 | This article has multiple issues. Please helpimprove it or discuss these issues on thetalk page.(Learn how and when to remove these messages) (Learn how and when to remove this message)
|
.jpg) Puerto Madero business complex inBuenos Aires CBD | |
| Currency | Argentine peso (ARS) |
|---|---|
| Calendar year | |
Trade organizations | WTO,Mercosur,Prosur,G-20 |
Country group |
|
| Statistics | |
| Population |  46,044,703 (2022)[3] |
| GDP | |
| GDP rank | |
GDP growth | |
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
Population belowpoverty line | |
 42.4high (2023)[9] | |
| |
Labor force | |
Labor force by occupation |
|
| Unemployment |  6.3% (2025) (IMF)[14] |
Average gross salary | US$1135 monthly (AR$1.468.135,75) (June 2025)[15] |
Main industries | |
| External | |
| Exports | $79.72 billion (2024)[16] |
Export goods | Soybeans and derivatives, petroleum and gas, vehicles, corn, wheat |
Main export partners |
|
| Imports |  $60.82 billion (2024)[16] |
Import goods | Machinery, motor vehicles, petroleum and natural gas, organic chemicals, plastics |
Main import partners |
|
FDI stock | |
| −$31.32 billion (2017 est.)[17] | |
Grossexternal debt | |
| Public finances | |
| |
| |
| −15% (of GDP) (2023 est.)[17] | |
| Revenues | |
| Expenses | inflation 2.4& December 2024 |
| |
All values, unless otherwise stated, are inUS dollars. | |
Theeconomy of Argentina is South America's second-largest, behindBrazil. TheUnited Nations'Human Development Index ranks Argentina "very high," reflecting a literate population, export-orientedagriculture, and diversified industry. Richnatural resources underpin the economy, although performance has been volatile – growth spurts alternate with recessions—especially since the late 20th century—driving income inequality and poverty. Early in that century, Argentina's per capitaGDP ranked among the global top ten, matching Canada and Australia while exceeding France and Italy. TheArgentine peso lost ~50% of its value in 2018 (falling from ~18–20 to >38 pesos perU.S. dollar), prompting anIMF stand-by program. It fell another 25% in 2019, 90% in 2020, 68% in 2021,[23] and 50% in 2022,[24] 54% in 2023, 30% in 2024, before rising in 2025.[25] TheFTSE Global Equity Index (2018) listed Argentina as an emerging market andG20 member. Prolonged capital controls led MSCI to reclassify it as a standalone market in 2021.[26]
Argentina's economy has swung from one of the world's richest in the early 20th century to repeated cycles of boom, bust, and hyperinflation, driven by commodity dependence, political instability, and policy shifts. Below is a summarized timeline based on historical data, with updates to 2025 reflecting recent reforms under Milei.
Before the 1880s, Argentina's economy relied on salted meat, wool, leather, and hides for exports and income, with limited industrialization.
From 1880–1905 British and French investments fueled livestock and grain exports, sparking rapid expansion and mass European immigration. GDP grew 7.5 times (8% annual average); per capita GDP rose from 35% to 80% of the U.S. level. A 2009 study noted GDP gains post-1870 but stagnant heights (proxy for welfare) until 1910, indicating uneven benefits.[citation needed]
During 1905–1941 growth slowed; although per capita GDP reached ~50% of U.S. levels by 1941, matchingWestern Europe's but with inequality.
GDP fell 25%; recovery via import substitution in the late 1930s and WWII export booms created a $1.6B surplus (though £500M was frozen in the Bank of England under the 1933Roca–Runciman Treaty). Manufacturing overtook agriculture by 1943, employing >1M by 1947; imported goods dropped from 40% to 10% of consumption by 1950.
Juan Perón nationalized the Central Bank, railways, and industries. Inflation averaged 26% annually (1944–1974); GDP per capita peaked in the early 1950s, but stagnated due to commodity slumps and nationalizations.[30][31][32]
From 1976–1983, the National Reorganization Process attemptedneoliberal policies underJosé Alfredo Martínez de Hoz ballooned debt; inflation hit 344% in 1983, the currency devalued 10x, while growth stalled.[33]
Stagflation ensued from 1975–1990) driven by increasing debt, evasion, and flight; hyperinflation peaked from 1989–1990.
