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 2020):

£1 sterling = 84.345 new pesos;
US $1 = 68.440 new pesos;
€1 = 76.215 new pesos;
100 new pesos = £1.19 = $1.46 = €1.31.

Average Exchange Rate (new pesos per US $):

2017 16.563
2018 28.095
2019 48.148

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)


	2017	2018	2019
Gold (national valuation)	2,299	2,256	2,684
IMF special drawing rights	2,542	4,354	2,602
Reserve position in IMF	381	372	370
Foreign exchange	50,107	59,238	39,221
Total	55,329	66,220	44,877

Source: IMF, International Financial Statistics

Money Supply (million new pesos at 31 December)


	2015	2016	2017
Currency outside banks	425,718	527,765	702,281
Demand deposits at commercial banks	259,405	410,384	462,281
Total money	685,123	938,149	1,164,562

Source: IMF, International Financial Statistics

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


	2017		2018		2019
Food and beverages	111	.7	148	.2	234	.8
Clothing	108	.3	132	.8	191	.3
Housing and amenities	123	.0	187	.9	280	.5
All items (incl. others)	112	.9	151	.6	232	.8

National Accounts (million new pesos at current prices, provisional)

Expenditure on the Gross Domestic Product


	2017	2018	2019
Government final consumption expenditure	1,886,529	2,382,169	3,382,447
Private final consumption expenditure	7,114,591	9,575,710	13,857,969
Increase in stocks	325,176	201,710	214,313
Gross fixed capital formation	1,616,325	2,131,947	2,904,835
Total domestic expenditure	10,942,621	14,291,536	20,359,564
Exports of goods and services	1,206,768	2,126,121	3,740,337
Less Imports of goods and services	1,489,161	2,407,564	3,257,395
Statistical discrepancy	—	532,629	604,745
Gross domestic product (GDP) in market prices	10,660,228	14,542,722	21,447,250
GDP at constant 2004 prices	726,390	707,755	692,977

Gross Domestic Product by Economic Activity


	2017	2018	2019
Agriculture, forestry and hunting	530,208	715,541	1,229,602
Fishing	27,495	54,710	76,192
Mining and quarrying	314,230	558,187	850,519
Manufacturing	1,368,258	1,858,022	2,788,782
Electricity, gas and water supply	184,283	352,789	558,320
Construction	455,253	584,398	823,149
Wholesale and retail trade	1,467,211	1,977,138	2,882,638
Hotels and restaurants	231,006	296,922	422,441
Transport, storage and communications	599,566	848,595	1,279,290
Financial intermediation	418,552	579,441	742,738
Real estate, renting and business activities	1,050,371	1,470,771	2,127,812
Public administration and defence^*	820,816	1,019,181	1,432,844
Education, health and social work	1,143,300	1,458,206	2,070,128
Other community, social and personal service activities^†	382,812	482,912	695,130
GDP at basic prices	8,993,361	12,256,813	17,979,584
Value-added tax	765,336	1,104,580	1,532,597
Import duties	70,635	107,178	163,076
Net taxes on products	830,896	1,074,150	1,771,993
GDP in market prices	10,660,228	14,542,722	21,447,250

^* Including extraterritorial organizations and bodies

^† Including private households with employed persons

Balance of Payments (US $ million)


	2017		2018		2019
Exports of goods f.o.b.	58,661	.9	61,800	.8	65,155	.4
Imports of goods f.o.b.	–64,108	.9	–62,544	.2	–46,928	.3
Trade balance	–5,447	.1	–743	.4	18,227	.0
Exports of services	15,506	.2	15,273	.6	14,134	.3
Imports of services	–25,201	.6	–24,238	.8	–19,349	.3
Balance on goods and services	–15,142	.5	–9,708	.6	13,012	.0
Primary income received	4,016	.6	6,282	.2	6,335	.3
Primary income paid	–20,396	.9	–24,901	.4	–24,171	.2
Balance on goods, services and primary income	–31,522	.8	–28,327	.8	–4,823	.9
Secondary income received	2,607	.2	2,968	.0	2,490	.1
Secondary income paid	–2,235	.8	–1,689	.4	–1,663	.2
Current balance	–31,151	.4	–27,049	.2	–3,997	.0
Capital account (net)	173	.0	83	.8	126	.1
Direct investment assets	–1,155	.6	–1,802	.2	–1,539	.2
Direct investment liabilities	11,516	.9	11,872	.9	6,663	.1
Portfolio investment assets	–5,502	.3	–6,091	.7	–2,104	.4
Portfolio investment liabilities	41,424	.1	12,775	.0	–5,022	.4
Financial derivatives and employee stock options (net)	96	.2	34	.9	30	.5
Other investment assets	–12,506	.1	–25,184	.5	–31,175	.0
Other investment liabilities	11,955	.8	47,657	.0	16,925	.6
Net errors and omissions	–294	.9	–1,019	.1	–1,281	.8
Overall balance	14,555	.7	11,276	.9	–21,374	.6

Source: IMF, International Financial Statistics

Citation: Finance (Argentina), in Europa World online. London, Routledge. Retrieved 23 November 2020 from http://www.europaworld.com/pub/entry/ar.ss.39

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