은 주로 유지되어 500만 개 이상의 일자리를 창출하고 국내 소비와 고정 투자를 장려하고 있다.사회 프로그램은 강화되었고, 1990년대에 민영화된 많은 중요한 기업들이 2003년부터 국유화되었습니다.여기에는 우편 서비스, ASA ( 부에노스 아이레스에 서비스를 제공하는 수도 유틸리티), 연금 기금 (ANSES로 이전), Aerolineas Argentinas, 에너지 회사 YPF 및 철도가 포함됩니다.

2002년부터 2011년까지 경제는 거의 두 배로 증가했으며, 2003년부터 2007년까지 5년 연속 연평균 7.1%, 약 9%의 성장률을 보였다.실질 임금은 2003년부터 2013년까지 저점에서 약 72% 상승했습니다.2009년에는 글로벌 경기침체가 경제에 영향을 미쳐 성장이 거의 제로(0)로 둔화됐지만 이후 고성장이 재개돼 2010년과 2011년 모두 GDP가 약 9% 증가했다.그러나 브라질, 유럽 및 기타 중요한 무역 파트너들의 외환 통제, 긴축 조치, 지속적인 인플레이션 및 침체는 2012년부터 성장을 둔화시켰다.2012년부터 2014년까지 평균 성장률은 1.3%에 불과했으나 2015년에는 2.4%로 증가했습니다.

아르헨티나 국채시장은 GDP 연동 채권에 기반을 두고 있으며, 외국과 국내를 막론하고 투자자들은 다시 성장한 가운데 사상 최대 수익률을 기록했다.2005년과 2010년 아르헨티나의 채무구조조정 제안은 2001년부터 약 1000억 달러의 채무불이행 채권 및 기타 채무의 대부분을 상환하는 것을 재개했다.

1961년부터 2016년까지 아르헨티나의 역사적 성장

Paul Singer의 Cayman Islands에 기반을 둔 NML Capital Limited가 이끄는 일부 소액 투자자, 헤지 펀드 및 독수리 펀드를 포함한 채권의 7%를 점유하고 있는 홀드아웃은 2005년과 2010년 채무불이행 채권을 교환하겠다는 제안을 거절했다.2008년 제2시장에서 4900만달러에 매입한 아르헨티나 채권에 대해 8억3200만달러(약 8억3200만달러)를 요구했던 싱어는 해외의 아르헨티나 정부 자산을 압류하려 했고, 급격한 할인에도 불구하고 이전 스와프를 받아들인 93%에게 아르헨티나로부터의 지불을 중단하라고 소송을 제기했다.Morgan Stanley의 추정에 따르면, 대신 2005년 달러당 30센트의 제안을 받아들인 채권 보유자들은 2012년까지 약 90%의 수익률을 얻었다.아르헨티나는 2016년 2월에 93억 달러의 비용으로 거의 모든 보유를 청산했다.NML은 24억 달러를 받았는데, 이는 채권의 원래 가치에 대한 392%의 수익이다.

아르헨티나 정부는 사생아 정부로부터 남은 빚이 헌법에 위배된다고 생각하면서도 연간 약 140억 달러의 비용에도 불구하고, 그리고 2002년 이후 매년 발행되는 채권 발행으로 국제 신용 시장에서 거의 봉쇄되었음에도 불구하고, 이 빚을 계속 갚고 있다.특히 대부분의 채무 롤오버).

그럼에도 불구하고 아르헨티나는 주식시장, 소비자 신뢰도, 전반적인 경제가 계속 성장하면서 채권 발행에 성공하고 있다.2016년 4월에 165억 달러의 채권 매각에 성공한 것은 신흥 시장 역사상 최대 규모였습니다.

2018년 5월 아르헨티나 정부는 국제통화기금(IMF)에 개입을 요청하고 300억 달러의 긴급 구제금융을 요청했다고 블룸버그 통신이 보도했다.

2018년 5월 공식 추정 인플레이션은 최고 연 25%에 달했고, 아르헨티나 중앙은행은 연초 이후 자국 통화가치의 18%를 잃었기 때문에 5월 4일 페소화 금리를 세계에서 가장 높은 27.25%에서 40%로 인상했다.

2019년에는 물가상승률이 53.8%로 28년 만에 가장 높았다.

