Finance

Argentina: Finance

Currency and Exchange Rates:

Monetary Units:

100 centavos = 1 nuevo peso argentino (new Argentine peso).

Sterling, Dollar and Euro Equivalents (31 May 2012):

£1 sterling = 6.901 new pesos;
US $1 = 4.451 new pesos;
€1 = 5.521 new pesos;
100 new pesos = £14.49 = $22.47 = €18.11.

Average Exchange Rate (new pesos per US $):

2009 3.710
2010 3.896
2011 4.110

Note: From April 1996 to December 2001 the official exchange rate was fixed at US $1 = 99.95 centavos. In January 2002 the Government abandoned this exchange rate and devalued the peso: initially there was a fixed official exchange rate of US $1 = 1.40 new pesos for trade and financial transactions, while a free market rate was applicable to other transactions. In February, however, a unified `floating' exchange rate system, with the rate to be determined by market conditions, was introduced.

Central Government Budget (million new pesos)


Revenue	2008		2009		2010
Current revenue	212,740	.9	267,203	.8	326,242	.2
Tax revenue	153,297	.4	173,143	.3	198,264	.8
Social security contributions	46,379	.1	64,735	.3	88,558	.8
Sale of public goods and services	1,024	.0	1,220	.4	6,186	.6
Property income	6,587	.9	12,506	.0	1,574	.9
Other non-tax revenue	3,925	.2	4,415	.8	29,672	.6
Current transfers	1,527	.2	11,182	.8	1,984	.5
Capital revenue	1,382	.2	2,289	.7	2,596	.4
Total	214,123	.1	269,493	.5	328,838	.6


Expenditure	2008		2009		2010
Current expenditure	179,091	.4	230,827	.8	294,948	.7
Consumption expenditure	29,046	.6	40,112	.3	54,576	.7
Remuneration	20,127	.3	27,658	.1	37,607	.9
Goods and services	8,917	.5	12,452	.0	16,960	.0
Other	1	.7	2	.2	8	.8
Property income	22,686	.8	28,356	.9	26,409	.2
Interest	22,684	.1	28,350	.4	26,401	.8
Other income	2	.7	6	.4	7	.4
Social security benefits	65,053	.7	85,429	.5	106,352	.5
Other current expenditure	8	.8	7	.8	15	.4
Current transfers	62,295	.6	76,921	.3	107,594	.9
Private sector	38,899	.1	43,949	.5	61,948	.3
Public sector	22,958	.4	32,469	.0	45,099	.0
External sector	438	.1	502	.9	547	.7
Capital expenditure	26,644	.0	33,582	.4	46,794	.9
Real direct investment	10,092	.7	11,298	.4	12,883	.1
Capital transfers	15,262	.5	20,977	.5	32,573	.0
Financial investment	1,288	.8	1,306	.5	1,338	.7
Total	205,735	.4	264,410	.3	341,743	.6

Note: Budget figures refer to the consolidated accounts of the central Government only.

Source: Oficina Nacional de Presupuesto, Secretaría de Hacienda, Ministerio de Economía, Buenos Aires

International Reserves (US $ million at 31 December)


	2009	2010	2011
Gold (national valuation)	1,932	2,497	3,127
IMF special drawing rights	3,170	3,114	3,152
Foreign exchange	42,922	46,619	40,075
Total	48,024	52,230	46,354

Source: IMF, International Financial Statistics

Money Supply (million new pesos at 31 December)


	2009	2010	2011
Currency outside banks	86,073	113,554	151,282
Demand deposits at commercial banks	44,996	59,247	63,985
Total money	131,069	172,801	215,267

Source: IMF, International Financial Statistics

Cost of Living (Consumer Price Index for Buenos Aires metropolitan area; annual averages; base: April 2008 = 100)


	2009		2010		2011
Food and beverages	102	.9	116	.9	128	.7
Housing and basic services	104	.8	109	.7	117	.1
Clothing	116	.2	131	.5	161	.8
Transport and communications	112	.1	118	.2	128	.3
All items (incl. others)	107	.5	118	.0	131	.2

National Accounts (million new pesos at current prices, preliminary)

Expenditure on the Gross Domestic Product


	2009	2010	2011
Government final consumption expenditure	174,002	215,278	278,961
Private final consumption expenditure	667,375	826,794	1,039,072
Increase in stocks^*	3,176	35,468	65,934
Gross fixed capital formation	239,637	317,417	415,836
Total domestic expenditure	1,084,190	1,394,957	1,799,803
Exports of goods and services	244,569	313,150	401,992
Less Imports of goods and services	183,300	265,451	359,774
Gross domestic product (GDP) in market prices	1,145,458	1,442,655	1,842,022
GDP at constant 1993 prices	386,704	422,130	459,571

^* Including statistical discrepancy

Gross Domestic Product by Economic Activity


	2009	2010	2011
Agriculture, forestry and hunting	77,208	129,882	176,071
Fishing	2,155	2,484	2,675
Mining and quarrying	38,512	47,727	57,585
Manufacturing	224,188	271,665	347,309
Electricity, gas and water supply	13,459	15,716	17,902
Construction	60,158	74,212	96,770
Wholesale and retail trade	128,767	161,325	213,362
Hotels and restaurants	27,349	33,543	40,241
Transport, storage and communications	86,695	107,326	134,288
Financial intermediation	59,845	76,646	95,514
Real estate, renting and business activities	121,024	140,273	167,997
Public administration and defence^*	73,170	91,606	119,635
Education, health and social work	97,229	115,803	150,509
Other community, social and personal service activities^†	47,884	54,991	64,762
Sub-total	1,057,643	1,323,199	1,684,619
Value-added tax	90,843	120,152	157,333
Import duties	7,700	11,428	14,593
Less Financial intermediation services indirectly measured	10,728	12,124	14,523
GDP in market prices	1,145,458	1,442,655	1,842,022

^* Including extra-territorial organizations and bodies

^† Including private households with employed persons

Balance of Payments (US $ million)


	2009	2010	2011
Exports of goods f.o.b.	55,672	68,134	84,269
Imports of goods f.o.b.	–37,146	–53,868	–70,729
Trade balance	18,526	14,266	13,540
Exports of services	10,967	13,066	14,193
Imports of services	–12,252	–14,180	–16,423
Balance on goods and services	17,241	13,152	11,310
Other income received (net)	–8,955	–9,939	–10,829
Balance on goods, services and income	8,286	3,213	481
Current transfers (net)	2,710	–396	–464
Current balance	10,995	2,818	17
Capital account (net)	74	89	70
Net investment in banking sector	–986	–2,566	6,598
Net investment in public sector	–732	2,209	–2,534
Net investment in private sector	–7,685	2,630	–6,332
Net errors and omissions	–319	–1,023	–3,928
Overall balance	1,346	4,157	–6,108

Citation: Finance (Argentina), in Europa World online. London, Routledge. Retrieved 19 June 2013 from http://www.europaworld.com/pub/entry/ar.ss.39

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