Europa World: The Europa World Year Book online Routledge -- Taylor & Francis group
 
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Finance

Argentina: Finance

Currency and Exchange Rates:
Monetary Units:
  • 100 centavos = 1 nuevo peso argentino (new Argentine peso).
Sterling, Dollar and Euro Equivalents (31 December 2015):
  • £1 sterling = 19.413 new pesos;
  • US $1 = 13.100 new pesos;
  • €1 = 14.262 new pesos;
  • 100 new pesos = £5.15 = $7.63 = €7.01.
Average Exchange Rate (new pesos per US $):
  • 2013     5.459
  • 2014     8.075
  • 2015     9.233
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.

General Government Budget (public sector accounts, million new pesos, forecasts)

Revenue  2014  2015  2016 
Current revenue  930,876.4  1,102,095.1  1,261,883.1 
  Tax revenue  534,393.6  636,119.8  733,180.3 
  Social security contributions  286,814.2  341,607.8  393,447.0 
  Sale of public goods and services  3,541.1  4,070.1  4,676.6 
  Property income  86,341.6  94,494.0  101,597.1 
  Current transfers  550.3  4,589.5  4,960.3 
Capital revenue  287.9  356.5  376.1 
Total   931,164.3  1,102,451.6  1,262,259.2 
Expenditure  2014  2015  2016 
Current expenditure  820,881.3  950,060.8  1,087,375.0 
  Consumption expenditure  160,386.1  168,893.4  174,521.6 
  Property income  80,322.5  94,020.5  108,652.2 
  Social security benefits  329,235.7  391,329.2  471,822.8 
  Current transfers  219,306.9  252,524.3  278,260.1 
Capital expenditure  106,703.9  146,139.6  166,361.6 
  Direct investment  53,630.0  70,144.4  81,762.2 
  Capital transfers  47,113.6  69,205.7  77,648.6 
  Financial investment  5,960.3  6,789.5  6,950.8 
Total  927,585.2  1,096,200.4  1,253,736.6 
Note: Budget figures refer to the consolidated accounts of the central and local governments and state-owned companies and entities.
Source: Oficina Nacional de Presupuesto, Secretaría de Hacienda, Ministerio de Economía y Finanzas Públicas, Buenos Aires

International Reserves (US $ million at 31 December)

  2012  2013  2014 
Gold (national valuation)  3,326  2,389  2,387 
IMF special drawing rights  3,155  3,162  2,975 
Foreign exchange  36,765  24,981  26,042 
Total   43,246  30,532  31,404 
Source: IMF, International Financial Statistics

Money Supply (million new pesos at 31 December)

  2012  2013  2014 
Currency outside banks   209,979  257,805  315,903 
Demand deposits at commercial banks  111,504  148,673  219,153 
Total money  321,483  406,478  535,056 
Source: IMF, International Financial Statistics

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

  2011  2012  2013 
Food and beverages  127.9  141.0  151.7 
Clothing  159.2  172.9  186.0 
All items (incl. others)  130.2  143.3  158.5 

National Accounts (million new pesos at current prices)

Expenditure on the Gross Domestic Product

  2012  2013*  2014* 
Government final consumption expenditure  417,136  530,763  698,824 
Private final consumption expenditure  1,829,260  2,244,908  2,847,938 
Increase in stocks  –3,144  55,047  108,694 
Gross fixed capital formation  473,531  577,994  757,233 
Total domestic expenditure  2,716,783  3,408,712  4,412,689 
Exports of goods and services  428,120  487,913  654,371 
Less Imports of goods and services  379,327  490,361  641,365 
Gross domestic product (GDP) in market prices  2,765,575  3,406,265  4,425,694 
GDP at constant 2004 prices  844,508  868,875  872,816 
* Provisional
 Including statistical discrepancy

Gross Domestic Product by Economic Activity

  2012  2013*  2014* 
Agriculture, forestry and hunting  154,975  206,050  298,709 
Fishing  3,876  8,309  11,788 
Mining and quarrying  100,317  118,003  172,083 
Manufacturing  399,367  460,937  541,264 
Electricity, gas and water supply  74,449  96,638  139,310 
Construction  132,421  160,029  221,536 
Wholesale and retail trade  301,037  349,117  426,146 
Hotels and restaurants  43,388  49,405  59,110 
Transport, storage and communications  151,644  187,464  245,075 
Financial intermediation   81,311  93,641  113,402 
Real estate, renting and business activities  300,594  375,983  476,800 
Public administration and defence  179,076  232,050  310,553 
Education, health and social work  291,909  373,347  482,403 
Other community, social and personal service activities  157,461  191,826  236,669 
Sub-total   2,371,825  2,902,800  3,734,847 
Value-added tax  186,611  230,909  329,586 
Import duties  16,643  23,551  30,058 
Net taxes on products  190,496  249,006  331,203 
GDP in market prices   2,765,575  3,406,265  4,425,694 
* Provisional
 Including extraterritorial organizations and bodies
 Including private households with employed persons

Balance of Payments (US $ million)

  2012  2013  2014 
Exports of goods f.o.b.  80,246  81,660  71,977 
Imports of goods f.o.b.  –65,088  –70,541  –62,520 
Trade balance  15,158  11,119  9,457 
Exports of services  15,207  14,834  14,021 
Imports of services  –18,258  –18,604  –17,165 
Balance on goods and services  12,107  7,349  6,313 
Other income received (net)  –12,857  –11,026  –12,020 
Balance on goods, services and income   –750  –3,677  –5,707 
Current transfers (net)  –522  –892  –169 
Current balance   –1,272  –4,568  –5,877 
Capital account (net)  48  33  58 
Net investment in banking sector  –1,648  –1,155  3,853 
Net investment in public sector  –3,149  574  5,536 
Net investment in private sector  5,980  –3,073  –4,552 
Net errors and omissions  –3,262  –3,635  2,176 
Overall balance   –3,305  –11,824  1,195 

Citation: Finance (Argentina), in Europa World online. London, Routledge. Retrieved 29 September 2016 from http://www.europaworld.com/pub/entry/ar.ss.39

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