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 (29 May 2015):
  • £1 sterling = 13.639 new pesos;
  • US $1 = 8.945 new pesos;
  • €1 = 9.813 new pesos;
  • 100 new pesos = £7.33 = $11.18 = €10.19.
Average Exchange Rate (new pesos per US $):
  • 2012     4.537
  • 2013     5.459
  • 2014     8.075
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)

  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, preliminary)

Expenditure on the Gross Domestic Product

  2012  2013  2014 
Government final consumption expenditure  417,136  530,763  690,402 
Private final consumption expenditure  1,829,260  2,244,908  2,825,617 
Increase in stocks*  –3,144  55,047  106,366 
Gross fixed capital formation  473,531  577,994  755,523 
Total domestic expenditure  2,716,783  3,408,712  4,377,908 
Exports of goods and services  428,120  487,913  651,794 
Less Imports of goods and services  379,327  490,361  640,868 
Gross domestic product (GDP) in market prices  2,765,575  3,406,265  4,388,834 
GDP at constant 2004 prices  844,508  868,875  872,952 
* Including statistical discrepancy

Gross Domestic Product by Economic Activity

  2012  2013  2014 
Agriculture, forestry and hunting  154,975  206,050  291,406 
Fishing  3,876  8,309  11,785 
Mining and quarrying  100,317  118,003  168,186 
Manufacturing  399,367  460,937  538,145 
Electricity, gas and water supply  74,449  96,638  137,365 
Construction  132,421  160,029  222,210 
Wholesale and retail trade  301,037  349,117  425,263 
Hotels and restaurants  43,388  49,405  58,149 
Transport, storage and communications  151,644  187,464  239,973 
Financial intermediation   81,311  93,641  112,307 
Real estate, renting and business activities  300,594  375,983  473,312 
Public administration and defence*  179,076  232,050  306,721 
Education, health and social work  291,909  373,347  479,529 
Other community, social and personal service activities  157,461  191,826  233,714 
Sub-total   2,371,825  2,902,800  3,698,066 
Value-added tax  186,611  230,909  329,507 
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  4,388,834 
* Including extra-territorial 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  71,935 
Imports of goods f.o.b.  –65,088  –70,541  –62,451 
Trade balance  15,158  11,119  9,484 
Exports of services  15,211  14,725  13,896 
Imports of services  –18,262  –18,643  –16,958 
Balance on goods and services  12,106  7,201  6,423 
Other income received (net)  –12,758  –11,027  –11,402 
Balance on goods, services and income   –652  –3,825  –4,980 
Current transfers (net)  –518  –871  –89 
Current balance   –1,170  –4,696  –5,069 
Capital account (net)  48  33  57 
Net investment in banking sector  –1,648  –1,155  4,125 
Net investment in public sector  –3,338  574  5,033 
Net investment in private sector  5,980  –948  –2,465 
Net errors and omissions  –3,176  –5,632  –520 
Overall balance   –3,305  –11,824  1,160 

Citation: Finance (Argentina), in Europa World online. London, Routledge. Retrieved 01 June 2016 from http://www.europaworld.com/pub/entry/ar.ss.39

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