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 2014):
  • £1 sterling = 13.282 new pesos;
  • US $1 = 8.510 new pesos;
  • €1 = 10.332 new pesos;
  • 100 new pesos = £7.53 = $11.75 = €9.68.
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)

  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  517,847 
Private final consumption expenditure  1,483,448  1,812,550  2,220,192 
Increase in stocks*  34,431  12,407  43,810 
Gross fixed capital formation  426,493  463,358  568,491 
Total domestic expenditure  2,265,273  2,697,213  3,350,340 
Exports of goods and services  409,633  433,651  484,709 
Less Imports of goods and services   371,659  386,036  495,419 
Gross domestic product (GDP) in market prices   2,303,246  2,744,829  3,339,630 
GDP at constant 2004 prices  836,889  844,807  869,520 
* Including statistical discrepancy

Gross Domestic Product by Economic Activity

  2011  2012  2013 
Agriculture, forestry and hunting  151,140  158,525  189,619 
Fishing  3,490  3,930  8,280 
Mining and quarrying  82,803  98,003  115,958 
Manufacturing  351,897  391,847  432,906 
Electricity, gas and water supply  59,679  77,629  97,600 
Construction  111,532  128,652  160,646 
Wholesale and retail trade  253,164  292,343  338,895 
Hotels and restaurants  39,136  44,615  51,041 
Transport, storage and communications   136,373  156,143  183,511 
Financial intermediation   60,754  81,684  96,111 
Real estate, renting and business activities   258,037  299,957  374,268 
Public administration and defence*  137,441  178,566  227,245 
Education, health and social work   225,253  287,255  365,797 
Other community, social and personal service activities  114,481  152,055  193,722 
Sub-total   1,985,180  2,351,205  2,835,598 
Value-added tax  154,237  190,496  231,476 
Import duties  14,678  16,643  23,551 
Net taxes on products  149,152  186,485  249,006 
GDP in market prices   2,303,246  2,744,829  3,339,630 
* 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  80,246  81,660 
Imports of goods f.o.b.  –71,126  –65,088  –70,541 
Trade balance  12,925  15,158  11,119 
Exports of services  15,610  15,314  14,424 
Imports of services  –17,857  –18,388  –18,544 
Balance on goods and services  10,678  12,084  6,999 
Other income received (net)  –13,844  –12,761  –10,981 
Balance on goods, services and income   –3,166  –677  –3,982 
Current transfers (net)  –547  –489  –832 
Current balance   –3,713  –1,167  –4,813 
Capital account (net)  62  48  32 
Net investment in banking sector  6,900  –1,648  –1,155 
Net investment in public sector  –2,361  –3,338  578 
Net investment in private sector  –4,236  5,600  –1,063 
Net errors and omissions  –2,761  –2,799  –5,404 
Overall balance   –6,108  –3,305  –11,824 

Citation: Finance (Argentina), in Europa World online. London, Routledge. Retrieved 02 August 2015 from http://www.europaworld.com/pub/entry/ar.ss.39

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