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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 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  345.0 
Clothing  132.8  191.3  300.7 
Housing and amenities  187.9  280.5  336.5 
All items (incl. others)  151.6  232.8  330.5 

National Accounts (million new pesos at current prices)

Expenditure on the Gross Domestic Product

  2018  2019*  2020 
Government final consumption expenditure  2,330,432  3,316,012  4,268,255 
Private final consumption expenditure  10,243,247  14,547,945  17,456,121 
Increase in stocks  200,948  215,599  36,106 
Gross fixed capital formation  2,248,738  3,060,537  3,816,718 
Total domestic expenditure  15,023,365  21,140,093  25,577,200 
Exports of goods and services  2,128,662  3,858,115  4,559,670 
Less Imports of goods and services  2,407,216  3,165,361  3,725,473 
Statistical discrepancy  n.a.  –30,590  1,070,043 
Gross domestic product (GDP) in market prices  14,744,811  21,802,256  27,481,440 
GDP at constant 2004 prices  707,377  693,046  624,468 

Gross Domestic Product by Economic Activity

  2018  2019*  2020 
Agriculture, forestry and hunting  614,184  1,037,669  1,543,784 
Fishing  54,917  76,648  86,526 
Mining and quarrying  565,649  866,380  857,865 
Manufacturing  2,073,142  3,154,755  4,223,679 
Electricity, gas and water supply  269,407  392,054  438,732 
Construction  589,211  830,774  885,981 
Wholesale and retail trade  2,180,003  3,190,187  4,451,863 
Hotels and restaurants  296,996  423,205  312,972 
Transport, storage and communications  777,793  1,183,208  1,320,843 
Financial intermediation   516,945  652,569  999,991 
Real estate, renting and business activities  1,507,222  2,107,509  2,655,948 
Public administration and defence  1,039,301  1,577,551  1,890,537 
Education, health and social work  1,506,704  2,144,793  2,695,028 
Other community, social and personal service activities§  486,648  703,246  681,167 
GDP at basic prices  12,478,124  18,340,548  23,044,918 
Value-added tax  1,089,603  1,532,597  1,905,385 
Import duties  107,178  163,076  199,737 
Net taxes on products  1,069,906  1,766,036  2,331,400 
GDP in market prices   14,744,811  21,802,256  27,481,440 
* Provisional
 Preliminary
 Including extraterritorial organizations and bodies
§ Including private households with employed persons

Balance of Payments (US $ million)

  2018  2019  2020 
Exports of goods f.o.b.  61,801.0  65,156.0  54,945.4 
Imports of goods f.o.b.  –62,544.2  –46,928.3  –40,314.8 
Trade balance  –743.2  18,227.7  14,630.6 
Exports of services  15,342.2  14,764.9  9,399.7 
Imports of services  –24,277.4  –19,629.5  –11,639.6 
Balance on goods and services  –9,678.5  13,363.1  12,390.7 
Primary income received  6,276.9  6,328.0  4,039.2 
Primary income paid  –24,927.1  –24,220.1  –14,236.5 
Balance on goods, services and primary income   –28,328.7  –4,529.0  2,193.4 
Secondary income received  2,984.7  2,525.4  2,338.0 
Secondary income paid  –1,739.6  –1,706.3  –1,218.6 
Current balance   –27,083.6  –3,710.0  3,312.8 
Capital account (net)  111.1  182.8  177.4 
Direct investment assets  –1,726.0  –1,539.2  –1,293.8 
Direct investment liabilities  11,716.8  6,663.1  4,019.1 
Portfolio investment assets  –6,166.7  –2,104.4  2,216.5 
Portfolio investment liabilities  13,090.6  –5,022.2  –4,979.3 
Financial derivatives and employee stock options (net)  32.1  24.3  –10.4 
Other investment assets  –25,616.8  –31,253.2  –8,823.6 
Other investment liabilities  19,735.8  693.2  –2,523.0 
Net errors and omissions  –1,158.1  –1,509.4  991.5 
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 23 January 2022 from http://www.europaworld.com/pub/entry/ar.ss.39

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