In 1991 underDomingo Cavallo, the government attempted reforms, pegging the peso to the dollar. With the money supply curbed, inflation fell to single digits. Liberalization/privatization boosted GDP 33% in four years. Erratic growth came after 1995. In 2001 a crisis shrank GDP by 20%, unemployment reached 25%, the peso declined by 70%.
From 2003–2011, expansionary policies and increased exports created >5M jobs. GDP nearly doubled (7.1% avg. annual, 9% 2003–2007). Real wages rose 72% (2003–2013). Postal, water, pensions, Aerolíneas Argentinas, YPF, railways were renationalized. A crisis stopped growth in 2009, although it rebounded to 9% (2010–2011).
During 2012–2015 capital controls, austerity, inflation, and trade slumps cut growth to 1.3% (2012–2014), edging up to 2.4% (2015).
From 2005 to 2010 Argentina restructured $100B in loans. In 2001 it defaulted. Some bondholders rejected the restructuring, preventing it from going final. Debt service reached ~$14B.[33]
In 2018 the IMF completed a bailout – $30B as inflation hit 25%; interest rates reached 40% (world's highest). Inflation hit 54% in 2019 and 211% in 2023.
In 2023 inflation crossed 100% and then 200%. Milei (elected with a 55.7% majority) devalued the peso 50–54% to ~800/USD. He cut subsidies/public works ($20B savings), achieved Argentina's first federal budget surplus since 2012.[34][35][36][37][38]
In 2024, Milei cut 15,000 state jobs, sparking protests.[39] Layoffs grew to ~24,000+ by mid-year. Poverty peaked at 57% in January, falling to 38.9–39% in Q3.[40] Inflation crashed to 2.4% in November, falling by almost half at 117.8%, down 93.6 pts from 2023's 211.4%. GDP fell ~3.8–4%.[41][42]
Milei's programs were popular: he reached a 40-50% approval rating (up from predecessor's 18%).
| Period | Driver | GDP Growth (Annual Average %) | Per Capita vs. U.S. (%) |
|---|---|---|---|
| 1880–1905 | Exports/Immigration | 8 | 35 → 80 |
| 1905–1941 | Industrialization | 3–4 | ~50 |
| 1945–1970s | Nationalization | 40–45 | |
| 1976–1990 | Debt/Inflation | 30–35 | |
| 1991–2001 | Peg/Liberalization | 4 (then crash) | 35 |
| 2003–2011 | Commodities | 7 | 40 |
| 2012–2023 | Crises/Inflation | 1 | 25–30 |
| 2024–2025 | Austerity Reforms | -4 |
The following table shows the main economic indicators in 1980–2023, with IMF staff estimates for 2024–2028. NOTE: IMF estimates do not reflect the real figures of 2024 and the years after it, as it is outdated. Inflation below 5% is in green.[43]
| Year | GDP (in bn. US$PPP) | GDP per capita (in US$ PPP) | GDP (in bn. US$nominal) | GDP per capita (in US$ nominal) | GDP growth (real) | Inflation rate (in Percent) | Unemployment (in Percent) | Government debt (in % of GDP) |
|---|---|---|---|---|---|---|---|---|
| 1980 | 172.5 | 6,172.5 | 233.7 | 8,361.2 | 0.7% | n/a | 3.0% | n/a |
| 1981 | 178.0 | 6,256.5 | 189.8 | 6,671.4 | -5.7% | n/a | 5.0% | n/a |
| 1982 | 183.0 | 6,327.2 | 94.3 | 3,257.9 | -3.1% | n/a | 4.5% | n/a |
| 1983 | 197.3 | 6,725.1 | 116.3 | 3,962.7 | 3.7% | n/a | 5.0% | n/a |
| 1984 | 208.5 | 6,988.1 | 130.5 | 4,374.8 | 2.0% | n/a |  5.0% | n/a |
| 1985 | 200.2 | 6,595.2 | 98.6 | 3,248.7 | -7.0% | n/a | 6.3% | n/a |
| 1986 | 218.8 | 7,117.3 | 118.6 | 3,857.0 | 7.1% | n/a | 6.3% | n/a |
| 1987 | 229.9 | 7,393.6 | 121.6 | 3,910.0 | 2.5% | n/a | 6.0% | n/a |
| 1988 | 233.3 | 7,413.9 | 142.4 | 4,524.5 | -2.0% | n/a | 6.5% | n/a |
| 1989 | 225.5 | 7,077.1 | 91.4 | 2,867.3 | -7.0% | n/a | 8.0% | n/a |
| 1990 | 230.8 | 7,094.5 | 158.0 | 4,857.8 | -1.3% | n/a | 7.6% | n/a |
| 1991 | 263.6 | 7,996.3 | 212.0 | 6,429.5 | 10.5% | n/a | 6.5% | n/a |
