Argentina benefits from rich natural resources, a highly literate population, an export-oriented agricultural sector, and a diversified industrial base. Historically, however, its economic performance has been very uneven. At the beginning of the twentieth century it was one of the richest countries in the world^{[citation needed]}, but it is now an upper-middle income country. Despite this, Argentina is still one of the most developed countries in Latin America, as measured by its GDP per capita and is Human development index. The Argentine peso (originally established as the nuevo peso argentino or peso convertible) is the currency of Argentina. ... The Argentine peso (originally established as the nuevo peso argentino or peso convertible) is the currency of Argentina. ... WTO redirects here. ... Motto (Spanish) (Portuguese) (Guaraní) Our North is the South  â€¢  â€¢ Pro Tempore Secretariat Montevideo, Uruguay Largest city São Paulo, Brazil Official languages 3 Portuguese Spanish Guaraní Membership 5 Argentina Brazil Paraguay Uruguay Venezuela Leaders  -  Carlos Álvarez Establishment  -  Declaration of Foz do Iguaçu 30 December 1985   -  Treaty of Asunción... Pro Tempore Secretariat Brasília Official languages 4 Spanish Portuguese English Dutch Member states 12 Argentina Bolivia Brazil Chile Colombia Ecuador Guyana Paraguay Peru Suriname Uruguay Venezuela Leaders  -  President Rodrigo Borja  -  Tempore Secretary Jorge Taunay Filho Formation  -  Cuzco Declaration 8 December 2004  Area  -  Total 17,715,335 km² (1st2)  sq... GDP is an acronym which can stand for more than one thing: (in economics) an abbreviation for Gross Domestic Product. ... PPP of GDP for the countries of the world (2003). ... There are three lists of countries of the world sorted by their gross domestic product (GDP) (the value of all final goods and services produced within a nation in a given year). ... This article is about a term used in economics. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... It has been suggested that this article be split into multiple articles accessible from a disambiguation page. ... Map of countries showing percentage of population who have an income below the national poverty line The poverty line is the level of income below which one cannot afford to purchase all the resources one requires to live. ... The Gini coefficient is a measure of inequality developed by the Italian statistician Corrado Gini and published in his 1912 paper Variabilità e mutabilità. It is usually used to measure income inequality, but can be used to measure any form of uneven distribution. ... 2006 is a common year starting on Sunday of the Gregorian calendar. ... CIA figures for world unemployment rates, 2006 Unemployment is the state in which a person is without work, available to work, and is currently seeking work. ... Food processing is the set of methods and techniques used to transform raw ingredients into food for consumption by humans or animals. ... Vehicles are non-living means of transport. ... This article is about the type of fabric. ... A chemical substance is any material substance used in or obtained by a process in chemistry: A chemical compound is a substance consisting of two or more chemical elements that are chemically combined in fixed proportions. ... A petrochemical is any chemical derived from fossil fuel. ... For other uses, see Print. ... Georg Agricola, author of De re metallica, an important early book on metal extraction Metallurgy is a domain of materials science that studies the physical and chemical behavior of metallic elements, their intermetallic compounds, and their compounds, which are called alloys. ... For other uses, see Steel (disambiguation). ... For other uses of terms redirecting here, see US (disambiguation), USA (disambiguation), and United States (disambiguation) Motto In God We Trust(since 1956) (From Many, One; Latin, traditional) Anthem The Star-Spangled Banner Capital Washington, D.C. Largest city New York City National language English (de facto)1 Demonym American... For other uses of terms redirecting here, see US (disambiguation), USA (disambiguation), and United States (disambiguation) Motto In God We Trust(since 1956) (From Many, One; Latin, traditional) Anthem The Star-Spangled Banner Capital Washington, D.C. Largest city New York City National language English (de facto)1 Demonym American... USD redirects here. ... Natural resources are commodities that are considered valuable in their relatively unmodified (natural) form. ... Farming, ploughing rice paddy, in Indonesia Agriculture is the process of producing food, feed, fiber and other desired products by cultivation of certain plants and the raising of domesticated animals (livestock). ...

This article also covers those historical periods of economic development, starting in the 1870s, which best bring to light the circumstances of Argentina's current economic situation.

Historic overview

Emergence into the world economy

Prior to the mid-1800s, Argentina was seen as a backwater region of the world. Around 1870 the Argentine economy began to experience swift growth through the exportation of its livestock commodities. This marked the beginning of a significant period of economic expansion. Between 1870 and 1914, the Argentine economy sustained an average rate of growth equal to 5% a year.^{[citation needed]} In fact, by 1913, the country's per capita income had reached those levels held by France and Germany.^{[citation needed]}

The development of land

Since its independence, Argentina, being the eighth largest country in the world^{[citation needed]}, has held an advantage in this factor of production. In the nineteenth century the rural economy was almost entirely devoted to farming and livestock raising. Over the course of history each of these two sectors experienced periods of growth and contraction in their markets, though farming at first faced much poorer returns. Classical economics distinguishes between three factors of production which are used in the production of goods: Land or natural resources - naturally-occurring goods such as soil and minerals. ...

