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 2013):
  • £1 sterling = 10.706 new pesos;
  • US $1 = 6.501 new pesos;
  • €1 = 8.966 new pesos;
  • 100 new pesos = £9.34 = $15.38 = €11.15.
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  2012  2013  2014 
Current revenue  553,522.7  685,376.0  786,362.4 
  Tax revenue  329,163.1  406,549.5  464,647.1 
  Social security contributions  174,893.8  212,494.3  245,035.8 
  Sale of public goods and services  2,020.2  2,567.2  3,208.9 
  Property income  29,795.0  40,652.5  45,505.4 
  Current transfers  611.4  803.8  820.7 
  Other current revenue  3,671.3  4,165.5  4,870.8 
Capital revenue  1,133.7  1,375.4  1,472.4 
Total   554,656.4  686,751.4  787,834.8 
Expenditure  2012  2013  2014 
Current expenditure  525,965.8  610,948.1  701,111.8 
  Consumption expenditure  108,077.7  122,908.8  126,294.1 
  Property income  47,204.5  58,174.3  82,302.0 
  Social security benefits  198,203.5  241,722.7  287,673.1 
  Current transfers  149,852.3  165,744.4  178,475.7 
Capital expenditure  64,328.6  74,800.9  83,783.6 
  Direct investment  31,467.9  36,786.0  40,110.4 
  Capital transfers  31,813.7  37,007.6  42,616.0 
  Financial investment  1,047.0  1,007.3  1,057.2 
Total  590,294.4  685,749.0  784,895.4 
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)

  2010  2011  2012 
Gold (national valuation)  2,497  3,127  3,326 
IMF special drawing rights  3,114  3,152  3,155 
Foreign exchange  46,619  40,075  36,765 
Total   52,230  46,354  43,246 
Source: IMF, International Financial Statistics

Money Supply (million new pesos at 31 December)

  2010  2011  2012 
Currency outside banks   113,554  151,282  209,979 
Demand deposits at commercial banks  59,247  64,001  111,504 
Total money  172,801  215,283  321,483 
Source: IMF, International Financial Statistics

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

  2011  2012  2013 
Food and beverages  127.9  141.0  151.7 
Housing and basic services  116.5  124.9  136.1 
Clothing  159.2  172.9  186.0 
Furnishings and fittings  131.5  146.5  165.3 
Health  140.8  158.6  179.6 
Education  151.0  170.5  194.3 
Transport and communications  127.4  139.3  164.0 
Recreation and culture  137.2  155.5  178.4 
Miscellaneous goods and services  117.3  127.8  138.1 
All items  130.2  143.3  158.5 

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

Expenditure on the Gross Domestic Product

  2010  2011  2012 
Government final consumption expenditure  215,278  278,961  359,628 
Private final consumption expenditure  826,794  1,039,072  1,235,401 
Increase in stocks*  35,468  65,934  47,852 
Gross fixed capital formation  317,417  415,836  471,364 
Total domestic expenditure  1,394,957  1,799,803  2,114,245 
Exports of goods and services  313,150  401,992  426,670 
Less Imports of goods and services  265,451  359,774  376,669 
Gross domestic product (GDP) in market prices  1,442,655  1,842,022  2,164,246 
GDP at constant 1993 prices  422,130  459,571  468,301 
* Including statistical discrepancy

Gross Domestic Product by Economic Activity

  2010  2011  2012 
Agriculture, forestry and hunting  129,882  176,071  174,405 
Fishing  2,484  2,675  2,976 
Mining and quarrying  47,727  57,585  74,593 
Manufacturing  271,665  347,309  383,965 
Electricity, gas and water supply  15,716  17,902  20,080 
Construction  74,212  96,770  116,776 
Wholesale and retail trade  161,325  213,362  263,818 
Hotels and restaurants  33,543  40,241  46,205 
Transport, storage and communications  107,326  134,288  155,930 
Financial intermediation   76,646  95,514  126,495 
Real estate, renting and business activities  140,273  167,997  189,538 
Public administration and defence*  91,606  119,635  153,281 
Education, health and social work  115,803  150,509  187,508 
Other community, social and personal service activities  54,991  64,762  76,723 
Sub-total   1,323,199  1,684,619  1,972,292 
Value-added tax  120,152  157,333  195,723 
Import duties  11,428  14,593  16,501 
Less Financial intermediation services indirectly measured  12,124  14,523  20,270 
GDP in market prices   1,442,655  1,842,022  2,164,246 
* Including extra-territorial organizations and bodies
 Including private households with employed persons

Balance of Payments (US $ million)

  2010  2011  2012 
Exports of goods f.o.b.  68,134  84,051  80,927 
Imports of goods f.o.b.  –53,868  –71,126  –65,556 
Trade balance  14,266  12,925  15,372 
Exports of services  13,648  15,670  15,076 
Imports of services  –14,808  –17,804  –18,657 
Balance on goods and services  13,106  10,791  11,790 
Other income received (net)  –11,341  –12,400  –11,452 
Balance on goods, services and income   1,765  –1,609  338 
Current transfers (net)  –405  –565  –395 
Current balance   1,360  –2,173  –57 
Capital account (net)  89  62  49 
Net investment in banking sector  –2,679  6,900  –1,649 
Net investment in public sector  2,459  –2,250  –3,950 
Net investment in private sector  3,536  –4,356  3,921 
Net errors and omissions  –606  –4,291  –1,618 
Overall balance   4,157  –6,108  –3,305 

Citation: Finance (Argentina), in Europa World online. London, Routledge. Retrieved 29 July 2014 from http://www.europaworld.com/pub/entry/ar.ss.39

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