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 2021):

£1 sterling = 133,665 new pesos;
US $1 = 94.630 new pesos;
€1 = 115.458 new pesos;
1,000 new pesos = £7.48 = $10.57 = €8.66.

Average Exchange Rate (new pesos per US $):

2018 28.095
2019 48.148
2020 70.539

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	2019		2020^*		2021^*
Current revenue	3,812,824	.1	4,638,220	.1	6,719,991	.3
Tax revenue	2,081,833	.1	2,817,305	.8	4,222,792	.2
Social security contributions	1,055,534	.9	1,525,047	.4	2,127,534	.8
Sale of public goods and services	7,335	.6	7,320	.4	13,031	.8
Property income	561,539	.6	169,851	.7	198,961	.5
Current transfers	19,181	.6	8,255	.5	8,098	.4
Capital revenue	90,045	.6	30,895	.7	10,591	.9
Total	3,902,869	.7	4,669,115	.8	6,730,583	.2


Expenditure	2019		2020^*		2021^*
Current expenditure	4,476,656	.8	6,992,466	.3	8,063,196	.3
Consumption expenditure	580,119	.2	918,426	.4	1,253,579	.8
Property income	927,759	.0	541,079	.2	544,717	.5
Social security benefits	1,864,985	.1	2,590,626	.8	3,380,959	.1
Current transfers	1,103,656	.6	2,759,904	.0	2,669,449	.5
Capital expenditure	284,931	.0	459,552	.9	779,869	.7
Direct investment	155,554	.6	257,867	.3	437,779	.2
Capital transfers	99,170	.3	176,436	.4	301,770	.8
Financial investment	30,206	.0	25,249	.2	40,319	.7
Total	4,761,587	.8	7,452,019	.2	8,843,066	.0

^* Budget figures

Note: 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)


	2018	2019	2020
Gold (national valuation)	2,256	2,684	3,758
IMF special drawing rights	4,354	2,602	1,354
Reserve position in IMF	372	370	386
Foreign exchange	59,238	39,221	33,910
Total	66,220	44,877	39,408

Source: IMF, International Financial Statistics

Money Supply (million new pesos at 31 December)


	2017	2018	2019
Currency outside banks	702,045	740,718	1,010,110
Deposits	2,416,222	4,017,882	4,758,522
Broad money	3,118,267	4,758,600	5,768,632

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


	2018		2019		2020
Food and beverages	148	.2	234	.8	346	.0
Clothing	132	.8	191	.3	292	.2
Housing and amenities	187	.9	280	.5	353	.5
All items (incl. others)	151	.6	232	.8	334	.2

National Accounts (million new pesos at current prices)

Expenditure on the Gross Domestic Product


	2018	2019	2020^‡
Government final consumption expenditure	2,382,169	3,382,447	4,371,010
Private final consumption expenditure	9,575,710	13,857,969	17,185,865
Increase in stocks	201,710	214,313	107,749
Gross fixed capital formation	2,131,947	2,904,835	3,614,859
Total domestic expenditure	14,291,536	20,359,564	25,279,483
Exports of goods and services	2,126,121	3,740,337	4,489,233
Less Imports of goods and services	2,407,564	3,257,395	3,752,306
Statistical discrepancy	532,629	604,745	1,004,829
Gross domestic product (GDP) in market prices	14,542,722	21,447,250	27,021,238
GDP at constant 2004 prices	707,755	692,977	624,336

Gross Domestic Product by Economic Activity


	2018	2019	2020^‡
Agriculture, forestry and hunting	715,541	1,229,602	1,761,241
Fishing	54,710	76,192	85,953
Mining and quarrying	558,187	850,519	836,557
Manufacturing	1,858,022	2,788,782	3,745,227
Electricity, gas and water supply	352,789	558,320	614,435
Construction	584,398	823,149	875,312
Wholesale and retail trade	1,977,138	2,882,638	4,011,348
Hotels and restaurants	296,922	422,441	307,962
Transport, storage and communications	848,595	1,279,290	1,407,458
Financial intermediation	579,441	742,738	1,216,309
Real estate, renting and business activities	1,470,771	2,127,812	2,714,760
Public administration and defence^*	1,019,181	1,432,844	1,715,864
Education, health and social work	1,458,206	2,070,128	2,610,489
Other community, social and personal service activities^†	482,912	695,130	698,391
GDP at basic prices	12,256,813	17,979,584	22,601,305
Value-added tax	1,104,580	1,532,597	1,905,385
Import duties	107,178	163,076	199,737
Net taxes on products	1,074,150	1,771,993	2,314,811
GDP in market prices	14,542,722	21,447,250	27,021,238

^* Including extraterritorial organizations and bodies

^† Including private households with employed persons

^‡ Provisional

Balance of Payments (US $ million)


	2018		2019		2020
Exports of goods f.o.b.	61,800	.8	65,155	.4	54,778	.4
Imports of goods f.o.b.	–62,544	.2	–46,928	.3	–40,365	.8
Trade balance	–743	.4	18,227	.0	14,412	.6
Exports of services	15,273	.6	14,134	.3	9,402	.7
Imports of services	–24,238	.8	–19,349	.3	–11,770	.0
Balance on goods and services	–9,708	.6	13,012	.0	12,045	.3
Primary income received	6,282	.2	6,335	.3	4,015	.2
Primary income paid	–24,901	.4	–24,171	.2	–14,233	.7
Balance on goods, services and primary income	–28,327	.8	–4,823	.9	1,826	.8
Secondary income received	2,968	.0	2,490	.1	2,367	.3
Secondary income paid	–1,689	.4	–1,663	.2	–1,209	.1
Current balance	–27,049	.2	–3,997	.0	2,985	.0
Capital account (net)	83	.8	126	.1	120	.3
Direct investment assets	–1,802	.2	–1,539	.2	–1,234	.0
Direct investment liabilities	11,872	.9	6,663	.1	4,122	.7
Portfolio investment assets	–6,091	.7	–2,104	.4	2,216	.5
Portfolio investment liabilities	12,775	.0	–5,022	.4	–5,187	.3
Financial derivatives and employee stock options (net)	34	.9	30	.5	–0	.6
Other investment assets	–25,184	.5	–31,175	.0	–9,097	.2
Other investment liabilities	19,410	.1	693	.0	–2,705	.2
Net errors and omissions	–1,113	.9	–1,249	.7	1,866	.8
Overall balance	–17,064	.8	–37,575	.0	–6,912	.9

Source: IMF, International Financial Statistics

Citation: Finance (Argentina), in Europa World online. London, Routledge. Retrieved 21 October 2021 from http://www.europaworld.com/pub/entry/ar.ss.39

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