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:
agriculture: 7%
industry: 36%
services: 57% (1995 est.)

Inflation rate—consumer price index: 0.3% (1997)

Labor force:
total: 14.5 million (1995 est.)
by occupation: agriculture 12% industry 31% services 57% (1985 est.)

Unemployment rate: 13.7% (October 1997)

Budget:
revenues: $55 billion
expenditures: $59 billion including capital expenditures of $NA (1997 est.)

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:
total value: $25.4 billion (f.o.b. 1997)
commodities: meat wheat corn oilseed manufactures fuels
partners: Brazil 26.1% US 8.5% Chile 7.0% Netherlands 5.7% Italy 3.5% (1995)

Imports:
total value: $30.3 billion (c.i.f. 1997)
commodities: machinery and equipment chemicals metals transport equipment agricultural products
partners: Brazil 20.8% US 20.7% Italy 6.3% Germany 6.2% France 5.2% (1995)

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