2020년의 방역을 위해서도, 4월에는 14만3000개의 중소기업이, 정부의 지원을 받아도, 그 달의 급여나 고정비를 지불할 수 없게 되어, 자본 출연을 늘리거나 하는 등, 약 3만5000개의 기업이 폐업을 검토하고 있다.그럼에도 불구하고, 대통령은 완전한 격리 상태를 유지하겠다는 결정에 있어서 확고하다.지불 체인의 삭감에도 불구하고, 일부 기업은 총 180일을 예측하고 있으며, 5월에 하락한 기업의 5%를 계산하고 있습니다.

데이터.

다음 표는 1980-2020년의 주요 경제지표이다(IMF 스태프의 추정치는 2022-2027년).5% 미만의 인플레이션은 [28]녹색이다.

연도 GDP
(빌에서).US$PPP)		 1인당 GDP
(미화 PPP)		 GDP
(빌에서).명목상)		 1인당 GDP
(공칭 US$)		 GDP 성장
(실제)		 인플레이션율
(백분율)		 실업률
(백분율)		 정부채무
(GDP 비율)
1980 172.5 6,172.5 233.7 8,361.2 Increase0.7% 없음 3.0% 없음
1981 Increase178.0 Increase6,256.5 Decrease189.8 Decrease6,671.4 Decrease-5.7% 없음 Negative increase5.0% 없음
1982 Increase183.0 Increase6,327.2 Decrease94.3 Decrease3,257.9 Decrease-3.1% 없음 Positive decrease4.5% 없음
1983 Increase197.3 Increase6,725.1 Increase116.3 Increase3,962.7 Increase3.7% 없음 Negative increase5.0% 없음
1984 Increase208.5 Increase6,988.1 Increase130.5 Increase4,374.8 Increase2.0% 없음 Steady5.0% 없음
1985 Decrease200.2 Decrease6,595.2 Decrease98.6 Decrease3,248.7 Decrease-7.0% 없음 Negative increase6.3% 없음
1986 Increase218.8 Increase7,117.3 Increase118.6 Increase3,857.0 Increase7.1% 없음 Steady6.3% 없음
1987 Increase229.9 Increase7,393.6 Increase121.6 Increase3,910.0 Increase2.5% 없음 Positive decrease6.0% 없음
1988 Increase233.3 Increase7,413.9 Increase142.4 Increase4,524.5 Decrease-2.0% 없음 Negative increase6.5% 없음
1989 Decrease225.5 Decrease7,077.1 Decrease91.4 Decrease2,867.3 Decrease-7.0% 없음 Negative increase8.0% 없음
1990 Increase230.8 Increase7,094.5 Increase158.0 Increase4,857.8 Decrease-1.3% 없음 Positive decrease7.6% 없음
1991 Increase263.6 Increase7,996.3 Increase212.0 Increase6,429.5 Increase10.5% 없음 Positive decrease6.5% 없음
1992 Increase297.4 Increase8,899.4 Increase255.8 Increase7,653.7 Increase10.3% 없음 Negative increase7.1% Positive decrease25.0%
1993 Increase323.5 Increase9,537.8 Increase264.4 Increase7,796.2 Increase6.3% 없음 Negative increase11.6% Negative increase26.9%
1994 Increase349.7 Increase10,178.7 Increase287.8 Increase8,378.7 Increase5.8% 없음 Negative increase13.3% Negative increase28.4%
1995 Decrease346.8 Decrease9,972.8 Increase288.5 Decrease8,295.1 Decrease-2.8% 없음 Negative increase18.9% Negative increase30.7%
1996 Increase372.7 Increase10,589.9 Increase304.3 Increase8,645.5 Increase5.5% 없음 Positive decrease18.8% Negative increase32.6%
1997 Increase409.9 Increase11,512.5 Increase327.4 Increase9,196.5 Increase8.1% 없음 Positive decrease16.8% Positive decrease31.7%
1998 Increase430.5 Increase11,955.7 Increase334.2 Increase9,283.2 Increase3.9% Increase0.9% Positive decrease14.8% Negative increase34.1%
1999 Decrease421.8 Decrease11,587.1 Decrease317.0 Decrease8,709.1 Decrease-3.4% Increase-1.2% Negative increase16.1% Negative increase38.9%
2000 Increase427.9 Decrease11,633.0 Increase317.8 Decrease8,638.5 Decrease-0.8% Increase-0.9% Negative increase17.1% Negative increase40.8%
2001 Decrease418.3 Decrease11,256.7 Decrease300.4 Decrease8,085.4 Decrease-4.4% Increase-1.1% Negative increase19.2% Negative increase48.0%
2002 Decrease378.5 Decrease10,089.1 Decrease112.5 Decrease2,997.6 Decrease-10.9% Negative increase25.9% Negative increase22.5% Negative increase147.2%
2003 Increase420.5 Increase11,104.7 Increase142.4 Increase3,761.1 Increase9.0% Negative increase13.4% Positive decrease17.3% Positive decrease125.2%
2004 Increase470.3 Increase12,303.2 Increase164.9 Increase4,314.1 Increase8.9% Increase4.4% Positive decrease13.6% Positive decrease117.9%