| 1992 | 297.4 | 8,899.4 | 255.8 | 7,653.7 | 10.3% | n/a | 7.1% | 25.0% |
| 1993 | 323.5 | 9,537.8 | 264.4 | 7,796.2 | 6.3% | n/a | 11.6% | 26.9% |
| 1994 | 349.7 | 10,178.7 | 287.8 | 8,378.7 | 5.8% | n/a | 13.3% | 28.4% |
| 1995 | 346.8 | 9,972.8 | 288.5 | 8,295.1 | -2.8% | n/a | 18.9% | 30.7% |
| 1996 | 372.7 | 10,589.9 | 304.3 | 8,645.5 | 5.5% | n/a | 18.8% | 32.6% |
| 1997 | 409.9 | 11,512.5 | 327.4 | 9,196.5 | 8.1% | n/a | 16.8% | 31.7% |
| 1998 | 430.5 | 11,955.7 | 334.2 | 9,283.2 | 3.9% | 0.9% | 14.8% | 34.1% |
| 1999 | 421.8 | 11,587.1 | 317.0 | 8,709.1 | -3.4% | -1.2% | 16.1% | 38.9% |
| 2000 | 427.9 | 11,633.0 | 317.8 | 8,638.5 | -0.8% | -0.9% | 17.1% | 40.8% |
| 2001 | 418.3 | 11,256.7 | 300.4 | 8,085.4 | -4.4% | -1.1% | 19.2% | 48.0% |
| 2002 | 378.5 | 10,089.1 | 112.5 | 2,997.6 | -10.9% | 25.9% | 22.5% | 147.2% |
| 2003 | 420.5 | 11,104.7 | 142.4 | 3,761.1 | 9.0% | 13.4% | 17.3% | 125.2% |
| 2004 | 470.3 | 12,303.2 | 164.9 | 4,314.1 | 8.9% | 4.4% | 13.6% | 117.9% |
| 2005 | 528.0 | 13,681.2 | 199.3 | 5,163.6 | 8.9% | 9.6% | 11.6% | 80.3% |
| 2006 | 588.1 | 15,090.3 | 232.9 | 5,976.1 | 8.0% | 10.9% | 10.2% | 70.8% |
| 2007 | 658.4 | 16,728.5 | 287.9 | 7,315.7 | 9.0% | 8.8% | 8.5% | 62.1% |
| 2008 | 698.2 | 17,567.3 | 363.5 | 9,146.8 | 4.1% | 8.6% | 7.9% | 53.8% |
| 2009 | 661.1 | 16,472.3 | 334.6 | 8,337.8 | -5.9% | 6.3% | 8.7% | 55.4% |
| 2010 | 736.8 | 18,063.9 | 424.7 | 10,413.0 | 10.1% | 10.5% | 7.8% | 43.5% |
| 2011 | 797.3 | 19,322.2 | 527.6 | 12,787.8 | 6.0% | 9.8% | 7.2% | 38.9% |
| 2012 | 819.7 | 19,641.4 | 579.7 | 13,889.8 | -1.0% | 10.0% | 7.2% | 40.4% |
| 2013 | 849.6 | 20,131.7 | 611.5 | 14,488.8 | 2.4% | 10.6% | 7.1% | 43.5% |
| 2014 | 839.9 | 19,683.8 | 563.6 | 13,208.8 | -2.5% | n/a | 7.3% | 44.7% |
| 2015 | 867.2 | 20,105.2 | 642.5 | 14,895.3 | 2.7% | n/a | 6.5% | 52.6% |
| 2016 | 885.2 | 20,307.9 | 556.8 | 12,772.9 | -2.1% | n/a | 8.5% | 53.1% |
| 2017 | 1,039.3 | 23,597.1 | 643.9 | 14,618.3 | 2.8% | 25.7% | 8.4% | 57.0% |
| 2018 | 1,036.3 | 23,290.6 | 524.4 | 11,786.4 | -2.6% | 34.3% | 9.2% | 85.2% |
| 2019 | 1,033.7 | 23,007.8 | 451.8 | 10,054.0 | -2.0% | 53.5% | 9.8% | 88.8% |
| 2020 | 942.2 | 20,792.5 | 389.1 | 8,571.9 | -9.9% | 42.0% | 11.6% | 102.8% |
| 2021 | 1,083.4 | 23,817.0 | 486.7 | 10,631.7 | 10.7% | 48.4% | 8.7% | 80.8% |
| 2022 | 1,226.2 | 26,483.6 | 630.6 | 13,619.9 | 5.0% | 72.4% | 6.8% | 84.7% |
| 2023 | 1,239.5 | 26,506.1 | 621.8 | 13,297.4 | -2.5% | 121.7% | 7.4% | 89.5% |
| 2024 | 1,302.5 | 27,576.3 | 632.6 | 13,394.3 | 2.8% | 93.7% | 7.2% | 79.9% |
| 2025 | 1,371.9 | 28,758.8 | 635.9 | 13,330.5 | 3.3% | 54.1% | 7.2% | 76.8% |
| 2026 | 1,440.5 | 29,897.4 | 660.3 | 13,704.4 | 3.0% | 42.1% | 7.0% | 75.6% |
| 2027 | 1,507.2 | 30,971.6 | 695.3 | 14,288.0 | 2.8% | 37.1% | 7.0% | 73.3% |
| 2028 | 1,573.4 | 32,014.0 | 728.1 | 14,813.3 | 2.5% | 32.5% | 7.0% | 69.5% |
Argentina ranks among major global agricultural producers. It leads in beef exports,citrus, grapes,honey,maize,sorghum,soybeans,squash,sunflower seeds, wheat, andyerba mate.[45] The sector contributed 9% of GDP in 2010. It generated one fifth of exports, excluding processed food and feed, which amounted to another third. Farmers harvested 103 million tons that year. Oilseeds, mainlysoy andsunflower, exceeded 54 million tons. Cereals, mainly maize, wheat, and sorghum, surpassed 46 million tons.[46] The country led world production of yerba mate. It ranked among the top five for soy, maize, sunflower seed,lemon, andpear. It placed in the top ten forbarley,grape,artichoke,tobacco, andcotton. It stood among the top 15 for wheat,sugarcane, sorghum, andgrapefruit.[47]