As a more labor-intensive activity farming was hard pressed to find a good supply of workers prior to 1870. Since livestock raising is particularly capital-intensive, it fared well vis-à-vis the farming sector in the event of labor shortages and quickly spread across the country. Moreover, during periods of falling prices for their products ranchers were able to maintain positive returns, proving their resilience in a volatile market, adding to the success of livestock raising in Argentina in the first half of the 19th century.

After the 1860s the arable sector boomed and tracts of lands once devoted to livestock raising were replaced with cereal crops. Much of this was made possible through an ease in the supply of labor

The development of the labor market

Immigration was central to Argentina's development. Prior to the 1860s, there was relatively little migration into the country; the population in 1869 was little more than 1.7 million and, due to the sparse population, vast tracts of land remained unutilized. Labour shortages became widespread, resulting in the growth of real wages and, consequently, an increasing gap between the wage rates of Argentina and Europe. This facilitated the mass immigration that was sustained every year until World War I (except in 1890, when the Argentine economy collapsed). While half the immigrants chose to stay in the city of Buenos Aires, their addition to the country's labour market as a whole helped alleviate the labor shortage. Subsequent internal migrations by both natives and foreigners helped to secure an efficient labor market. Non-native population in Argentina, 1869–1991 There is a theory that the original inhabitants of Argentina were descendants of Asian peoples that crossed the Bering Land Bridge into North America and then, over thousands of years, reached the southern end of South America. ... “The Great War ” redirects here. ... For other uses, see Buenos Aires (disambiguation). ...

This mending of the labor problem facilitated economic development. While real wages may have fallen for a time, immigrants, as an important factor of production, were able to help diversify the Argentine's commodity markets. Previously, the capital-intensive live-stock raising/pastoral sector had dominated production. Now, with the rise in labour supply, the arable sector saw development. As a result, Argentina's commodity market ceased to specialize in any one product. For the most part, this helped fortify the country against relatively minor world-market shocks (though certainly not internal, social or political disturbances), contributing to the overall, successful level of development the country experienced between 1870 and 1920.

The development of capital markets

Like immigration, foreign investment played a central role in Argentina's economic development. Prior to World War I, it could be said that Argentina's capital investment was foreign capital investment. Not only did foreign labor flock to the Argentina in droves, but foreign assets as well. In all considerations, Argentina was not a typical case for foreign investment, and hence it did not become a typical Latin American country. At the same time, however, it did not produce the characteristics of a typical developed country. “The Great War ” redirects here. ...

By far, Britain contributed the most funds of any foreign state to the Argentine economy, as it did for many other Latin American states. For Argentina's government, beginning in the 1870s, most investment was captured in foreign bonds. Private companies, however, collected most of their capital through direct foreign investment. Undoubtedly, Argentina stood alone in the absolute size of foreign fiscal contributions. Around 1914, its public external debt stood at $784 million, with a further $3.217 billion in direct foreign investment (DFI) (Bulmer-Thomas, 2003: 102). Much of the DFI from Great Britain flowed into Argentina's railways and the country's meat-packing industry, sectors of the economy in which local investment was severely limited relative due to the start-up costs of the firm. In contrast, the agricultural sector received virtually no foreign investment, and comparatively little domestic credit as well. For alternative meanings, see bond (a disambiguation page). ... This article is about economics. ...

The most important aspect of foreign investment was its share in Argentina's capital stock relative to the size of domestic contributions. In the 1880s, foreign capital was pouring into the country; some estimates put Argentina's current account deficit at 30 percent of its GDP. It is important to note, though, that while foreign investment arrived in large amounts, its percentage of total investment and hence its influence on economic development was so great because domestic investment and savings were so small. The term current account usually refers to the current account of the balance of payments (BOP) and contains the import and export items of goods and services. ...

End of export-led growth

For the most part, Argentine economic growth before 1914 was achieved through exports to Europe. First beef and hides, then cereals and eventually some processed goods like beef jerky were sent off to Europe, which with a booming population found itself increasingly in need of imported foodstuffs. In return, Great Britain, France and Germany invested in the development of Argentina. For the most part, foreign funds were placed in sectors that were oriented toward exports; railways in particular were built with foreign capital. While many Argentines saw their booming export sector as central to the development of a national market, for the most part the country's economy remained deeply dependent on the performance of the international economy.

Foreign investment and the commodity market can be extremely volatile. Because Argentina's economy relied so heavily on foreign credit and a demand for its agricultural products, it was particularly susceptible to these periods of volatility, which brought about severe repercussions for the country's economic growth. Foreign investment for Argentina, then, was a double-edged sword. While it contributed to the long period of growth between the late 1800s and early 1900s, foreign investment dried up during World War I. Because national markets had not yet matured, the domestic economy was unprepared to make up for losses incurred by the international market shock and the economy as a whole saw a fall in performance.

Post-World War II

The period between 1914 and 1945 devastated the Argentine economy. Foreign investment disappeared during World War I to finance the European war effort, and failed to return after the peace. While the U.S. and Wall Street began to feature prominently on the international stage, the 1929 stock market collapse marked the end of Argentine hopes for a return to the export-led growth model. Crowd gathering on Wall Street. ...