2005 Increase528.0 Increase13,681.2 Increase199.3 Increase5,163.6 Increase8.9% Negative increase9.6% Positive decrease11.6% Positive decrease80.3%
2006 Increase588.1 Increase15,090.3 Increase232.9 Increase5,976.1 Increase8.0% Negative increase10.9% Positive decrease10.2% Positive decrease70.8%
2007 Increase658.4 Increase16,728.5 Increase287.9 Increase7,315.7 Increase9.0% Negative increase8.8% Positive decrease8.5% Positive decrease62.1%
2008 Increase698.2 Increase17,567.3 Increase363.5 Increase9,146.8 Increase4.1% Negative increase8.6% Positive decrease7.9% Positive decrease53.8%
2009 Decrease661.1 Decrease16,472.3 Decrease334.6 Decrease8,337.8 Decrease-5.9% Negative increase6.3% Negative increase8.7% Negative increase55.4%
2010 Increase736.8 Increase18,063.9 Increase424.7 Increase10,413.0 Increase10.1% Negative increase10.5% Positive decrease7.8% Positive decrease43.5%
2011 Increase797.3 Increase19,322.2 Increase527.6 Increase12,787.8 Increase6.0% Negative increase9.8% Positive decrease7.2% Positive decrease38.9%
2012 Increase819.7 Increase19,641.4 Increase579.7 Increase13,889.8 Decrease-1.0% Negative increase10.0% Steady7.2% Negative increase40.4%
2013 Increase849.6 Increase20,131.7 Increase611.5 Increase14,488.8 Increase2.4% Negative increase10.6% Positive decrease7.1% Negative increase43.5%
2014 Decrease839.9 Decrease19,683.8 Decrease563.6 Decrease13,208.8 Decrease-2.5% 없음 Negative increase7.3% Negative increase44.7%
2015 Increase867.2 Increase20,105.2 Increase642.5 Increase14,895.3 Increase2.7% 없음 Positive decrease6.5% Negative increase52.6%
2016 Increase885.2 Decrease20,307.9 Decrease556.8 Decrease12,772.9 Decrease-2.1% 없음 Negative increase8.5% Negative increase53.1%
2017 Increase1,039.3 Increase23,597.1 Increase643.9 Increase14,618.3 Increase2.8% Negative increase25.7% Positive decrease8.4% Negative increase57.0%
2018 Decrease1,036.9 Decrease23,290.6 Decrease524.4 Decrease11,786.4 Decrease-2.6% Negative increase34.3% Negative increase9.2% Negative increase85.2%
2019 Decrease1,033.4 Decrease22,997.4 Decrease451.8 Decrease10,054.0 Decrease-2.1% Negative increase53.5% Negative increase9.8% Negative increase88.8%
2020 Decrease942.2 Decrease20,763.8 Decrease389.1 Decrease8,571.9 Decrease-9.9% Negative increase42.0% Negative increase11.6% Negative increase102.8%
2021 Increase1,081.7 Increase23,596.7 Increase488.6 Increase10,658.5 Increase10.2% Negative increase48.4% Positive decrease9.3% Positive decrease80.6%
2022 Increase1,195.6 Increase25,822.3 Increase564.3 Increase12,187.3 Increase4.0% Negative increase51.7% Positive decrease9.2% Positive decrease74.4%
2023 Increase1,268.4 Increase27,124.3 Increase573.6 Increase12,266.7 Increase3.0% Negative increase43.5% Positive decrease8.1% Positive decrease74.3%
2024 Increase1,335.4 Increase28,273.6 Increase574.0 Decrease12,152.3 Increase2.8% Negative increase38.5% Steady8.1% Positive decrease73.4%
2025 Increase1,390.0 Increase29,138.9 Increase588.0 Increase12,325.9 Increase2.0% Negative increase35.3% Steady8.1% Positive decrease70.3%
2026 Increase1,445.7 Increase30,006.4 Increase616.4 Increase12,793.7 Increase2.0% Negative increase29.2% Steady8.1% Positive decrease66.6%
2027 Increase1,503.9 Increase30,904.9 Increase646.2 Increase13,279.3 Increase2.0% Negative increase24.2% Steady8.1% Positive decrease63.0%