Sunflower seed production made Argentina one of the largest globally, with 2.2 million tons in 2010.[48] That year, output included 2.3 million tons ofpotato, almost 2 million tons of lemon, 1.3 million tons ofrice, 1 million tons oforange, 921 thousand tons ofpeanut, 813 thousand tons of cotton, 707 thousand tons ofonion, 656 thousand tons oftomato, 565 thousand tons of pear, 510 thousand tons ofapple, 491 thousand tons ofoats, 473 thousand tons ofbeans, 431 thousand tons oftangerine, 302 thousand tons of yerba mate, 283 thousand tons ofcarrot, 226 thousand tons ofpeach, 194 thousand tons ofcassava, 174 thousand tons ofolives, 174 thousand tons ofbanana, 148 thousand tons ofgarlic, 114 thousand tons of grapefruit, and 110 thousand tons of artichoke, plus smaller crops.[49]
In 2019, producers raised 3 million tons ofbeef, fourth globally behind the US, Brazil, and China. They generated the fourth mosthoney, tenth mostwool, 13th mostchicken meat, 23rd mostpork, 18th mostcow's milk, and 14th mostchicken egg.[49] Soy and byproducts, mainly animal feed and vegetable oils, formed one fourth of export raw materials. Cereals added 10%. Cattle raising supports domestic needs. Beef, leather, and dairy reached 5% of exports.[50] Sheep raising and wool thrive inPatagonia, though output halved since 1990.Biodiesel exports exceeded US$2 billion in 2011.[50]
Apples and pears grow in theRío Negro valley. Rice, oranges, and citrus dominate thenorthwest andMesopotamia. Grapes andstrawberries flourish inCuyo.Berries appear in the far south. Cotton and tobacco lead in theGran Chaco. Sugarcane andchile peppers prevail in the northwest.Olives and garlic come from the west. Farmers cultivateyerba mate tea inMisiones, tomatoes inSalta, and peaches in Mendoza for local markets. Organic farming covers nearly 3 million hectares, second only toAustralia.[51] Fine wine production advanced in quality. Totalviticulture potential remains untapped.Mendoza leads wine regions, followed bySan Juan.[52]
Farmers imposed a grain embargo in March 2008 to protest export tax hikes.[53] Strikes and lockouts ended after the Senate defeated the increase on 16 July.[54]
Argentine fisheries yield about 1 million tons annually.[55]Argentine hake comprises 50% of the catch. Workers harvestpollock,squid, andcentolla crab widely.Forestry operates in most regions except thepampas. Harvesters produce almost 14 million m3 ofroundwood.[56] Growers plantEucalyptus,pine, andelm for cellulose, furniture, and paper at 1.5 million tons. Fisheries and logging each generate 2% of exports.[55]
Mining and other extractive activities, such as gas and petroleum, are growing industries, increasing from 2% of GDP in 1980 to around 4% later.[55] Thenorthwest andSan Juan Province are the main regions of activity. Coal is mined inSanta Cruz Province. Minerals mined includeborate,copper,lead,magnesium,sulfur,tungsten,uranium,zinc,silver,titanium, andgold, whose production grew after 1997 via theBajo de la Alumbrera mine inCatamarca Province and San Juan. Metal ore exports soared from US$200 million in 1996 to US$1.2 billion in 2004,[59] and to over US$3 billion in 2010.[50]
In 2019, Argentina was the 4th largest world producer oflithium,[60] the 9th largest world producer ofsilver,[61] the 17th largest world producer ofgold[62] and the 7th largest world producer ofboron.[63]