Import substitution industrialization

After World War II, a new model of economic growth began to emerge. Import substitution industrialization, or ISI, was adopted into Argentina's economic policy. Where the government had adopted a more laissez-faire approach with export-led growth, ISI meant direct government intervention. In an effort to limit the country's dependence on the international market, government-induced economic measures like the nationalization of domestic industry were aimed at encouraging a more internal, self-sustaining development. Import substitution industrialization (also called ISI) is a trade and economic policy based on the premise that a country should attempt to substitute products which it imports, mostly finished goods, with locally produced substitutes. ... Laissez-faire is short for laissez faire, laissez passer, a French phrase meaning to let things alone, let them pass. First used by the eighteenth century Physiocrats as an injunction against government interference with trade, it is now used as a synonym for strict free market economics. ...

While Argentina was able to harness a modest level of growth through ISI, the level economic development was not sufficient enough to bring Argentina to developed-level status. Analogous to export-led growth where Argentina experienced some industrialization but did not become "industrialized", in the mid-twentieth century Argentina underwent development but did not become fully "developed".

Modern Era

Convertibility and liberalisation

When President Carlos Menem took office in 1989, the economy of the country was in a critical state. Argentina had piled up huge external debt, and output was plummeting. Inflation during had reached an annual rate of 3,080% in 1988, and in July 1989 it was almost 200%. The President of Argentina (full title: President of the Argentine Nation, Spanish: Presidente de la Nación Argentina) is the head of state of Argentina. ... Carlos Saúl Menem (born July 2, 1930) was President of Argentina from July 8, 1989 to December 10, 1999 for the Justicialist Party (Peronist) very infamous and criticized due corruption and his dubious handling of the investigations of the 1992 Israeli Embassy bombing and the 1994 bombing of the...

Inflation rate in Argentina, 1992–2001

To combat the crisis, the government embarked on a path of trade liberalisation, deregulation, and privatisation. In 1991, it implemented radical monetary reforms which pegged the Argentine peso to the United States dollar and limited the growth in the monetary base by law to the growth in reserves. Inflation fell sharply in subsequent years. The 1991 "Convertibility Law" (Ley de Convertibilidad) established a quasi-currency board. Image File history File links Inflation_in_Argentina,_1992-2001. ... Image File history File links Inflation_in_Argentina,_1992-2001. ... Free trade is an economic concept referring to the selling of products between countries without tariffs or other trade barriers. ... Deregulation is the process by which governments remove, reduce, or simplify restrictions on business and individuals in order to (in theory) encourage the efficient operation of markets. ... Privatization (sometimes privatisation, denationalization, or — especially in India — disinvestment) is the process of transferring property, from public ownership to private ownership. ... A fixed exchange rate, sometimes (less commonly) called a pegged exchange rate, is a type of exchange rate regime wherein a currencys value is matched to the value of another single currency or to a basket of other currencies, or to another measure of value, such as gold. ... The Argentine peso (originally established as the nuevo peso argentino or peso convertible) is the currency of Argentina. ... USD redirects here. ... The money base, or the monetary base is a government liability, currency and bank reserves. ... Percentage of global currencies A reserve currency (or anchor currency) is a currency which is held in significant quantities by many governments and institutions as part of their foreign exchange reserves. ... The Argentine Currency Board pegged the Argentine peso to the U.S. dollar between 1991 and 2002 in an attempt to eliminate hyperinflation and stimulate economic growth. ...

The government privatised most state-controlled companies, opened the economy to foreign trade and investment, and created private pension and workers compensation systems. As a result of these policies, Argentina experienced a boom in economic growth in the early 1990s, followed by a period of somewhat more erratic growth in the second half of the decade.

International crises

In 1995, the Mexican peso crisis produced capital flight, the loss of banking system deposits, and a severe, but short-lived, recession; a series of reforms to bolster the domestic banking system followed. Real GDP growth recovered strongly, reaching 8% in 1997. The 1994 economic crisis in Mexico, widely known as the Mexican peso crisis, was triggered by the sudden devaluation of the Mexican peso in the early days of the presidency of Ernesto Zedillo. ... Seen in Asian markets in the 1990s capital flight is when assets and/or money rapidly flow out of a country. ... In macroeconomics, a recession is a decline in a countrys real gross domestic product (GDP), or negative real economic growth, for two or more successive quarters of a year. ... GDP redirects here. ...

In 1998, international financial turmoil caused by Russia's problems and increasing investor anxiety over Brazil produced the highest domestic interest rates in more than three years, halving the growth rate of the economy. Inkombank was one of the most high-profile casualties of the events of August 1998. ...

While macroeconomics recovered fairly quickly from the effects of the Mexican crisis of 1995 (known as the Tequila Effect), Argentina could not return to strong growth after the recession that followed the successive shocks from East Asia, Russia, and Brazil. Circulation in macroeconomics Macroeconomics is a branch of economics that deals with the performance, structure, and behavior of a national economy as a whole. ... In macroeconomics, a recession is a decline in a countrys real gross domestic product (GDP), or negative real economic growth, for two or more successive quarters of a year. ...