섹터

농업

주요 기사:아르헨티나의 농업
아르헨티나의 비옥한 팜파스의 콩밭.다재다능한 콩은 전국 농작물 생산량의 약 절반을 차지한다.
멘도사 주의 포도밭.그 나라는 세계에서 [29]다섯 번째로 큰 생산국이다.

아르헨티나는 쇠고기, 감귤류, 포도, 꿀, 옥수수, 수수, 콩, 호박, 해바라기씨, 밀, 예르바메이트 [30]수출국 중 가장 많은 상위 생산국 중 하나이다.농업은 2010년 GDP의 9%를 차지했고, 전체 수출의 약 5분의 1(가공식품과 사료를 포함하지 않음)을 차지했다.2010년 상업 수확량은 1억300만 톤에 달했으며, 그 중 5400만 톤 이상이 유종자(주로 콩과 해바라기), 4600만 톤 이상이 곡물(주로 옥수수, 밀, 수수)[31]이었다.

아르헨티나는 콩, 옥수수, 해바라기 종자, 레몬, 배의 세계 5대 생산국이자 보리, 포도, 아티초크, 담배 및 면화 세계 10대 생산국이며 밀, 사탕수수, 수수 및 자몽 [32]세계 15대 생산국 중 하나입니다.

In 2018, Argentina was the 3rd largest producer of soy in the world, with 37.7 million tons produced (behind only the US and Brazil); the 4th largest producer of maize in the world, with 43.5 million tons produced (behind only the US, China and Brazil); the 12th largest producer of wheat in the world, with 18.5 million tons produced; the 11th largest producer in the world of sorghum, with 1.5 million tons produced; the 10th largest producer of grape in the world, with 1.9 million tons produced, besides having produced 19 million tons of sugarcane, mainly in the province of Tucumán[33] - Argentina produces near 2 million tons of sugar with the produced cane. In the same year Argentina produced 4.1 million tons of barley, being one of the 20 largest producers in the world of this cereal.[34] The country is also one of the world's largest producers of sunflower seed: in 2010, it was the 3rd largest producer in the world with 2.2 million tons.[35] In 2018, Argentina also produced 2.3 million tons of potato, almost 2 million tons of lemon, 1.3 million tons of rice, 1 million tons of orange, 921 thousand tons of peanut, 813 thousand tons of cotton, 707 thousand tons of onion, 656 thousand tons of tomato, 565 thousand tons of pear, 510 thousand tons of apple, 491 thousand tons of oats, 473 thousand tons of beans, 431 thousand tons of tangerine, 302 thousand tons of yerba mate, 283 thousand tons of carrot, 226 thousand tons of peach, 194 thousand tons of cassava, 174 thousand tons of olives, 174 thousand tons of banana, 148 thousand tons of garlic, 114 thousand tons of grapefruit, 110 thousand tons of artichoke, in addition to smaller productions of other agricultural products.[36]

In livestock, Argentina was, in 2019, the 4th world producer of beef, with a production of 3 million tons (only behind USA, Brazil and China), the 4th world producer of honey, the 10th world producer of wool, the world's 13th largest producer of chicken meat, the world's 23rd largest producer of pork, the 18th largest producer of cow's milk and the world's 14th largest producer of chicken egg.[37]

Soy and its byproducts, mainly animal feed and vegetable oils, are major export raw materials with one fourth of the total; cereals added another 10%. Cattle-raising is also a major industry, though mostly for domestic consumption; beef, leather and dairy were 5% of total exports.[38] Sheep-raising and wool are important in Patagonia, though these activities have declined by half since 1990. Biodiesel, however, has become one of the fastest growing agro-industrial activities, with over US$2 billion in exports in 2011.[38]

