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Argentina Economy 1998 https://greekorthodoxchurch.org/wfb1998/argentina/argentina_economy.html SOURCE: 1998 CIA WORLD FACTBOOK Economy - overview Argentina benefits from rich natural resources, a highly literate population, an export-oriented agricultural sector, and a diversified industrial base. Nevertheless, following decades of mismanagement and statist policies, the economy in the late 1980s was plagued with huge external debts and recurring bouts of hyperinflation. Elected in 1989, in the depths of recession, President MENEM has implemented a comprehensive economic restructuring program that has put Argentina on a path of stable, sustainable growth. Argentina's currency has traded at par with the US dollar since April 1991, and inflation has fallen to its lowest level in 50 years. Argentines have responded to price stability by repatriating capital and investing in domestic industry. Growth averaged more than 8% between 1991 and 1994, then fell 4.6% in 1995, largely in reaction to the Mexican peso crisis. The economy has since recovered strongly. However, unemployment remains nearly 14%, and Buenos Aires still depends on foreign capital to meet the bulk of its financing needs. The IMF has urged additional economic reforms to ensure equitable long-term growth. GDP purchasing power parity - $348.2 billion (1997 est.) GDP - real growth rate 8.4% (1997 est.) GDP - per capita purchasing power parity - $9,700 (1997 est.) GDP - composition by sector
Inflation rate - consumer price index 0.3% (1997) Labor force
Unemployment rate 13.7% (October 1997) Budget
Industries food processing, motor vehicles, consumer durables, textiles, chemicals and petrochemicals, printing, metallurgy, steel Industrial production growth rate 8.7% (1997 est.) Electricity - capacity 19.61 million kW (1995) Electricity - production 65.72 billion kWh (1995) Electricity - consumption per capita 1,960 kWh (1995) Agriculture - products wheat, corn, sorghum, soybeans, sugar beets; livestock Exports
Imports
Debt - external $115 billion (1997 est.) Economic aid $NA Currency 1 nuevo peso argentino = 100 centavos Exchange rates pesos per US$1 - 0.99950 (January 1998), 0.99950 (1997), 0.99966 (1996), 0.99975 (1995), 0.99901 (1994), 0.99895 (1993) Fiscal year
calendar year
NOTE: The information regarding Argentina on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Argentina Economy 1998 information contained here. All suggestions for corrections of any errors about Argentina Economy 1998 should be addressed to the CIA. |