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FinanceArgentina: Finance
Currency and
Exchange Rates: Monetary Units: - 100 centavos = 1 nuevo peso argentino (new Argentine peso).
Sterling, Dollar and Euro Equivalents (30 May 2008): - £1 sterling = 6.076 new pesos;
- US $1 = 3.079 new pesos;
- €1 = 4.775 new pesos;
- 100 new pesos = £16.46= $32.48 = €20.94.
Average Exchange
Rate (new pesos per US $): - 2005 2.904
- 2006 3.054
- 2007 3.096
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. Budget (million
new pesos, forecasts) * |
|
|
|
|
|
|
|
| Revenue |
2006 |
2007 |
2008 |
| Current revenue |
100,059 | .1 |
119,294 | .0 |
168,322 | .1 |
| Tax revenue |
77,970 | .5 |
87,198 | .2 |
118,751 | .8 |
| Direct |
21,282 | .5 |
17,156 | .0 |
21,942 | .2 |
| Indirect |
56,688 | .0 |
70,042 | .2 |
96,809 | .7 |
| Social security contributions |
16,979 | .2 |
26,046 | .8 |
40,237 | .4 |
| Sale of public goods and services |
564 | .9 |
763 | .2 |
909 | .3 |
| Property income |
1,400 | .0 |
2,029 | .2 |
3,380 | .1 |
| Other non-tax revenue |
2,253 | .2 |
2,748 | .4 |
3,501 | .2 |
| Current transfers |
891 | .2 |
508 | .2 |
1,542 | .3 |
| Capital revenue |
1,102 | .8 |
1,097 | .8 |
1,140 | .7 |
| Total |
101,161 | .9 |
120,391 | .9 |
169,462 | .8 |
|
|
|
|
|
|
|
|
|
| Expenditure[REF NOT FOUND] |
2006 |
2007 |
2008 |
| Current expenditure |
81,253 | .0 |
99,994 | .2 |
142,432 | .5 |
| General administration |
5,678 | .6 |
5,795 | .3 |
6,834 | .6 |
| Legislative |
469 | .9 |
552 | .0 |
710 | .7 |
| Judicial |
1,446 | .4 |
1,940 | .7 |
2,435 | .8 |
| Foreign relations |
752 | .9 |
900 | .6 |
1,082 | .5 |
| Interior |
2,009 | .6 |
1,200 | .1 |
1,169 | .5 |
| Fiscal |
21 | .7 |
40 | .6 |
204 | .4 |
| Defence and security |
6,540 | .0 |
7,536 | .4 |
9,370 | .5 |
| Defence |
3,123 | .2 |
3,550 | .6 |
4,250 | .6 |
| Internal security |
2,607 | .4 |
3,045 | .1 |
3,899 | .1 |
| Penal system |
392 | .7 |
473 | .8 |
608 | .4 |
| Intelligence services |
416 | .7 |
466 | .9 |
612 | .4 |
| Social services |
55,132 | .9 |
66,118 | .8 |
91,860 | .3 |
| Health |
3,331 | .3 |
4,199 | .9 |
5,930 | .2 |
| Social welfare |
5,516 | .0 |
2,976 | .2 |
3,718 | .7 |
| Social security |
35,184 | .0 |
46,323 | .0 |
66,504 | .9 |
| Education and culture |
6,352 | .9 |
7,903 | .5 |
10,189 | .8 |
| Labour |
3,461 | .1 |
2,934 | .7 |
2,614 | .5 |
| Economy
|
3,255 | .6 |
6,409 | .9 |
15,158 | .1 |
| Energy, fuel and mining
|
1,185 | .3 |
3,061 | .4 |
7,578 | .2 |
| Communications |
194 | .6 |
264 | .9 |
374 | .6 |
| Transport |
791 | .1 |
1,609 | .1 |
4,030 | .7 |
| Agriculture |
521 | .9 |
714 | .0 |
1,953 | .7 |
| Industry |
273 | .9 |
297 | .2 |
620 | .9 |
| Debt-servicing |
10,645 | .9 |
14,133 | .7 |
19,209 | .1 |
| Capital expenditure |
12,469 | .4 |
13,227 | .2 |
19,053 | .9 |
| Total |
93,722 | .4 |
113,221 | .4 |
161,486 | .5 |
|
* Budget figures refer to the consolidated
accounts of the central Government Source: Oficina Nacional de
Presupuesto, Secretaría de Hacienda, Ministerio de Economía,
Buenos Aires International Reserves (US $ million at 31 December) |
|
|
|
| |
2005 |
2006 |
2007 |
| Gold (national valuation) |
908 | |
1,123 | |
1,434 | |
| IMF special drawing rights |
4,437 | |
482 | |
507 | |
| Foreign exchange |
22,742 | |
30,421 | |
44,175 | |
| Total |
28,087 | |
32,026 | |
46,116 | |
|
Source: IMF, International
Financial Statistics Money Supply (million
new pesos at 31 December) |
|
|
|
| |
2005 |
2006 |
2007 |
| Currency outside banks |
43,764 | |
53,812 | |
67,067 | |
| Demand deposits at commercial banks |
27,478 | |
24,569 | |
39,720 | |
| Total money |
71,242 | |
78,381 | |
106,787 | |
|
Source: IMF, International
Financial Statistics Cost of Living (Consumer Price Index for Buenos Aires metropolitan area; annual averages;
base: 2000 = 100) |
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| |
2004 |
2005 |
2006 |
| Food, beverages and tobacco |
165 | .1 |
183 | .3 |
205 | .5 |
| Electricity, gas and other fuel |
113 | .8 |
118 | .6 |
115 | .9 |
| Clothing and footwear |
168 | .2 |
187 | .2 |
215 | .6 |
| All items (incl. others) |
147 | .5 |
161 | .7 |
179 | .4 |
|
2007: Food, beverages and tobacco 228.5; All items (incl. others)
195.2.Source: ILO National Accounts (million new pesos at current prices) National
Income and Product| |