Fruits and vegetables made up 4% of exports: apples and pears in the Río Negro valley; rice, oranges and other citrus in the northwest and Mesopotamia; grapes and strawberries in Cuyo (the west), and berries in the far south. Cotton and tobacco are major crops in the Gran Chaco, sugarcane and chile peppers in the northwest, and olives and garlic in the west. Yerba mate tea (Misiones), tomatoes (Salta) and peaches (Mendoza) are grown for domestic consumption. Organic farming is growing in Argentina, and the nearly 3 million hectares (7.5 million acres) of organic cultivation is second only to Australia.[39] Argentina is the world's fifth-largest wine producer,[40] and fine wine production has taken major leaps in quality. A growing export, total viticulture potential is far from having been met. Mendoza is the largest wine region, followed by San Juan.[41]

Government policy towards the lucrative agrarian sector is a subject of, at times, contentious debate in Argentina. A grain embargo by farmers protesting an increase in export taxes for their products began in March 2008,[42] and, following a series of failed negotiations, strikes and lockouts largely subsided only with the 16 July, defeat of the export tax-hike in the Senate.[43]

Argentine fisheries bring in about a million tons of catch annually,[44] and are centered on Argentine hake, which makes up 50% of the catch; pollock, squid, and centolla crab are also widely harvested. Forestry has long history in every Argentine region, apart from the pampas, accounting for almost 14 million m³ of roundwood harvests.[45] Eucalyptus, pine, and elm (for cellulose) are also grown, mainly for domestic furniture, as well as paper products (1.5 million tons). Fisheries and logging each account for 2% of exports.[44]

The Vaca Muertatight oil (shale oil) field holds 2.58×109 m3 (16.2×10^9 bbl) of oil and 8.7×10^12 m3 (308×10^12 cu ft) of natural gas. It is estimated to be the third largest in the world.[46][47]

Natural resources

See also: Mining in Argentina

Mining and other extractive activities, such as gas and petroleum, are growing industries, increasing from 2% of GDP in 1980 to around 4% today.[44] The northwest and San Juan Province are the main regions of activity. Coal is mined in Santa Cruz Province. Metals and minerals mined include borate, copper, lead, magnesium, sulfur, tungsten, uranium, zinc, silver, titanium, and gold, whose production was boosted after 1997 by the Bajo de Alumbrera mine in Catamarca Province and Barrick Gold investments a decade later in San Juan. Metal ore exports soared from US$200 million in 1996 to US$1.2 billion in 2004,[48] and to over US$3 billion in 2010.[38]

In mining, in 2019, Argentina was the 4th largest world producer of lithium,[49] the 9th largest world producer of silver,[50] the 17th largest world producer of gold[51] and the 7th largest world producer of boron.[52]

Around 35 million m³ each of petroleum and petroleum fuels are produced, as well as 50 billion m³ of natural gas, making the nation self-sufficient in these staples, and generating around 10% of exports.[44] The most important oil fields lie in Patagonia and Cuyo. A network of pipelines (next to Mexico's, the second-longest in Latin America)[citation needed] send raw product to Bahía Blanca, center of the petrochemical industry, and to the La Plata-Greater Buenos Aires-Rosario industrial belt.

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.[53]

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.[54][55][56][57]

Manufacturing is the largest single sector in the nation's economy (15% of GDP), and is well-integrated into Argentine agriculture, with half the nation's industrial exports being agricultural in nature.[38] Based on food processing and textiles during its early development in the first half of the 20th century, industrial production has become highly diversified in Argentina.[58] Leading sectors by production value are: Food processing and beverages; motor vehicles and auto parts; refinery products, and biodiesel; chemicals and pharmaceuticals; steel and aluminium; and industrial and farm machinery; electronics and home appliances. These latter include over three million big ticket items, as well as an array of electronics, kitchen appliances and cellular phones, among others.[44]

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.[59] 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.[44] Other manufactured goods include: glass and cement; plastics and tires; lumber products; textiles; tobacco products; recording and print media; furniture; apparel and leather.[44]

Most manufacturing is organized in the 314 industrial parks operating nationwide as of 2012, a fourfold increase over the past decade.[60] Nearly half the industries are based in the Greater Buenos Aires area, although Córdoba, Rosario, and Ushuaia are also significant industrial centers; the latter city became the nation's leading center of electronics production during the 1980s.[61] The production of computers, laptops, and servers grew by 160% in 2011, to nearly 3.4 million units, and covered two-thirds of local demand.[62] Argentina has also become an important manufacturer of cell phones, providing about 80% of all devices sold in the country.[63] Farm machinery, another important rubric historically dominated by imports, was similarly replaced by domestic production, which covered 60% of demand by 2013.[64] Production of cell phones, computers, and similar products is actually an "assembly" industry, with the majority of the higher technology components being imported, and the designs of products originating from foreign countries. High labour costs for Argentina assembly work tend to limit product sales penetration to Latin America, where regional trade treaties exist.[citation needed]

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.[65]

Argentine electric output totaled over 133 billion kWh in 2013.[44] This was generated in large part through well developed natural gas and hydroelectric resources. Nuclear energy is also of high importance,[66] and the country is one of the largest producers and exporters, alongside Canada and Russia of cobalt-60, a radioactive isotope widely used in cancer therapy.