Around 35 million m3 each of petroleum andpetroleum 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.[55] The most importantoil fields lie inPatagonia andCuyo. A network ofpipelines send raw product toBahía Blanca, center of thepetrochemical industry, and to theLa Plata-Greater Buenos Aires-Rosario industrial belt.
TheWorld Bank lists the top industrial countries each year, based on the value of production. According to the 2019 list, Argentina had the 31st most valuable industry (57.7 billion dollars), behind Mexico, Brazil and Venezuela, but ahead of Colombia, Peru and Chile.[64]
In 2019, Argentina was the 31st largest producer ofsteel, the 28th producer ofvehicles, the 22nd brewer ofbeer, the 4th producer ofsoybean oil and the 3rd producer ofsunflower oil, among other industrial products.[65][66][67][49]
Manufacturing is the largest single sector in the Argentine economy (15% of GDP), and is well-integrated with agriculture, such that half the nation's industrial exports were agricultural.[50] Based on food processing and textiles during the first half of the 20th century, industrial production later diversified.[68] Leading sectors by production value were:food processing andbeverages;motor vehicles andauto parts;refinery products, andbiodiesel;chemicals andpharmaceuticals;steel andaluminium; andindustrial andfarm machinery;electronics andhome appliances.[55]
Argentina 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 auto market reached a record 964,000 in 2013.[69] This marked a peak in vehicle production, by 2021 production had fallen to 434,753 vehicles.[70] Vehicles remained Argentina's top export to Brazil, accounting for $3.1bil in exports in 2021.[71]
Beverages became another significant sector, as Argentina continued among the top five wine producing countries; beer overtook wine production in 2000, and today leads by nearly two billion liters a year to one.[55] Other manufactured goods includedglass andcement;plastics andtires;lumber products;textiles;tobacco products;recording andprint media;furniture;apparel andleather.[55]
Most manufacturing is organized in the 314industrial parks operating nationwide as of 2012, a fourfold increase over the past decade.[72] Nearly half of Argentine industries are based in theGreater Buenos Aires area, althoughCórdoba,Rosario, andUshuaia are also significant industrial centers; the latter city became the nation's leadingelectronics center during the 1980s.[73] The production ofcomputers,laptops, andservers grew by 160% in 2011, to nearly 3.4 million units, and covered two-thirds of local demand.[74] Argentina became an important manufacturer ofcell phones, providing about 80% of all devices sold in the country.[75]Farm machinery, another important rubric historically dominated by imports, was similarly replaced by domestic production, which covered 60% of demand by 2013.[76] Production of cell phones, computers, and similar products is an assembly industry, importing the majority of the components, and uses designs originating from other countries. High labour costs for Argentina assembly work tend to limit penetration to only Latin America, protected by regional trade treaties.[77]
Construction permits nationwide covered over 15 million m2 (160 million ft2) in 2013. The construction sector accounted for over 5% of GDP, and two-thirds of construction is for residential buildings.[78]
Argentine electric outputed over 133 billionkWh in 2013,[55] in large part through natural gas andhydroelectric resources.Nuclear energy is of high importance.[79] The country is one of the largest producers and exporters, alongside Canada and Russia ofcobalt-60, aradioactiveisotope widely used in cancer therapy.