2004 |
2005 |
2006 |
| Gross domestic product (GDP) at market prices |
447,643 | |
531,939 | |
654,439 | |
| Net primary income from abroad |
–26,087 | |
–18,029 | |
–15,843 | |
| Gross national income (GNI) |
421,556 | |
513,910 | |
638,596 | |
| Net current transfers
|
1,758 | |
1,781 | |
1,903 | |
| Gross national disposable income |
423,314 | |
515,691 | |
640,499 | |
|
Expenditure on the Gross Domestic Product (preliminary) |
|
|
|
| |
2005 |
2006 |
2007 |
| Government final consumption expenditure |
63,359 | |
81,248 | |
104,690 | |
| Private final consumption expenditure |
326,275 | |
386,305 | |
475,680 | |
| Increase in stocks* |
–3,102 | |
–2,124 | |
–655 | |
| Gross fixed capital formation |
114,132 | |
152,838 | |
197,491 | |
| Total domestic expenditure |
500,664 | |
618,267 | |
777,206 | |
| Exports of goods and services |
133,346 | |
162,035 | |
199,275 | |
| Less Imports of goods and services |
102,072 | |
125,863 | |
164,409 | |
| Gross domestic product (GDP) in market prices |
531,939 | |
654,439 | |
812,072 | |
| GDP at constant 1993 prices |
304,764 | |
330,565 | |
359,189 | |
|
* Including statistical discrepancy Gross Domestic Product by Economic Activity (preliminary) |
|
|
|
| |
2005 |
2006 |
2007 |
| Agriculture and forestry |
44,760 | |
48,759 | |
68,559 | |
| Fishing and hunting |
1,571 | |
2,001 | |
1,849 | |
| Mining and quarrying |
28,820 | |
36,235 | |
35,552 | |
| Manufacturing |
114,091 | |
134,709 | |
158,878 | |
| Electricity, gas and water supply |
8,520 | |
9,712 | |
10,985 | |
| Construction |
24,059 | |
34,897 | |
46,317 | |
| Wholesale and retail trade |
57,999 | |
69,127 | |
86,314 | |
| Hotels and restaurants |
12,559 | |
16,344 | |
19,970 | |
| Transport, storage and communications |
44,428 | |
53,565 | |
63,986 | |
| Financial intermediation |
21,402 | |
28,048 | |
36,349 | |
| Real estate, renting and business activities |
53,599 | |
65,962 | |
81,902 | |
| Public administration and defence* |
26,621 | |
33,629 | |
43,511 | |
| Education, health and social work |
34,350 | |
46,943 | |
61,172 | |
| Other community, social and personal
service activities† |
20,047 | |
24,862 | |
30,440 | |
| Sub-total |
492,825 | |
604,793 | |
745,784 | |
| Value-added tax |
38,276 | |
49,044 | |
65,124 | |
| Import duties |
3,877 | |
5,139 | |
7,015 | |
| Less Financial intermediation
services indirectly measured |
3,039 | |
4,536 | |
5,851 | |
| GDP in market prices |
531,939 | |
654,440 | |
812,072 | |
|
* Including extra-territorial organizations
and bodies † Including
private households with employed persons Balance of Payments (US $ million) |
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|
| |
2004 |
2005 |
2006 |
| Exports of goods f.o.b. |
34,576 | |
40,387 | |
46,456 | |
| Imports of goods f.o.b. |
–21,311 | |
–27,300 | |
–32,585 | |
| Trade balance |
13,265 | |
13,087 | |
13,872 | |
| Exports of services |
5,289 | |
6,453 | |
7,666 | |
| Imports of services |
–6,618 | |
–7,640 | |
–8,503 | |
| Balance on goods and services |
11,935 | |
11,899 | |
13,035 | |
| Other income received |
3,721 | |
4,279 | |
5,411 | |
| Other income paid |
–13,003 | |
–11,016 | |
–10,851 | |
| Balance on goods, services and income |
2,653 | |
5,162 | |
7,595 | |
| Current transfers received |
1,114 | |
1,235 | |
1,391 | |
| Current transfers paid |
–550 | |
–706 | |
–894 | |
| Current balance |
3,217 | |
5,691 | |
8,092 | |
| Capital account (net) |
196 | |
89 | |
97 | |
| Direct investment abroad |
–676 | |
–1,311 | |
–2,119 | |
| Direct investment from abroad |
4,125 | |
5,265 | |
4,840 | |
| Portfolio investment assets |
–77 | |
1,368 | |
–1 | |
| Portfolio investment liabilities |
–9,339 | |
–1,731 | |
7,932 | |
| Other investment assets |
–2,395 | |
1,935 | |
–4,317 | |
| Other investment liabilities |
–2,635 | |
–3,661 | |
–2,021 | |
| Financial derivatives liabilities |
— | |
— | |
–127 | |
| Net errors and omissions |
590 | |
–1 | |
919 | |
| Overall balance |
–6,993 | |
7,644 | |
13,295 | |
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Source: IMF, International
Financial Statistics
Citation:
Finance (Argentina),
in Europa World online. London, Routledge.
Retrieved 21 November 2008 from http://www.europaworld.com/pub/entry/ar.ss.39
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