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,[67] 95% of whom use smartphones;[68] Internet (over 32 million users, or 75% of the population);[69] and broadband services (accounting for nearly all 14 million accounts).[70] Regular telephone services, with 9.5 million lines,[71] and mail services are also robust. Total telecom revenues reached more than $17.8 billion in 2013,[72] and while only one in three retail stores in Argentina accepted online purchases in 2013 E-commerce reached US$4.5 billion in sales.[73]

Trade in services remained in deficit, however, with US$15 billion in service exports in 2013 and US$19 billion in imports.[23] Business Process Outsourcing became the leading Argentine service export, and reached US$3 billion.[74] Advertising revenues from contracts abroad were estimated at over US$1.2 billion.[75]

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.[76]

Banking

View of Buenos Aires Central Business District from the Costanera Sur Ecological Reserve
Protestors outside BankBoston branch during the corralito
Main article: Banking in Argentina

Argentine banking, whose deposits exceeded US$120 billion in December 2012,[77] 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.[78] 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.[78]

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.[79]

The banks largely lent US dollars and took deposits in Argentine pesos, and when the peso lost most of its value in early 2002, many borrowers again found themselves hard pressed to keep up. Delinquencies tripled to about 37%.[79] Over a fifth of deposits had been withdrawn by December 2001, when Economy Minister Domingo Cavallo imposed a near freeze on cash withdrawals. The lifting of the restriction a year later was bittersweet, being greeted calmly, if with some umbrage, at not having these funds freed at their full U.S. dollar value.[80] Some fared worse, as owners of the now-defunct Velox Bank defrauded their clients of up to US$800 million.[81]

Credit in Argentina is still relatively tight. Lending has been increasing 40% a year since 2004, and delinquencies are down to less than 2%.[77] Still, credit outstanding to the private sector is, in real terms, slightly below its 1998 peak,[79] and as a percent of GDP (around 18%)[77] 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.[77]

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 (M3) by nearly US$10 billion in 2012.[23]

Tourism

Main article: Tourism in Argentina
Tour bus in Buenos Aires

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.[82] 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.[76]

Argentines, who have long been active travelers within their own country,[83] accounted for over 80%, and international tourism has also seen healthy growth (nearly doubling since 2001).[76] Stagnant for over two decades, domestic travel increased strongly in the last few years,[84] and visitors are flocking to a country seen as affordable, exceptionally diverse, and safe.[85]

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.[86] Cruise liner arrivals are the fastest growing type of foreign tourism to Argentina; a total of 160 liners carrying 510,000 passengers arrived at the Port of Buenos Aires in 2013, an eightfold increase in a just a decade.[87]

GDP by value added

Supply sector (% of GDP in current prices)[44] 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
  1. ^ New methodology; not strictly comparable to earlier data

Energy

Main article: Energy in Argentina
A YPF refinery
Atucha II Nuclear Power Plant under construction

Electricity generation in Argentina totaled 133.3 billion Kwh in 2013.[44] The electricity sector in Argentina constitutes the third largest power market in Latin America. It mainly still relies on centralised generation by natural gas power generation (51%), hydroelectricity (28%), and oil-fired generation (12%).[88] Reserves of shale gas and tight oil in the Vaca Muerta oil field and elsewhere are estimated to be the world's third-largest.[46] In 2017, Argentina was the 18th largest producer in the world (and the largest producer in Latin America) of natural gas.[89] In 2020, the country was the 28th largest producer of oil in the world, extracting 70,000 m3 (440,300 bbl) per day.[90]