Theservice sector is the largest contributor to GDP, accounting for over 60%.[citation needed] Argentina enjoys a diversified service sector, which includes well-developed social, corporate, financial, insurance, real estate, transport, communication services, and tourism.
Thetelecommunications sector grew at a fast pace, and the economy benefited from communications services. 77% of the population had access to mobile phones in 2011,[80] 95% of whom usedsmartphones as of 2015;[81] Internet access reached over 32 million users, or 75% of the population;[82] andbroadband services.[83] Landline telephone services reached over 9.5 million households.[84] Telecom revenues reached more than $17.8 billion in 2013,[85] and while only one in three retail stores in Argentina accepted online purchases in 2013,e-commerce reached US$4.5 billion in sales.[86]
Trade in services remained in deficit, however, with US$15 billion in service exports in 2013 against US$19 billion in imports.[18]Business Process Outsourcing became the leading service export, and reached US$3 billion.[87] Advertising revenues from contracts abroad were estimated at over US$1.2 billion.[88]
Tourism is an increasingly important sector, providing 4% of direct economic output (over US$17 billion) in 2012; around 70% of tourism sector activity by value is domestic.[89]
.jpg)
Argentine banking deposits exceeded US$120 billion in December 2012.[90] The financial sector developed via public sector banks, but became dominated by the private sector. Private sector banks accounted for most of the 80 active institutions (over 4,000 branches) and held nearly 60% of deposits and loans, and as many foreign-owned banks as local ones operatec in the country.[91] The long-largest bank in Argentina by far, is the publicBanco de la Nación Argentina. Not to be confused with theCentral Bank, this institution accounts for 30% of deposits and a fifth of its loan portfolio.[91]
During the 1990s, Argentina's financial system 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.[92]
According toWorld 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 workforce in 2016.[93] Around 5.7 million foreign visitors arrived in 2017, reflecting a doubling in visitors since 2002 despite a relative appreciation of the peso.[citation needed]
Argentines have long been active travelers within Argentina[94] and international tourism saw healthy growth (nearly doubling since 2001).[89] Stagnant for over two decades, domestic travel increased strongly.[95][96]
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 Brazil), and 12% by sea.[97]Cruise liner arrivals were the fastest growing type of foreign tourism to Argentina; a of 160 liners carrying 510,000 passengers arrived at thePort of Buenos Aires in 2013, an eightfold increase in a just a decade.[98]
Argentine electricity generation reached 133.3 billion kWh in 2013.[55] It was the third largest power market in Latin America. It mainly relies on centralised generation by natural gas (51%),hydroelectricity (28%), and oil (12%).[99]Resource estimates ofunconventionalshale gas and tight oil in theVaca Muerta oil field and elsewhere were estimated to be the world's third-largest.[57] In 2017, Argentina was the 18th largest producer (and the largest producer in Latin America) ofnatural gas.[100] In 2020, the country was the 28th largest oil producer at 70,000 m3 (440,300 bbl) per day.[101]
At the end of 2021 Argentina was 21st in terms of installed hydroelectric power (11.3 GW), the 26th at wind energy (3.2 GW) and the 43rd in solar energy (1.0 GW).[102]
The first of threenuclear reactors was inaugurated in 1974. As of 2015 nuclear power generated 5% of the country's energy output.[99]
The electricity sector was unbundled ingeneration,transmission anddistribution by early 1990s reforms. Generation is competitive and mostly liberalized; 75% of capacity is privately owned. In contrast, transmission and distribution is regulated with much less competitive.
| Supply sector(% of GDP in current prices)[55] | 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 |
.JPG)
Transport inArgentina is mainly based on a complex network of routes, crossed by relatively inexpensive long-distancebuses and bycargo trucks. The country also has a number of national and internationalairports. The importance of the long-distancetrain is minor today, though in the past it was widely used and is now regaining momentum after there-nationalisation of the country's commuter and freight networks.[103][104]Fluvial transport is mostly used for cargo.