Effects

Public debt of Argentina, 1994–2004

The structural reforms provided stability and boosted confidence after decades of decline and chronic bouts of high inflation, and fostered major new investment in services and industry in the 1990s, particularly in the telecommunications, food processing, banking, energy, and mining sectors. As a result, Argentina's exports more than doubled, from about $12,000 million in 1992 to around $25,000 million in 1999. However, one of the drawbacks of the fixed low exchange rate soon became evident, as the trade balance turned strongly deficitary (except for minor surpluses in 1995 and 1996). Image File history File links This is a chart showing the debt of the Argentine national state in national currency and in foreign currency, from 1994 to 2004. ... Image File history File links This is a chart showing the debt of the Argentine national state in national currency and in foreign currency, from 1994 to 2004. ... Telecommunication involves the transmission of signals over a distance for the purpose of communication. ... For other uses, see Bank (disambiguation). ... Balance of trade figures are the sum of the money gained by a given economy by selling exports, minus the cost of buying imports. ... This article is about budget deficits. ...

The opening of the economy and the deregulation of the labour market also fostered unemployment, which went from less than 7% in 1991 to over 12% in 1994, then increased sharply propelled by the Mexican shock, and remained afterwards always over 12%. CIA figures for world unemployment rates, 2006 Unemployment is the state in which a person is without work, available to work, and is currently seeking work. ...

In spite of these problems, Argentina was still considered a model for free market reforms among developing countries, and allowed to indebt itself to support this model. The national public debt, composed in large part by bonds denominated in dollars, increased continuously, growing by more than 60% between 1994 and 1999. For alternative meanings, see bond (a disambiguation page). ...

The crisis

Main article: Argentine economic crisis (1999-2002)

In 1999, following the 1998 international crisis, GDP fell by 3% and Argentina entered fully into recession. President Fernando de la Rúa, who took office in December 1999 following the 10-year administration of Carlos Menem, sponsored tax increases and spending cuts to reduce the deficit, which had ballooned to 2.5% of GDP. The new government also arranged a new $7,400 million stand-by facility with the International Monetary Fund for contingency purposes — almost three times the size of the previous arrangement. The new government passed laws intended to change the country's labour code, and attempted to address the precarious financial situation of several highly indebted provinces. The Argentine economic crisis was part of the situation that affected Argentinas economy during the late 1990s and early 2000s. ... Fernando de la Rúa Bruno (born September 15, 1937) is an Argentine politician. ... IMF redirects here. ...

The issue of Argentina's massive public debt became a subject of considerable controversy, and increased tension between Argentine governments and the IMF. In 2001, capital flight increased, and the government found itself unable to meet debt payments. The crisis exploded after the corralito (an almost complete freezing of bank deposits) caused massive protests. After the December 2001 riots, President De la Rúa resigned. This page is a candidate to be copied to Wiktionary. ... Corralito was the informal name for the economic measures taken in Argentina during 2001 by economy minister Domingo Cavallo in order to stop the draining of bank accounts. ... Cacerolazo is the name of a popular form of protest that consists in a group of people creating noise by banging pots, pans and other utensils in order to call for attention. ... The December 2001 riots were a period of civil unrest and rioting in Argentina, which took place during December 2001, with the most violent incidents taking place on December 19 and December 20 in the capital, Buenos Aires. ...

On December 23, 2001, interim president Adolfo Rodríguez Saá declared a short-lived debt moratorium. After a few days, Argentina officially defaulted on $93 billion of its debt. is the 357th day of the year (358th in leap years) in the Gregorian calendar. ... This article is about the year. ... Adolfo Rodríguez Saá Páez Montero (born July 25, 1947) is an Argentine politician of Peronist beliefs. ... Look up Moratorium in Wiktionary, the free dictionary. ... In finance, default occurs when a debtor has not met its legal obligations according to the debt contract, e. ...

In January 2002, the convertibility plan that pegged the Argentine peso to the U.S. dollar on a one-to-one basis was scrapped, after nearly 11 years. The peso was floated and suffered a swift and sharp devaluation (losing about 75% of its value), which in turn triggered a surge in inflation. Devaluation is a reduction in the value of a currency with respect to other monetary units. ...

The poverty rate of Argentina grew from an already high 35.9% in May 2001 to a peak of 57.5% in October 2002; the last official report is 23% for the first semester of 2007, which means the country has just returned to pre-crisis levels. A boy from an East Cipinang trash dump slum in Jakarta, Indonesia shows what he found. ...

The country has seen double-digit unemployment since the mid-1990s until the 4th quarter of 2006, peaking at 18.4% mid-year 1995. The May 2000 unemployment rate was 15.4%; it climbed to 18.3% in December 2001, and by the 4th quarter of 2006 it was around 8.7%.

In 2002, Argentina's GNP sunk by 10.9% with respect to the previous year. Soon, however, the country managed to return to growth, with surprising strength: 8.9% in 2003, 9.0% in 2004 and then again 9.2% in 2005. This was initially due to a surge in exports (over all previous historical records), and then also to the return of local and international confidence, which boosted local consumption and both local and foreign investment. Template:Push up GNP redirects here. ... World GDP/capita changed very little for most of human history before the industrial revolution. ...