Despite the country's large untapped wind and solar potential new renewable energy technologies and distributed energy generation are barely exploited. Wind energy is the fastest growing among new renewable sources. Fifteen wind farms have been developed since 1994 in Argentina, the only country in the region to produce wind turbines. The 55 MW of installed capacity in these in 2010 will increase by 895 MW upon the completion of new wind farms begun that year.[91] Solar power is being promoted with the goal of expanding installed solar capacity from 6 MW to 300, and total renewable energy capacity from 625 MW to 3,000 MW.[92] At the end of 2021 Argentina was the 21st country in the world in terms of installed hydroelectric power (11.3 GW), the 26th country in the world in terms of installed wind energy (3.2 GW) and the 43rd country in the world in terms of installed solar energy (1.0 GW). [93]

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.[88]

The electricity sector was unbundled in generation, transmission and distribution by the reforms carried out in the early 1990s. Generation occurs in a competitive and mostly liberalized market, in which 75% of the generation capacity is owned by private utilities. In contrast, the transmission and distribution sectors are highly regulated and much less competitive than generation.

Infrastructure

Main article: Transportation in Argentina
Railway workers laying track on the Belgrano Railway, following state investment
Long-distance passenger train operated by Trenes Argentinos
Aeroparque Jorge Newbery in Buenos Aires

Argentina's transport infrastructure is relatively advanced, and at a higher standard than the rest of Latin America.[94] 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,[95] and 2,800 kilometres (1,700 mi) are expressways, many of which are privatized tollways.[96] Having tripled in length in the last decade, multilane expressways now connect several major cities with more under construction.[96][97] Expressways are, however, currently inadequate to deal with local traffic,[97] as over 12 million motor vehicles were registered nationally as of 2012 (the highest, proportionately, in the region).[98]

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).[39][99] 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.[44][100] 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.[101]

In April 2015, by overwhelming majority the Argentine Senate passed a law which re-created Ferrocarriles Argentinos as Nuevos Ferrocarriles Argentinos, effectively re-nationalising the country's railways.[102][103][104] In the years leading up to this move, the country's railways had seen significant investment from the state, purchasing new rolling stock, re-opening lines closed under privatization and re-nationalising companies such as the Belgrano Cargas freight operator.[105][106][107][108] Some of these re-opened services include the General Roca Railway service to Mar del Plata, the Tren a las Nubes tourist train and the General Mitre Railway service from Buenos Aires to Córdoba.[109][110][111] while brand new services include the Posadas-Encarnación International Train.[112]

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.[113] No longer the most extensive in South America, its 60 kilometres (37 mi) of track carry a million passengers daily.[114]

Argentina has around 11,000 km (6,835 mi) of navigable waterways, and these carry more cargo than do the country's freight railways.[115] This includes an extensive network of canals, though Argentina is blessed with ample natural waterways as well, the most significant among these being the Río de la Plata, Paraná, Uruguay, Río Negro, and Paraguay rivers. The Port of Buenos Aires, inaugurated in 1925, is the nation's largest; it handled 11 million tons of freight and transported 1.8 million passengers in 2013.[87]

Aerolíneas Argentinas is the country's main airline, providing both extensive domestic and international service. LADE is a military-run commercial airline that flies extensive domestic services. The nation's 33 airports handled air travel totalling 25.8 million passengers in 2013, of which domestic flights carried over 14.5 million; the nation's two busiest airports, Jorge Newbery and Ministro Pistarini International Airports, boarded around 9 million flights each.[116]

Foreign trade

Argentina Export Treemap by Product (2012) from Harvard Atlas of Economic Complexity
Main article: Foreign trade of Argentina

In 2020, Argentina was the 46th largest exporter (by merchandise exports) in the world (US$65 billion), 0.3% of the global total.[117][118]

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.[119]

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.[120] Accordingly, the system of non-automatic import licensing was extended in 2011,[121] 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).[122]

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.[119] 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)[123] and a US$6 billion energy deficit in 2013.[124]

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.[119] Trade in services has historically in deficit for Argentina, and in 2013 this deficit widened to over US$4 billion with a record US$19 billion in service imports.[23] The nation's chronic current account deficit was reversed during the 2002 crisis, and an average current account surplus of US$7 billion was logged between 2002 and 2009; this surplus later narrowed considerably, and has been slightly negative since 2011.[125]

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.[126] 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%);[126] and China grew to become the third-largest source of FDI by 2011.[127] 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.[23]

Several bilateral agreements play an important role in promoting U.S. private investment. Argentina has an Overseas Private Investment Corporation (OPIC) agreement and an active program with the U.S. Export-Import Bank. Under the 1994 U.S.–Argentina Bilateral Investment Treaty, U.S. investors enjoy national treatment in all sectors except shipbuilding, fishing, nuclear-power generation, and uranium production. The treaty allows for international arbitration of investment disputes.