Within the urban areas, the main transportation system is by the bus orcolectivo; bus lines transport millions of people every day in the larger cities and theirmetropolitan areas as well as abus rapid transport system known asMetrobus.Buenos Aires additionally has anunderground, the only one in the country, andGreater Buenos Aires is serviced by a system ofsuburban trains.
.jpg)
In 2022, Argentina was the 44th largest exporter (by merchandise exports) totaling US$88 billion, or 0.4%.[105]
Argentine exports are diversified. Agricultural raw materials are over 20% of the exports and agricultural goods account for over 50% of exports including processed foods. Soy products (soybeans,vegetable oil) accounted for almost one fourth. Cereals, mostly maize and wheat, which were Argentina's leading export during much of the twentieth century, make up less than one tenth now.[106]
Industrial goods comprise over one-third of Argentine exports. Motor vehicles and auto parts are the leading industrial export, at over 12% of 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.[107] Accordingly, the system of non-automatic import licensing was extended in 2011,[108] and regulations were enacted for the auto sector establishing a model by which a company's future imports would be determined by their exports.[109]
A net energy importer until 1987, Argentina's fuel exports began increasing in the early 1990s and account for about one-eighth of the total; refined fuels make up about half of that. As of 2009 exports of crude petroleum and natural gas were around US$3 billion a year.[106] 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)[110] and a US$6 billion energy deficit in 2013.[111]
Argentine imports have historically been dominated by industrial and technological supplies, machinery, and parts, which have averaged US$50 billion since 2011 (two-thirds of imports). Consumer goods including motor vehicles make up most of the rest.[106]Trade in services was in deficit. In 2013 this deficit widened to over US$4 billion with a record US$19 billion in service imports.[18] The nation's chroniccurrent account deficit was reversed during the 2002 crisis, and an average current account surplus of US$7 billion was logged between 2002 and 2009; this surplus later narrowed considerably, and was slightly negative in 2011.[112]
| Year | Goods exports (billion US$)[113] | Goods imports (in billion US$)[114] | Net trade (in billion US$)[115] |
|---|---|---|---|
| 2023 | $66.8 | $69.8 | −$2.9 |
| 2020 | $55.0 | $40.3 | $14.6 |
| 2015 | $56.8 | $57.6 | −$0.8 |
| 2010 | $68.3 | $54.2 | $14.2 |
| 2000 | $26.3 | $23.9 | $2.5 |
| 1990 | $12.4 | $3.7 | $8.6 |
| 1980 | $8.0 | $9.4 | −$1.4 |
The following table shows the largest trading partners for Argentina in 2022 by trade value in billions ofUSD:[116]
| Country | Total trade value | Import value | Export value | Balance |
|---|---|---|---|---|
 Brazil | 28.70 | 16.03 | 12.67 | -3.36 |
 China | 25.53 | 17.51 | 8.02 | -9.49 |
 United States | 17.01 | 10.33 | 6.68 | -3.65 |
 India | 6.40 | 1.85 | 4.55 | 2.70 |
 Chile | 5.71 | .778 | 4.94 | 4.16 |
 Vietnamㅤㅤ | 4.47 | 1.24 | 3.23 | 1.99 |
 Netherlands | 4.46 | .886 | 3.57 | 2.68 |
 Germany | 3.60 | 2.72 | .884 | -1.83 |
 Paraguay | 3.28 | 1.96 | 1.32 | -.635 |
 Spain | 2.99 | 1.26 | 1.73 | .473 |
As of 2010foreign direct investment (FDI) in Argentina was divided nearly evenly between manufacturing (36%), natural resources (34%), and services (30%). The chemical and plastics sector (10%) and the automotive sector (6%) led 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.[117] Spain was the leading source of foreign direct investment in Argentina, accounting for US$22 billion (28%) in 2009; the U.S. was second, with $13 billion (17%);[117] China grew to become the third-largest by 2011.[118] Investments from the Netherlands, Brazil, Chile, and Canada were significant; in 2012, foreign nationals held a of around US$112 billion indirect investment.[18]
Bilateral agreements played an important role in promoting U.S. private investment. Argentina inked anOverseas Private Investment Corporation (OPIC) agreement and an active program with theU.S. Export-Import Bank. Under the 1994 U.S.–Argentina Bilateral Investment Treaty, U.S. investors enjoyed national treatment in all sectors except shipbuilding, fishing, nuclear-power generation, and uranium production. The treaty allowed for international arbitration of investment disputes.
