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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 2019):
  • £1 sterling = 78.453 new pesos;
  • US $1 = 59.790 new pesos;
  • €1 = 67.168 new pesos;
  • 100 new pesos = £1.27 = $1.67 = €1.49.
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  2018  2019*  2020* 
Current revenue  2,378,005.4  3,309,773.7  3,925,431.0 
  Tax revenue  1,380,230.1  2,007,699.7  2,364,896.9 
  Social security contributions  797,874.9  1,043,257.4  1,269,812.5 
  Sale of public goods and services  6,400.5  6,060.3  6,762.6 
  Property income  132,662.7  179,535.0  201,532.0 
  Current transfers  4,274.4  7,051.8  7,960.2 
Capital revenue  18,383.0  114,702.5  143,762.4 
Total   2,396,388.4  3,424,476.2  4,069,193.4 
Expenditure  2018  2019*  2020* 
Current expenditure  2,958,072.2  3,840,545.1  4,262,762.7 
  Consumption expenditure  419,294.0  547,294.0  607,724.1 
  Property income  398,132.7  593,224.5  630,152.3 
  Social security benefits  1,311,466.3  1,792,971.9  2,181,249.5 
  Current transfers  829,094.5  906,940.3  843,636.8 
Capital expenditure  201,585.3  184,216.8  221,534.4 
  Direct investment  103,735.9  86,969.5  114,168.9 
  Capital transfers  86,174.5  84,603.9  96,385.6 
  Financial investment  11,674.9  12,643.4  10,979.9 
Total  3,159,657.5  4,024,761.9  4,484,297.1 
* 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  1,880,517  2,348,423  3,306,847 
Private final consumption expenditure  7,059,039  9,507,619  13,936,979 
Increase in stocks  125,079  219,986  230,106 
Gross fixed capital formation  1,601,537  2,106,132  2,841,065 
Total domestic expenditure  10,666,172  14,182,160  20,314,997 
Exports of goods and services  1,196,763  2,085,782  3,743,393 
Less Imports of goods and services  1,488,205  2,398,260  3,269,949 
Statistical discrepancy  270,050  736,108  861,912 
Gross domestic product (GDP) in market prices  10,644,779  14,605,790  21,650,351 
GDP at constant 2004 prices  725,331  707,330  692,030 

Gross Domestic Product by Economic Activity

  2017  2018  2019 
Agriculture, forestry and hunting  555,667  835,857  1,482,990 
Fishing  27,495  54,677  76,004 
Mining and quarrying  314,548  557,586  847,347 
Manufacturing  1,368,137  1,853,620  2,779,420 
Electricity, gas and water supply  184,337  350,451  554,555 
Construction  460,891  592,896  826,820 
Wholesale and retail trade  1,412,925  1,890,404  2,754,931 
Hotels and restaurants  231,003  296,780  422,157 
Transport, storage and communications  599,546  849,474  1,283,517 
Financial intermediation   418,835  607,482  781,925 
Real estate, renting and business activities  1,052,379  1,465,869  2,116,859 
Public administration and defence*  821,669  1,022,233  1,431,081 
Education, health and social work  1,144,705  1,478,510  2,112,625 
Other community, social and personal service activities  383,035  493,177  707,177 
GDP at basic prices  8,975,171  12,349,017  18,177,409 
Value-added tax  765,336  1,084,830  1,532,597 
Import duties  70,635  107,178  163,076 
Net taxes on products  833,636  1,064,765  1,777,269 
GDP in market prices   10,644,779  14,605,790  21,650,351 
* 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  61,798.7  65,155.2 
Imports of goods f.o.b.  –64,108.9  –62,544.2  –46,928.3 
Trade balance  –5,447.1  –745.5  18,226.9 
Exports of services  15,506.3  15,008.6  14,183.4 
Imports of services  –25,219.1  –24,192.6  –19,366.0 
Balance on goods and services  –15,159.9  –9,929.5  –13,044.3 
Primary income received  4,016.6  6,291.5  6,514.7 
Primary income paid  –20,397.5  –24,918.7  –23,842.7 
Balance on goods, services and primary income   –31,540.8  –28,556.8  –4,283.7 
Secondary income received  2,613.0  2,933.2  2,446.1 
Secondary income paid  –2,235.6  –1,652.6  –1,624.1 
Current balance   –31,163.4  –27,276.1  –3,461.8 
Capital account (net)  173.0  83.5  126.9 
Direct investment assets  –1,155.6  –1,802.2  –1,573.8 
Direct investment liabilities  11,516.9  11,872.9  6,244.4 
Portfolio investment assets  –5,502.3  –6,091.7  –2,127.0 
Portfolio investment liabilities  41,424.1  12,775.0  –5,056.9 
Financial derivatives and employee stock options (net)  96.2  34.9  30.5 
Other investment assets  –12,506.1  –25,184.5  –31,166.0 
Other investment liabilities  11,955.8  19,410.1  201.3 
Net errors and omissions  –306.5  –886.7  –723.3 
Overall balance   14,532.1  –17,064.8  –37,505.7 
Source: IMF, International Financial Statistics

Citation: Finance (Argentina), in Europa World online. London, Routledge. Retrieved 24 September 2020 from http://www.europaworld.com/pub/entry/ar.ss.39

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