mailing address: Unit 4334, APO AA 34034telephone: [54] (1) 777–4533, 4534
FAX: [54] (1) 777–0197
Flag: three equal horizontal bands of light blue (top), white, and light blue; centered in the white band is a radiant yellow sun with a human face known as the Sun of May
Economy———
Economic overview: Argentina, rich in natural resources, benefits also from 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 shows signs of putting 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 20 years. Argentines have responded to the relative price stability by repatriating flight capital and investing in domestic industry. After registering impressive 7.4% growth in 1994, based largely on inflows of foreign capital and strong domestic consumption, the Argentine economy stumbled in 1995 as financial pressures fueled by the Mexican peso crisis and political squabbling within the MENEM administration undermined investor confidence and triggered capital outflows. By yearend, GDP had contracted 4.4%, unemployment reached 16%, and Buenos Aires struggled to meet fiscal targets. On the trade front, exports soared during the first half of 1995 - largely because of strong demand in Brazil and high commodity prices - while anemic domestic consumption lowered imports; the resulting yearend trade surplus was about $1.2 billion. However, because exports contribute only 7.5% to GDP, increased foreign sales had little impact on aggregate growth. High unemployment will continue to plague the MENEM administration for the next several years as provincial entities are readied for privatization and more public sector employees are laid off.
GDP: purchasing power parity - $278.5 billion (1995 est.)
GDP real growth rate: −4.4%
GDP per capita: $8,100 (1995 est.)
GDP composition by sector: agriculture: 6% industry: 31% services: 63% (1992 est.)
Inflation rate (consumer prices): 1.7% (1995 est.)
Labor force: 10.9 million by occupation: agriculture 12%, industry 31%, services 57% (1985 est.)
Unemployment rate: 16% (1995 est.)
Budget:
revenues: $48.46 billion
expenditures: $46.5 billion, including capital expenditures of $3.5
billion (1994 est.)
Industries: food processing, motor vehicles, consumer durables,
textiles, chemicals and petrochemicals, printing, metallurgy, steel
Industrial production growth rate: −4.6% (1995 est.)
Electricity: capacity: 17,330,000 kW production: 54.8 billion kWh consumption per capita: 1,610 kWh (1993)
Agriculture: wheat, corn, sorghum, soybeans, sugar beets; livestock
Illicit drugs: increasing use as a transshipment country for cocaine headed for Europe and the US
Exports: $20.7 billion (f.o.b., 1995) commodities: meat, wheat, corn, oilseed, manufactures partners: US 9%, Brazil, Italy, Japan, Netherlands
Imports: $19.5 billion (c.i.f., 1995) commodities: machinery and equipment, chemicals, metals, fuels and lubricants, agricultural products partners: US 21%, Brazil, Germany, Bolivia, Japan, Italy, Netherlands
External debt: $90 billion (December 1995)
Economic aid: $NA
Currency: 1 nuevo peso argentino = 100 centavos
Exchange rates: pesos per US$1 - 1.00000 (January 1996), 0.99975 (1995), 0.99901 (1994), 0.99895 (1993), 0.99064 (1992), 0.95355 (1991)
Fiscal year: calendar year
Transportation———————
Railways:
total: 37,910 km
broad gauge: 24,124 km 1.676-m gauge (142 km electrified)
standard gauge: 2,765 km 1.435-m gauge
narrow gauge: 11,021 km 1.000-m gauge (26 km electrified)
Highways: total: 215,578 km paved: 61,440 km unpaved: 154,138 km
Waterways: 11,000 km navigable
Pipelines: crude oil 4,090 km; petroleum products 2,900 km; natural gas 9,918 km
Ports: Bahia Blanca, Buenos Aires, Comodoro Rivadavia, Concepcion
del Uruguay, La Plata, Mar del Plata, Necochea, Rio Gallegos,
Rosario, Santa Fe, Ushuaia
Merchant marine:
total: 37 ships (1,000 GRT or over) totaling 303,448 GRT/458,864 DWT
ships by type: bulk 1, cargo 11, chemical tanker 1, container 3, oil
tanker 14, railcar carrier 1, refrigerated cargo 5, roll-on/roll-off
cargo 1 (1995 est.)
Airports:
total: 1,253
with paved runways over 3 047 m: 5
with paved runways 2 438 to 3 047 m: 25
with paved runways 1 524 to 2 437 m: 54
with paved runways 914 to 1 523 m: 46
with paved runways under 914 m: 511
with unpaved runways over 3 047 m: 1
with unpaved runways 2 438 to 3 047 m: 2
with unpaved runways 1 524 to 2 437 m: 60
with unpaved runways 914 to 1 523 m: 549 (1995 est.)
Communications———————
Telephones: 2.7 million (1983 est.)
Telephone system: 12,000 public telephones; extensive modern system but many families do not have telephones; despite extensive use of microwave radio relay, the telephone system frequently grounds out during rainstorms, even in Buenos Aires domestic: microwave radio relay and a domestic satellite system with 40 earth stations serve the trunk network international: satellite earth stations - 2 Intelsat (Atlantic Ocean)
Radio broadcast stations: AM 171, FM 0, shortwave 13
Radios: 22.3 million (1991 est.)
Television broadcast stations: 231
Televisions:
