Europa World: The Europa World Year Book online Routledge -- Taylor & Francis group
 
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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 (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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