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 (30 May 2014):
  • £1 sterling = 13.508 new pesos;
  • US $1 = 8.030 new pesos;
  • €1 = 10.930 new pesos;
  • 100 new pesos = £7.40 = $12.45 = €9.15.
Average Exchange Rate (new pesos per US $):
  • 2011     4.110
  • 2012     4.537
  • 2013     5.459
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  2013  2014  2015 
Current revenue  732,572.9  930,876.4  1,102,095.1 
  Tax revenue  423,706.5  534,393.6  636,119.8 
  Social security contributions  229,074.4  286,814.2  341,607.8 
  Sale of public goods and services  2,657.2  3,541.1  4,070.1 
  Property income  60,110.0  86,341.6  94,494.0 
  Current transfers  782.4  550.3  4,589.5 
  Other current revenue  22.1  329.6  343.0 
Capital revenue  863.9  287.9  356.5 
Total   733,436.8  931,164.3  1,102,451.6 
Expenditure  2013  2014  2015 
Current expenditure  684,593.0  820,881.3  950,060.8 
  Consumption expenditure  139,496.0  160,386.1  168,893.4 
  Property income  47,125.9  80,322.5  94,020.5 
  Social security benefits  270,075.6  329,235.7  391,329.2 
  Current transfers  197,372.0  219,306.9  252,524.3 
Capital expenditure  95,529.8  106,703.9  146,139.6 
  Direct investment  42,765.7  53,630.0  70,144.4 
  Capital transfers  42,765.7  47,113.6  69,205.7 
  Financial investment  5,249.4  5,960.3  6,789.5 
Total  780,122.8  927,585.2  1,096,200.4 
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, Buenos Aires

International Reserves (US $ million at 31 December)

  2011  2012  2013 
Gold (national valuation)  3,127  3,326  2,389 
IMF special drawing rights  3,152  3,155  3,162 
Foreign exchange  40,075  36,765  24,981 
Total   46,354  43,246  30,532 
Source: IMF, International Financial Statistics

Money Supply (million new pesos at 31 December)

  2011  2012  2013 
Currency outside banks   151,282  209,979  257,805 
Demand deposits at commercial banks  64,001  111,504  148,673 
Total money  215,283  321,483  406,478 
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, preliminary)

Expenditure on the Gross Domestic Product

  2011  2012  2013 
Government final consumption expenditure  320,901  408,898  521,705 
Private final consumption expenditure  1,483,448  1,812,550  2,234,633 
Increase in stocks*  34,431  12,407  40,347 
Gross fixed capital formation  426,493  463,358  568,855 
Total domestic expenditure  2,265,273  2,697,213  3,365,540 
Exports of goods and services  409,633  433,651  478,041 
Less Imports of goods and services  371,659  386,036  493,732 
Gross domestic product (GDP) in market prices  2,303,246  2,744,829  3,349,848 
GDP at constant 2004 prices  836,889  844,807  869,739 
* Including statistical discrepancy

Gross Domestic Product by Economic Activity

  2011  2012  2013 
Agriculture, forestry and hunting  151,140  158,525  181,695 
Fishing  3,490  3,930  8,405 
Mining and quarrying  82,803  98,003  115,067 
Manufacturing  351,897  391,847  439,244 
Electricity, gas and water supply  59,679  77,629  97,179 
Construction  111,532  128,652  163,184 
Wholesale and retail trade  253,164  292,343  346,380 
Hotels and restaurants  39,136  44,615  50,776 
Transport, storage and communications  136,373  156,143  184,975 
Financial intermediation   60,754  81,684  101,539 
Real estate, renting and business activities  258,037  299,957  366,292 
Public administration and defence*  137,441  178,566  227,322 
Education, health and social work  225,253  287,255  365,567 
Other community, social and personal service activities  114,481  152,055  199,101 
Sub-total   1,985,180  2,351,205  2,846,725 
Value-added tax  154,237  190,496  249,006 
Import duties  14,678  16,643  23,551 
Net taxes on products  149,152  186,485  230,567 
GDP in market prices   2,303,246  2,744,829  3,349,848 
* Including extra-territorial organizations and bodies
 Including private households with employed persons

Balance of Payments (US $ million)

  2011  2012  2013 
Exports of goods f.o.b.  84,051  80,927  83,026 
Imports of goods f.o.b.  –71,126  –65,556  –70,871 
Trade balance  12,925  15,372  12,155 
Exports of services  15,610  15,107  14,415 
Imports of services  –17,857  –18,473  –19,518 
Balance on goods and services  10,678  12,006  7,052 
Other income received (net)  –12,402  –11,503  –10,709 
Balance on goods, services and income   –1,724  503  –3,657 
Current transfers (net)  547  –455  –673 
Current balance   –2,271  48  –4,330 
Capital account (net)  62  48  32 
Net investment in banking sector  6,900  –1,649  –1,154 
Net investment in public sector  –2,250  –3,648  183 
Net investment in private sector  –4,356  4,624  –4,928 
Net errors and omissions  –4,194  –2,727  –1,627 
Overall balance   –6,108  –3,305  –11,824 

Citation: Finance (Argentina), in Europa World online. London, Routledge. Retrieved 22 October 2014 from http://www.europaworld.com/pub/entry/ar.ss.39

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