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 May 2018):
  • £1 sterling = 33.195 new pesos;
  • US $1 = 24.910 new pesos;
  • €1 = 29.142 new pesos;
  • 100 new pesos = £3.01 = $4.01 = €3.43.
Average Exchange Rate (new pesos per US $):
  • 2015     9.233
  • 2016     14.758
  • 2017     16.563
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  $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)

Revenue  2015  2016  2017 
Current revenue  1,322,735.7  1,613,009.8  1,995,312.5 
  Tax revenue  708,801.3  976,663.0  1,117,612.5 
  Social security contributions  419,418.7  558,087.3  727,253.8 
  Sale of public goods and services  4,691.4  5,568.8  5,858.8 
  Property income  142,015.8  11,703.7  71,110.0 
  Current transfers  2,888.0  9,046.1  6,587.9 
Capital revenue  456.8  442.5  2,770.0 
Total   1,323,192.5  1,613,452.3  1,998,082.5 
Expenditure  2015  2016  2017 
Current expenditure  1,387,941.9  1,790,789.1  2,419,198.0 
  Consumption expenditure  268,554.5  346,170.9  437,723.0 
  Property income  121,140.7  110.4  224,927.2 
  Social security benefits  535,697.1  734,716.8  1,022,540.8 
  Current transfers  401,788.1  646,714.6  682,518.4 
Capital expenditure  160,887.4  182,045.2  207,934.0 
  Direct investment  64,153.1  78,713.7  95,688.6 
  Capital transfers  84,799.8  84,197.7  99,482.8 
  Financial investment  11,934.5  19,133.8  12,762.6 
Total  1,548,829.3  1,972,834.3  2,627,132.0 
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)

  2015  2016  2017 
Gold (national valuation)  2,107  2,102  2,299 
IMF special drawing rights  2,845  2,400  2,542 
Reserve position in IMF     360  381 
Foreign exchange  20,571  33,563  50,107 
Total   25,523  38,425  55,329 
Source: IMF, International Financial Statistics

Money Supply (million new pesos at 31 December)

  2015  2016  2017 
Currency outside banks  425,718  527,765  702,281 
Demand deposits at commercial banks  259,405  410,384  462,281 
Total money  685,123  938,149  1,164,562 
Source: IMF, International Financial Statistics

Cost of Living (Consumer Price Index; base: December 2016 = 100)

  2017 
Food and beverages  111.7 
Clothing  108.3 
Housing and amenities  123.0 
All items (incl. others)  112.9 

National Accounts (million new pesos at current prices)

Expenditure on the Gross Domestic Product

  2015  2016*  2017 
Government final consumption expenditure  1,077,670  1,476,812  1,912,375 
Private final consumption expenditure  3,924,370  5,395,778  6,912,804 
Increase in stocks  89,673  195,537  450,247 
Gross fixed capital formation  926,804  1,198,763  1,563,617 
Total domestic expenditure  6,018,517  8,266,890  10,839,042 
Exports of goods and services  637,469  1,030,458  1,180,309 
Less Imports of goods and services  701,476  1,108,599  1,460,854 
Gross domestic product (GDP) in market prices  5,954,511  8,188,749  10,558,497 
GDP at constant 2004 prices  721,487  708,338  728,624 
* Provisional
 Preliminary

Gross Domestic Product by Economic Activity

  2015  2016*  2017 
Agriculture, forestry and hunting  293,166  498,319  564,624 
Fishing  13,889  21,986  27,494 
Mining and quarrying  190,013  264,674  307,606 
Manufacturing  844,444  1,113,747  1,367,298 
Electricity, gas and water supply  71,857  123,094  181,595 
Construction  272,338  315,363  438,565 
Wholesale and retail trade  807,863  1,076,121  1,399,353 
Hotels and restaurants  125,247  168,899  230,910 
Transport, storage and communications  319,594  441,293  599,512 
Financial intermediation   197,700  321,376  416,874 
Real estate, renting and business activities  559,630  750,356  1,024,779 
Public administration and defence  466,790  647,929  819,557 
Education, health and social work  628,226  875,014  1,135,152 
Other community, social and personal service activities§  218,455  294,461  383,783 
GDP at basic prices  5,009,211  6,912,632  8,897,102 
Value-added tax  433,076  583,217  765,336 
Import duties  35,512  56,365  70,635 
Net taxes on products  476,711  636,536  825,424 
GDP in market prices   5,954,511  8,188,749  10,558,497 
* Provisional
 Preliminary
 Including extraterritorial organizations and bodies
§ Including private households with employed persons

Balance of Payments (US $ million)

  2015  2016  2017 
Exports of goods f.o.b.  56,809.1  57,930.2  58,448.7 
Imports of goods f.o.b.  –57,594.2  –53,504.5  –63,971.0 
Trade balance  –785.2  4,425.7  –5,522.3 
Exports of services  13,213.5  12,801.5  14,183.0 
Imports of services  –19,028.6  –20,991.7  –23,960.9 
Balance on goods and services  –6,600.2  –3,764.5  –15,300.2 
Primary income received  2,359.4  2,932.0  3,928.0 
Primary income paid  –14,464.0  –15,036.7  –19,869.5 
Balance on goods, services and primary income   –18,704.8  –15,869.3  –31,241.6 
Secondary income received  2,563.7  2,885.9  2,681.9 
Secondary income paid  –1,480.9  –1,709.7  –2,232.1 
Current balance   –17,622.0  –14,693.0  –30,791.8 
Capital account (net)  51.9  370.8  138.8 
Direct investment assets  –875.2  –1,786.5  –1,167.7 
Direct investment liabilities  11,759.0  3,260.2  11,857.0 
Portfolio investment assets  –92.7  –797.8  –5,401.0 
Portfolio investment liabilities  529.9  36,053.1  40,061.8 
Financial derivatives and employee stock options (net)  25.0  –222.0  96.2 
Other investment assets  –8,813.7  –2,156.6  –12,523.3 
Other investment liabilities  11,059.5  –5,542.2  12,003.5 
Net errors and omissions  –926.9  –161.2  258.6 
Overall balance   –4,905.1  14,324.7  14,532.1 
Source: IMF, International Financial Statistics

Citation: Finance (Argentina), in Europa World online. London, Routledge. Retrieved 13 December 2018 from http://www.europaworld.com/pub/entry/ar.ss.39

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