Debt restructuring and the role of the IMF

In a speech before the United Nations General Assembly in May 2004, President Kirchner asked for "a structural redesign of the International Monetary Fund", which has changed "from being a lender for development to a creditor demanding privileges". UN redirects here. ... The United Nations General Assembly (GA, UNGA) is one of the five principal organs of the United Nations and the only one in which all member nations have equal representation. ... Néstor Carlos Kirchner Ostoić (born 25 February 1950) is the current President of Argentina. ...

Shortly after, at the meeting of the IMF and the World Bank, leaders of the IMF, the European Union, the Group of Seven industrialised nations, and the Institute of International Finance (IIF), warned Kirchner that Argentina must come to a debt-restructuring agreement, increase its primary budget surplus to pay more debt, and impose "structural reforms" to regain the trust of the world financial community. The World Bank logo The World Bank (the Bank) is a part of the World Bank Group (WBG), is a bank that makes loans to developing countries for development programs with the stated goal of reducing poverty. ... G7 or G-7 or Group of Seven may be: Group of Seven (G7), a group of seven industrialized nations of the world, formed in 1976 when Canada joined the Group of Six (United States of America, France, Germany, Italy, Japan, United Kingdom); now known as G8 (with Russia) Group... For other uses, see IIF (disambiguation). ...

The debt restructuring process was long and complex. Argentina offered a steep discount on its obligations (approximately 70%) and finally settled the matter with over 76% of its defaulted creditors (the default did not include the IMF, which has continued to be paid in due time). Argentina went through an economic crisis since the mid-1990s; though it is debatable whether this crisis has ended, the situation has been more stable, and improving, since 2003. ...

In December 2005, Kirchner decided to liquidate the Argentine debt to the IMF in a single payment, without refinancing, for a total of $9.8 billion. The payment was partly financed by Venezuela, who bought Argentine bonds for $1,600 million. [3]

In 2006, Argentina reentered international debt markets selling US$ 500 million of its Bonar V five year dollar denominated bonds, with a yield of 8.36%, mostly to foreign banks and Moody's boosted Argentina's debt rating to B from B-. [4]. However, the reliance of Argentina on Venezuela for a large portion of its financing needs has not been well received in Wall Street circles. On July 18, 2006 Goldman Sachs Emerging Markets Research noted: "Instead of trying to restore its credibility with the broad capital markets, the government keeps on relying on Venezuela as its main credit supplier" (as quoted in the Wall Street Journal on July 28, 2006). The total amount of Argentina's debt held by Venezuela is estimated at around US$ 4 billion. [5] Moodys Corporation (NYSE: MCO) is the holding company for Moodys Investors Service which performs financial research and analysis on commercial and government entities. ... The Goldman Sachs Group, Inc. ...

Economic expansion

With a high rated dollar in comparison with the local currency that allowed to produce goods with competitive prices in the international market, some industries in Argentina started re-flourishing after the crisis, mainly the construction (40% increase in 2005), textiles, food and car parts. The increment in the volume of exportations and their assossiated taxes also provided the country a positive balance of trade, cash flow and reserves. The balance of trade encompasses the activity of exports and imports, like the work of this cargo ship going through the Panama Canal. ... This article does not cite any references or sources. ...

According to the Heritage Foundation, a Washington-based conservative think tank, the state's role in the economy has expanded since the start of the Kirchner administration, primarily through price fixing in some industries and the creation of a state-owned airline and a state-owned energy company. The Heritage Foundation assigns Argentina a score of 3.3 (mostly unfree) in economic freedom on a scale of 1 to 5 of, which places the country in the 109th position of the 157 evaluated at the Index of Economic Freedom. The Heritage Foundation is one of the most prominent conservative think tanks in the United States. ... Map of Economic Freedom released by the Heritage Foundation. ...

Banking

Bank of the Argentine Nation, Buenos Aires

Main article: Banking of Argentina

During the 1990s Argentina's financial system was consolidated and strengthened. Deposits grew strongly, even after the recession that started in 1998. Image File history File linksMetadata Download high resolution version (3076x2052, 1233 KB) Summary Licensing File links The following pages link to this file: Argentina Economy of Argentina Buenos Aires Banking of Argentina Metadata This file contains additional information, probably added from the digital camera or scanner used to create or... Image File history File linksMetadata Download high resolution version (3076x2052, 1233 KB) Summary Licensing File links The following pages link to this file: Argentina Economy of Argentina Buenos Aires Banking of Argentina Metadata This file contains additional information, probably added from the digital camera or scanner used to create or... This article is about the banking system of Argentina, including an overview of the recent past. ...

Yet, the banking system lent dollars and took deposits in pesos. When the economy crashed in 2001, there was a run against all banks in the system, a freeze in deposits, and an asymmetric devaluation of loans and deposits, which made many banks technically bankrupt.

