Economy - overview:
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 an unprecedented 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 - at the time the largest ever - 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 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 in 2010 rebounded strongly from the 2009 recession, but has slowed since late 2011 even as the government continued to rely on expansionary fiscal and monetary policies, which have kept inflation in the double digits.The government has taken multiple steps in recent years to deal with these problems. It expanded state intervention in the economy throughout 2012. In May 2012 the Congress approved the nationalization of the oil company YPF from Spain's Repsol. The government expanded formal and informal measures to restrict imports during the year, including a requirement for pre-registration and pre-approval of all imports. In July 2012 the government also further tightened currency controls in an effort to bolster foreign reserves and stem capital flight. In October 2013, the government settled long-standing international arbitral disputes dating back to before and following the 2001 Argentine financial crisis. During 2014, the government continued with expansionary fiscal and monetary policies and foreign exchange and imports controls. Between 2011 and 2013, Central Bank foreign reserves had dropped $21.3 billion from a high of $52.7 billion. In July 2014, Argentina and China agreed on an $11 billion currency swap; the Argentine Central Bank has received the equivalent of $3.2 billion in Chinese yuan, which it counts as international reserves.In 2014, the government also took some measures to mend ties with the international financial community, including engaging with the IMF to improve its economic data reporting, reaching a compensation agreement with Repsol for the expropriation of YPF, and agreeing to pay $9.7 billion in arrears to the Paris Club over five years, including $606 million owed to the United States. In July 2014, Argentina made its first payment to Paris Club creditors since the country's 2001 financial crisis. At the same time, the Argentine government in July 2014 entered a technical default on its external debt after it failed to reach an agreement with holdout creditors in the US. The government's delay in reaching a settlement and the continuation of interventionist and populist policies are contributing to high inflation and a prolonged recession, according to private analysts.The election of pro-market candidate Mauricio MACRI in November 2015 may change the international perception of Argentina and boost foreign investment.

GDP (purchasing power parity):
$964.3 billion (2015 est.) $960.3 billion (2014 est.) $955.9 billion (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 26
[see also: GDP country ranks ]

GDP (official exchange rate):
$578.7 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.4% (2015 est.) 0.5% (2014 est.) 2.9% (2013 est.)
country comparison to the world: 194
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$22,400 (2015 est.) $22,300 (2014 est.) $22,100 (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 81
[see also: GDP - per capita country ranks ]

Gross national saving:
15.6% of GDP (2015 est.) 18.8% of GDP (2014 est.) 17.8% of GDP (2013 est.)
country comparison to the world: 112
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 64.6%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 16.7%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 17.3%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 1.6%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 12.9%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -13.1% (2015 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 10.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 29.1%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 60.4% (2015 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
sunflower seeds, lemons, soybeans, grapes, corn, tobacco, peanuts, tea, wheat; livestock

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

Industrial production growth rate:
0.3%
note: based on private sector estimates (2015 est.)
country comparison to the world: 163
[see also: Industrial production growth rate country ranks ]

Labor force:
17.47 million
note: urban areas only (2015 est.)
country comparison to the world: 37
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 5%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 23%
[see also: Labor force - by occupation - industry country ranks ]
services: 72% (2009 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
7.6% (2015 est.) 7.3% (2014 est.)
country comparison to the world: 88
[see also: Unemployment rate country ranks ]

Population below poverty line:
30%
note: data are based on private estimates (2010 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.5%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 32.3% (2010 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
45.8 (2009)
country comparison to the world: 37
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $143.4 billion
[see also: Budget revenues country ranks ]
expenditures: $170.4 billion (2015 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
24.8% of GDP (2015 est.)
country comparison to the world: 123
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-4.7% of GDP (2015 est.)
country comparison to the world: 164
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
45.8% of GDP (2015 est.) 42.7% of GDP (2014 est.)
country comparison to the world: 94
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
27.6% (2015 est.) 37.6% (2014 est.)
note: data are derived from private estimates
country comparison to the world: 221
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
NA%
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
23.6% (31 December 2015 est.) 24.01% (31 December 2014 est.)
country comparison to the world: 7
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$69.37 billion (31 December 2015 est.) $62.87 billion (31 December 2014 est.)
country comparison to the world: 43
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$150.3 billion (31 December 2015 est.) $138.6 billion (31 December 2014 est.)
country comparison to the world: 51
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$208.2 billion (31 December 2015 est.) $183.3 billion (31 December 2014 est.)
country comparison to the world: 43
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$34.24 billion (31 December 2012 est.) $43.58 billion (31 December 2011) $63.91 billion (31 December 2010 est.)
country comparison to the world: 59
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$10.17 billion (2015 est.) -$5.641 billion (2014 est.)
country comparison to the world: 181
[see also: Current account balance country ranks ]

Exports:
$65.95 billion (2015 est.) $67.42 billion (2014 est.)
country comparison to the world: 44
[see also: Exports country ranks ]

Exports - commodities:
soybeans and derivatives, petroleum and gas, vehicles, corn, wheat

Exports - partners:
Brazil 20.5%, China 6.6%, US 5.7%, Chile 4.2% (2014)

Imports:
$60.56 billion (2015 est.) $65.25 billion (2014 est.)
country comparison to the world: 43
[see also: Imports country ranks ]

Imports - commodities:
machinery, motor vehicles, petroleum and natural gas, organic chemicals, plastics

Imports - partners:
Brazil 22.1%, China 16.2%, US 13.8%, Germany 5.4%, Bolivia 4.2% (2014)

Reserves of foreign exchange and gold:
$28.22 billion (31 December 2015 est.) $31.4 billion (31 December 2014 est.)
country comparison to the world: 52
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$147 billion (31 December 2014 est.) $143.7 billion (31 December 2013 est.)
country comparison to the world: 42
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$125.9 billion (31 December 2015 est.) $116.5 billion (31 December 2014 est.)
country comparison to the world: 41
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$37.66 billion (31 December 2015 est.) $36.44 billion (31 December 2014 est.)
country comparison to the world: 48
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Argentine pesos (ARS) per US dollar - 9.2 (2015 est.) 8.08 (2014 est.) 8.08 (2013 est.) 4.54 (2012 est.) 4.11 (2011 est.)