Economy of Argentina

Economy of Argentina
	Buenos Aires Central Business District
Currency	Argentine peso (ARS)
Fiscal year	Calendar year
Trade organizations	WTO, Mercosur, Prosur, G-20
Country group	Developing/Emerging; Upper-middle income economy;
Statistics
Population	46,044,703 (2022)
GDP	$641 billion (nominal; 2023); $1.3 trillion (PPP; 2023);
GDP rank	23rd (nominal; 2023); 30th (PPP; 2023);
GDP growth	5.2% (2022); 0.2% (2023); 2.0% (2024);
GDP per capita	$13,700 (nominal; 2023); $27,300 (PPP; 2023);
GDP per capita rank	65th (nominal, 2023); 65th (PPP, 2023);
GDP by sector	Agriculture, forestry, and fishing: 6.0%; mining: 3.6%; manufacturing: 17.2%; construction: 5.6%; commerce and tourism: 16.9%; transport, communications, and utilities: 7.9%; government: 9.5%; business, social and other services: 33.3%.; (2015);
Inflation (CPI)	254.2% (2024) (INDEC);
Population below poverty line	40.1% (2024) (INDEC); 10.6% on less than $6.85/day (2021);
Gini coefficient	42 medium (2021)
Human Development Index	0.849 very high (2022) (48th); 0.720 high IHDI (46th) (2021);
Labor force	21,339,080 (2022); 55.1% employment rate (2021);
Labor force by occupation	Agricultural 7.3%; manufacturing 13.1%; construction 7.6%; commerce and tourism 21.4%; transport, communications and utilities 7.8%; financial, real estate and business service, 9.4%; public administration and defense 6.3%; social services and other 27.1% (2006);
Unemployment	6.3% (2022); 9.8% (2019);
Average gross salary	US$178,47 monthly (AR$87,987) (June 2023)
Main industries	Food processing and beverages; motor vehicles and auto parts; appliances and electronics; machinery and equipment; chemicals; pharmaceuticals; glass; steel and aluminum; cement; textiles; tobacco products; publishing; furniture; leather;
External
Exports	$88.44 billion (2022)
Export goods	Soybeans and derivatives, petroleum and gas, vehicles, corn, wheat
Main export partners	Brazil 14.32%; China 8.97%; United States 7.45%; Chile 5.58%; (2022)
Imports	$81.52 billion (2022)
Import goods	Machinery, motor vehicles, petroleum and natural gas, organic chemicals, plastics
Main import partners	China 21.46%; Brazil 19.59%; United States 12.59%; Germany 3.34%; (2022);
FDI stock	$76.58 billion (31 December 2017 est.); Abroad: $40.94 billion (31 December 2017 est.);
Current account	−$31.32 billion (2017 est.)
Gross external debt	$214.9 billion (31 December 2017 est.); $163.2 billion; of which public, $92.5 billion (March 2016);
Public finances
Government debt	102% of GDP (2021); $271.5 billion (bonds, 68%); 44.8% of GDP (December 2021);
Budget balance	−15% (of GDP) (2023 est.)
Revenues	120.6 billion (2017 est.); $142.9 billion (2015) (social security, 25.9%; income and capital gains, 23.6%; value-added sales tax, 20.1%; trade and duties, 15.1%; financial tax, 6.3%; excise and other, 9.0%);
Expenses	158.6 billion (2017 est.); $167.3 billion (2015) (social security, 38.8%; subsidies and infrastructure, 22.5%; debt service, 9.2%; education, culture and research, 8.8%; social assistance, 5.4%; health, 3.4%; security, 3.1%; defense, 2.1%; other, 6.7%);
Credit rating	Standard & Poor's:; B- (Domestic); SD (Foreign); B- (T&C Assessment);
Foreign reserves	$26.10 bilion (july 2023);
	Main data source: CIA World Fact Book ; All values, unless otherwise stated, are in US dollars.

The economy of Argentina is the second-largest national economy in South America, behind Brazil. Argentina is a developing country with a highly literate population, an export-oriented agricultural sector, and a diversified industrial base.

Argentina benefits from rich natural resources. Argentina's economic performance has historically been very uneven, with high economic growth alternating with severe recessions, particularly since the late twentieth century. Income maldistribution and poverty have increased since this period. Early in the twentieth century, Argentina had one of the ten highest per capita GDP levels globally. It was on par with Canada and Australia, and had surpassed both France and Italy.

Argentina's currency declined by about 50% in 2018 to more than 38 Argentine pesos per U.S. Dollar. As of that year, it is under a stand-by program from the International Monetary Fund. In 2019, the currency fell further by 25%. In 2020, it fell by 90%, in 2021, 68%, and a further 52% in 2022 (until July 20).

Argentina is considered an emerging market by the FTSE Global Equity Index (2018), and one of the G-20 major economies. In 2021, MCSI re-classified Argentina as a standalone market due to prolonged severe capital controls.

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