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.[128] FDI then accelerated, reaching US$8 billion in 2008.[129] The global crisis cut this figure to US$4 billion in 2009; but inflows recovered to US$6.2 billion in 2010.[130] and US$8.7 billion in 2011, with FDI in the first half of 2012 up by a further 42%.[131]

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.[132] 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).[133]

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.[134] A lobby representing US creditors who refused to accept Argentina's debt-swap programmes has campaigned to have the country expelled from the G20.[135] 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.[136]

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.[137] The May 2018 announcement comes at a time of high inflation and falling interest rates.[137] The loan would reportedly be worth $30 billion.[138]

Following 25 years of boom and bust stagnation, Argentina's economy doubled in size from 2002 to 2013,[134] and officially, income poverty declined from 54% in 2002 to 5% by 2013;[139] an alternative measurement conducted by CONICET found that income poverty declined instead to 15.4%.[140] Poverty measured by living conditions improved more slowly, however, decreasing from 17.7% in the 2001 Census to 12.5% in the 2010 Census.[141] Argentina's unemployment rate similarly declined from 25% in 2002 to an average of around 7% since 2011 largely because of both growing global demand for Argentine raw materials and strong growth in domestic activity.[142]

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.[143]

The government has been accused of manipulating economic statistics.[144]

Reliability of official CPI estimates

Official CPI inflation figures released monthly by INDEC have been a subject of political controversy since 2007 through 2015.[142][145][146] Official inflation data are disregarded by leading union leaders, even in the people sector, when negotiating pay rises.[147] Some private-sector estimates put inflation for 2010 at around 25%, much higher than the official 10.9% rate for 2010.[147] Inflation estimates from Argentina's provinces are also higher than the government's figures.[147] The government backed up the validity of its data, but has called in the International Monetary Fund to help it design a new nationwide index to replace the current one.[147]

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.[148] Economic analysts have been prosecuted for publishing estimates that disagree with official statistics.[149] The government enforces a fine of up to 500,000 pesos for providing what it calls "fraudulent inflation figures".[147] Beginning in 2015, the government again began to call for competitive bids from the private sector to provide a weekly independent inflation index.[150]

Inflation

High inflation has been a weakness of the Argentine economy for decades.[151] Inflation has been unofficially estimated to be running at around 25% annually since 2008, despite official statistics indicating less than half that figure;[152][153] these would be the highest levels since the 2002 devaluation.[151] 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.[154] 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.[151][155]

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.[156]

As of June 2015, the government said that inflation was at 15.3%;[157] approximately half that of some independent estimates.[158] Inflation remained at around 18.6% in 2015 according to an International Monetary Fund estimate;[159] 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.[160]

Supermarkets in Argentina have adopted electronic price tags, allowing prices to be updated quicker.[161]

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.[162][163] In August 2019, as an attempt to stabilise the economy, the government decided to impose restrictions on foreign currency purchases.[164]

The inflation rate in Argentina rose to 52.3 percent in February of 2022 from 50.7 percent in the prior month, the steepest increase since September.[165]

Income distribution

In relation to other Latin American countries, Argentina has a moderate to low level of income inequality. Its Gini coefficient is of about 0.427 (2014).[166] The social gap is worst in the suburbs of the capital, where beneficiaries of the economic rebound live in gated communities, and many of the poor live in slums known as villas miserias.[167]

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.[167] These heightened levels of inequality had improved to 26 times by 2006,[168] and to 16 times at the end of 2010.[169] 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%;[170] by 2010, the former received 29% of income, and the latter, 1.8%.[169]

Argentina has an inequality-adjusted human development index of 0.729, compared to 0.578 and 0.709 for neighboring Brazil and Chile, respectively.[171] The 2010 Census found that poverty by living conditions still affect 1 in 8 inhabitants, however;[141] and while the official, household survey income poverty rate (based on U$S 100 per person per month, net) was 4.7% in 2013,[139] the National Research Council estimated income poverty in 2010 at 22.6%,[140] with private consulting firms estimating that in 2011 around 21% fell below the income poverty line.[172] The World Bank estimated that, in 2013, 3.6% subsisted on less than US$3.10 per person per day.[173]

See also

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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

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