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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  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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