Nowadays the Argentine banking sector is dominated by state-owned banks (the largest one being the Banco de la Nación Argentina). The banks are again gaining deposits, which amounted to more than $43,000 million by October 2005, and are starting to increase their lending portfolios. Main building of the Banco de la Nación in front of the Plaza de Mayo Banco de la Nación Argentina (English: Bank of the Argentine Nation) is a state-owned bank in Argentina, and the largest in the countrys banking sector. ...

Foreign trade

Standard Bank Argentina, Regional Headquarters

Main article: Foreign trade of Argentina

Argentine exports are mainly of the agricultural type. Soja products (soybeans, vegetable oil, etc.) account for more than one quarter of the total exports. Cereals (mostly maize and wheat) make up less than one tenth. Petroleum-related products take up roughly another 20% of the total. Next come automotive products, bovine products (beef, leather and milk), each accounting for 6% of total exports, and finally the products of the steel industry. Image File history File links Size of this preview: 378 × 600 pixelsFull resolution (807 × 1280 pixel, file size: 320 KB, MIME type: image/jpeg) BankBoston Tower in Retiro, Buenos Aires Torre del bankboston en Retiro, Buenos Aires File historyClick on a date/time to view the file as it appeared... Image File history File links Size of this preview: 378 × 600 pixelsFull resolution (807 × 1280 pixel, file size: 320 KB, MIME type: image/jpeg) BankBoston Tower in Retiro, Buenos Aires Torre del bankboston en Retiro, Buenos Aires File historyClick on a date/time to view the file as it appeared... In 1991, the Argentine Currency Board pegged the monetary value of the Argentine peso to the United States dollar by law. ... Soy redirects here. ... It has been suggested that this article or section be merged with cooking oil. ... Grain redirects here. ... This article is about the maize plant. ... Species T. aestivum T. boeoticum T. dicoccoides T. dicoccon T. durum T. monococcum T. spelta T. sphaerococcum T. timopheevii References:   ITIS 42236 2002-09-22 Wheat Wheat For the indie rock group, see Wheat (band). ... Tribes Bovini Boselaphini Strepsicerotini The biological subfamily Bovinae includes a diverse group of about 24 medium-sized to large ungulates, including domestic cattle, bison, the Water Buffalo, the Yak, and the four-horned and spiral-horned antelopes. ... For other uses, see Beef (disambiguation). ... For other uses, see Leather (disambiguation). ... A glass of cows milk. ...

Investment

U.S. direct investment in Argentina is concentrated in telecommunications, petroleum and gas, electric energy, financial services, chemicals, food processing, and vehicle manufacturing. The stock of U.S. direct investment in Argentina approached $16 billion at the end of 1999, according to embassy estimates. Canadian, European, and Chilean firms — other important sources of capital — also have invested significant amounts. Since 2000 Brazil also became an important investor in Argentine assets. Spanish companies in particular have entered the Argentine market aggressively, with major investments in the petroleum and gas, telecommunications, banking, and retail sectors. 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. In October, 2004 China announced that it will invest 20 billion USD in Argentina. An agreement was signed that time about Chinese investment in railway reconstruction (worth 8 billion USD) and oil research (5 billion USD). The agreement failed to materialize. The Overseas Private Investment Corporation (OPIC) is an agency of the U.S. government established in 1971 that helps U.S. businesses invest overseas and promotes economic development in new and emerging markets. ... The Export-Import Bank of the United States (Ex-Im Bank, Exim Bank or Eximbank) is the official export credit agency of the United States Government. ...

In 2005 Argentina attracted $2.4 billion in foreign direct investment (FDI). As percent of GDP, its FDI is one of the lowest in Latin America. Current policies of Kirchner's administration and difficulty in enforcing contractual obligations are blamed for this poor performance.

Other statistics

Investment (gross fixed): 22.7% of GDP (2007) ^[3]

Household income or consumption by percentage share:

• lowest 10%: NA%
• highest 10%: NA%

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

Industrial production growth rate: 12% (2004 est.)

Electricity:

• production: 81.39 TWh (2002)
• consumption: 81.65 TWh (2002)
• exports: 2.818 TWh (2002)
• imports: 8.775 TWh (2002)

Electricity - production by source: The terawatt hour (TW·h) is a unit for measuring energy. ...

• fossil fuel: 52.2%
• hydro: 40.8%
• nuclear: 6.7%
• other: 0.2% (2001)

Oil:

• production: 755,000 barrel/day (2004 est.)
• consumption: 486,000 barrel/day (2001 est.)
• exports: NA
• imports: NA
• proved reserves: 2.9 billion barrel (2004 est.)

Natural gas:

• production: 37.15 billion m³ (2001 est.)
• consumption: 31.1 billion m³ (2001 est.)
• exports: 6.05 billion m³ (2001 est.)
• imports: 0 m³ (2001 est.)
• proved reserves: 768 billion m³ (2004)

Current account balance: $12.409 billion (2006)^[4]

Exports - commodities: edible oils, fuels and energy, cereals, feed, motor vehicles A vegetable oil or vegoil is an oil extracted from oilseeds or another plant source. ... Cereal crops are mostly grasses cultivated for their edible seeds (actually a fruit called a grain, technically a caryopsis). ... Vehicles are non-living means of transport. ...

