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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