FDI averaged US$5.7 billion from 1992 to 1998 and reached in US$24 billion in 1999 (reflecting the purchase of 98% ofYPF stock byRepsol), fell to US$1.6 billion in 2003.[119] FDI then accelerated, reaching US$8 billion in 2008.[120] Thefinancial crisis cut this figure to US$4 billion in 2009; but inflows recovered to US$8.7 billion in 2011[121]
FDI volume remained below the regional average as a percent of GDP; Kirchner Administration policies and difficulty in enforcing contractual obligations were blamed.[122] Foreign investment in Argentina shifted after 2000, fromprivatizations andmergers and acquisitions, to over half in the form of medium and high-tech investment (compared to 36% in Brazil and 3% in Chile).[123]
The government has been accused of manipulating economic statistics.[124]
Official CPI inflation figures released monthly byINDEC were a subject of political controversy from 2007 through 2015.[125][126][127] Official inflation data were disregarded by leading union leaders, when negotiating pay rises.[128] Some private-sector estimates put inflation for 2010 at around 25%, much higher than the official 10.9% rate.[128] Inflation estimates from Argentina's provinces were higher than government figures.[128] The government backed up the validity of its data, but called in the IMF to help design a new nationwide index.[128]
The official CPI assessed 520 products, however the list was not made public.[129] Economic analysts were prosecuted for publishing estimates that disagreed with official statistics.[130] The government levied a fine of up to 500,000 pesos for providing what it called "fraudulent inflation figures".[128] Beginning in 2015, the government again called for competitive bids from the private sector to provide a weekly independent inflation index.[131]
High inflation was a weakness of the Argentine economy for decades, frequently above 25%,[133] although it dramatically declined under Milei, reaching 1.5% in June 2025.[134]
The inflation rate in Argentina rose to 52.3 percent in February 2022.[135] In August the interest rate was hiked to 69.5% as inflation further deteriorated, hitting a 20-year high at 70%.[136] Inflation passed 100% in February 2023 for the first time since 1991.[137][138] On October 12, 2023, Argentina's central bank again increased the benchmark interest rate, from 118% to 133%, as inflation hit 138%.[139]
Argentine workers held funerals to mourn the "death of (their) wages".[140]
After Milei's victory in October 2023, efforts were made to curb the inflation rate. In January 2022, the monthly inflation rate kept increasing from 2.4% to a peak of 25% just before his inauguration. Soon after, Milei devalued the peso by 50% to cut the wide gap between the official exchange rate and the market exchange rate.[36] In a year he brought inflation down to a monthly 2.4%.[141] Milei then arranged a 2% monthly devaluation.[142][36]
In 2024, the peso appreciated by 44.2% against the dollar, outperforming all other currencies. These actions aimed to stabilize an economy teetering on the brink ofhyperinflation. The peso's strengthening doubled average wages in dollar terms to $990.[143]
In relation to other Latin American countries, Argentina has a moderate to low level of income inequality. ItsGini coefficient was about 0.407 (2022).[144] The gap was worst in the capital suburbs, where the economically successful live ingated communities, while the poor live in slums known asvillas miserias.[145]
In the mid-1970s, the most affluent 10% of Argentina's population had an income 12 times that of the poorest 10%. That figure grew to 18 times by the mid-1990s, and by 2002, 43,[145] before declining to 16 in 2010.[146][146]
Argentina had aninequality-adjusted human development index of 0.729, compared to 0.578 and 0.709 for neighboring Brazil and Chile, respectively.[147] The 2010 Census found that poverty still affected 1 in 8 inhabitants, however;[148] and while the official, household survey poverty rate (based on U$S 100 per person per month, net) was 4.7% in 2013,[149] although the National Research Council estimated poverty in 2010 at 22.6%,[150] with private consulting firms estimating that in 2011 around 21% fell below the income poverty line.[151] TheWorld Bank estimated that, in 2013, 3.6% subsisted on less than US$3.10 per person per day.[152]
{{cite web}}: CS1 maint: url-status (link)
| History | |
|---|---|
| Agriculture | |
| Other sectors | |
| Other | |