Imports - commodities: machinery and equipment, motor vehicles, chemicals, metal manufactures, plastics A machine is any mechanical or electrical device that transmits or modifies energy to perform or assist in the performance of tasks. ... The chemical industry comprises the companies that produce industrial chemicals. ... The term plastics covers a range of synthetic or semi-synthetic organic condensation or polymerization products that can be molded or extruded into objects or films or fibers. ...

Reserves of foreign exchange & gold: Dec 2006: $31 billion ^[5], March 2007: $35 billion ^[6], May 2007: $40 billion ^[7], March 2008: $50 billion ^[8]

Debt - external: $124.332 billion (2005 est.)

References

World Factbook 2004 cover The World Factbook is an annual publication by the Central Intelligence Agency of the United States with basic almanac-style information about the various countries of the world. ...

See also

• Agriculture of Argentina
• Argentine economic crisis
• Argentine Currency Board
• Buenos Aires Stock Exchange
• Economy of South America
• Historical exchange rates of Argentine currency
• Argentina's Economic Recovery: Policy Choices and Implications from the Center for Economic and Policy Research

v • d • e Member States of the Union of South American Nations
Argentina · Bolivia · Brazil · Chile · Colombia · Ecuador · Guyana · Paraguay · Peru · Suriname · Uruguay · Venezuela

v • d • e Members of the World Trade Organization (WTO)

Albania · Angola · Antigua and Barbuda · Argentina · Armenia · Australia · Bahrain · Bangladesh · Barbados · Belize · Benin · Bolivia · Botswana · Brazil · Brunei (Brunei Darussalam) · Burkina Faso · Burma · Burundi · Cambodia · Cameroon · Canada · Central African Republic · Chad · Chile · China (PRC) · Colombia · Democratic Republic of the Congo · Republic of the Congo · Costa Rica · Côte d'Ivoire · Croatia · Cuba · Djibouti · Dominica · Dominican Republic · Ecuador · Egypt · El Salvador · European Union¹ · Former Yugoslav Republic of Macedonia (FYROM) · Fiji · Gabon · The Gambia · Georgia · Ghana · Grenada · Guatemala · Guinea · Guinea-Bissau · Guyana · Haiti · Honduras · Hong Kong² · Iceland · India · Indonesia · Israel · Jamaica · Japan · Jordan · Kenya · South Korea · Kuwait · Kyrgyzstan · Lesotho · Liechtenstein · Macau² · Madagascar · Malawi · Malaysia · Maldives · Mali · Mauritania · Mauritius · Mexico · Moldova · Mongolia · Morocco · Mozambique · Namibia · Nepal · New Zealand · Nicaragua · Niger · Nigeria · Norway · Oman · Pakistan · Panama · Papua New Guinea · Paraguay · Peru · Philippines · Qatar · Rwanda · St. Kitts and Nevis · St. Lucia · St. Vincent and the Grenadines · Saudi Arabia · Senegal · Sierra Leone · Singapore · Solomon Islands · South Africa · Sri Lanka · Suriname · Swaziland · Switzerland · Separate Customs Territory of Taiwan, Penghu, Kinmen, and Matsu³ · Tanzania · Thailand · Togo · Tonga · Trinidad and Tobago · Tunisia · Turkey · Uganda · United Arab Emirates · United States · Uruguay · Venezuela · Vietnam · Zambia · Zimbabwe Agriculture is one of the bases of Argentinas economy. ... The Argentine economic crisis was part of the situation that affected Argentinas economy during the late 1990s and early 2000s. ... The Argentine Currency Board pegged the Argentine peso to the U.S. dollar between 1991 and 2002 in an attempt to eliminate hyperinflation and stimulate economic growth. ... The Buenos Aires Stock Exchange (Spanish, Bolsa de Comercio de Buenos Aires) or BCBA, is the organisation responsible for the operation of Argentinas primary stock exchange. ... The economy of South America comprises about 500 million people living in 14 states and territories. ... The following table contains the monthly historical exchange rate of the different currencies of Argentina, expressed in Argentine currency units per United States dollar. ... The Center for Economic and Policy Research (CEPR) is an economic policy think-tank based in Washington, D.C. It was founded by economists and current co-directors Dean Baker and Mark Weisbrot in 1999, according to the organizations website. ... Pro Tempore Secretariat Brasília Official languages 4 Spanish Portuguese English Dutch Member states 12 Argentina Bolivia Brazil Chile Colombia Ecuador Guyana Paraguay Peru Suriname Uruguay Venezuela Leaders  -  President Rodrigo Borja  -  Tempore Secretary Jorge Taunay Filho Formation  -  Cuzco Declaration 8 December 2004  Area  -  Total 17,715,335 km² (1st2)  sq... Image File history File links No higher resolution available. ... WTO redirects here. ... Image File history File links Size of this preview: 800 × 370 pixelsFull resolution (1357 × 628 pixel, file size: 19 KB, MIME type: image/png)World map of World Trade Organization (WTO) members/non-members, 2005; based on Image:BlankMap-World-v2. ... Economy - overview: Antigua and Barbudas economy is service-based, with tourism and government services representing the key sources of employment and income. ... The Asian financial crisis in 1997 and 1998, coupled with fluctuations in the price of oil have created uncertainty and instability in Bruneis economy. ... Burkina Faso is one of the poorest countries in the world with an average income per capita of €250 (US$300). ... To meet Wikipedias quality standards, this article may require rewriting and/or reformatting. ... The economies of the special administrative regions of Hong Kong and Macau are separate from the rest of the Peoples Republic of China. ... Sparsely populated in relation to its area, the Democratic Republic of the Congo is home to a vast potential of natural resources and mineral wealth, yet the economy of the DROC has declined drastically since the mid-1980s. ... This article or section does not cite its references or sources. ... The economy of Costa Rica heavily depends on tourism, agriculture, and electronics exports. ... The Ivorian economy is largely market based and depends heavily on the agricultural sector. ... The Dominican Republic is a middle-income developing country primarily dependent on agriculture, trade, and services, especially tourism. ... This article does not cite its references or sources. ... If it is considered as a single state, the economy of the European Unions twenty-seven member states is the worlds largest economy. ... Economy - overview: The breakup of Yugoslavia in 1991 deprived F.Y.R.O.M. (Former Yugoslav Republic of Macedonia), then its poorest republic (only 5% of the total federal output of goods and services), of its key protected markets and large transfer payments from the center. ... Economy - overview: The Gambia has no important mineral or other natural resources and has a limited agricultural base. ... This article needs to be updated. ... The Economy of Hong Kong is widely believed, and some argue incorrectly, to be the most economically free in the world. ... Currency 1 South Korean Won (W) = 100 Jeon(Chŏn) (theoretical) Fiscal year Calendar year Trade organizations APEC, WTO and OECD GDP ranking 10th by volume (at nominal) (2006); 11th by volume (at PPP) (2006); GDP (Nominal) $981. ... The Economy of New Zealand is a small but prosperous free market economy, which is greatly dependent on international trade, mainly with Australia, the United States of America and Japan. ... Papua New Guinea is richly endowed with natural resources, but exploitation has been hampered by the rugged terrain and the high cost of developing infrastructure. ... The economy of Saint Kitts and Nevis has traditionally depended on the growing and processing of sugar cane; decreasing world prices have hurt the industry in recent years. ... Saint Lucias economy depends primarily on revenue from banana production and tourism with some input from small-scale manufacturing. ... The St. ... Economy - overview: Saudi Arabia has an oil-based economy with strong government controls over major economic activities. ... To meet Wikipedias quality standards, this article may require rewriting and/or reformatting. ... A per capita GDP of $340 ranks Solomon Islands as a lesser developed nation. ... South Africa has a two-tiered economy; one rivaling other developed countries and the other with only the most basic infrastructure. ... With an economy of $27. ... Republic of China (ROC) has a dynamiccapitalist economy with gradually decreasing guidance of investment and foreign trade by the government. ... Trinidad and Tobago experienced a real growth rate of 3. ... // The United Arab Emirates has a highly industrialized economy that makes the country one the most developed in the world, based on various socioeconomic indicators such as GDP per capita, energy consumption per capita, and the HDI. At $168 billion in 2006, the GDP of the UAE ranks second in... The economy of the United States has been the worlds largest national economy since the late 1890s;[1] its gross domestic product (GDP) was estimated as $13. ... All twenty-seven member states of the European Union are also members of the WTO in their own right: Austria • Belgium • Bulgaria • Cyprus • Czech Republic • Denmark • Estonia • Finland • France • Germany • Greece • Hungary • Ireland • Italy • Latvia • Lithuania • Luxembourg • Malta • Netherlands and Netherlands Antilles • Poland • Portugal • Romania • Slovakia • Slovenia • Spain • Sweden • United Kingdom. Special Administrative Region of the People's Republic of China. Designated name for the Republic of China (Chinese Taipei)

v • d • e Economy of South America
Sovereign states	Argentina · Bolivia · Brazil · Chile · Colombia · Ecuador · Guyana · Panama* · Paraguay · Peru · Suriname · Trinidad and Tobago* · Uruguay · Venezuela Of the emerging democracies in central and eastern Europe, Czechia has one of the most developed industrialized economies. ... Tourism, petroleum transhipment, and offshore finance are the mainstays of the Netherlands Antillean economy, which is closely tied to the outside world. ... The United Kingdom has the fifth largest gross domestic product in the world in terms of market exchange rates and the sixth largest by purchasing power parity (PPP). ... A Special Administrative Region (SAR) of the Peoples Republic of China is an administrative division of the Peoples Republic of China (PRC). ... For the Chinese civilization, see China. ... The economy of South America comprises about 500 million people living in 14 states and territories. ... This is an alphabetical list of the sovereign states of the world, including both de jure and de facto independent states. ...
Dependencies	Aruba* (Netherlands) · Falkland Islands (UK) · French Guiana (France) · Netherlands Antilles* (Netherlands) · South Georgia and the South Sandwich Islands (UK) Image File history File links South_America. ... World map of dependent territories. ...
* Territories also in or commonly reckoned elsewhere in the Americas (North America).