The 1996 CIA World Factbook. United States. Central Intelligence Agency

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      Flag: three equal horizontal bands of light blue (top), white, and light blue; centered in the white band is a radiant yellow sun with a human face known as the Sun of May

      Economy———

      Economic overview: Argentina, rich in natural resources, benefits also from a highly literate population, an export-oriented agricultural sector, and a diversified industrial base. Nevertheless, following decades of mismanagement and statist policies, the economy in the late 1980s was plagued with huge external debts and recurring bouts of hyperinflation. Elected in 1989, in the depths of recession, President MENEM has implemented a comprehensive economic restructuring program that shows signs of putting Argentina on a path of stable, sustainable growth. Argentina's currency has traded at par with the US dollar since April 1991, and inflation has fallen to its lowest level in 20 years. Argentines have responded to the relative price stability by repatriating flight capital and investing in domestic industry. After registering impressive 7.4% growth in 1994, based largely on inflows of foreign capital and strong domestic consumption, the Argentine economy stumbled in 1995 as financial pressures fueled by the Mexican peso crisis and political squabbling within the MENEM administration undermined investor confidence and triggered capital outflows. By yearend, GDP had contracted 4.4%, unemployment reached 16%, and Buenos Aires struggled to meet fiscal targets. On the trade front, exports soared during the first half of 1995 - largely because of strong demand in Brazil and high commodity prices - while anemic domestic consumption lowered imports; the resulting yearend trade surplus was about $1.2 billion. However, because exports contribute only 7.5% to GDP, increased foreign sales had little impact on aggregate growth. High unemployment will continue to plague the MENEM administration for the next several years as provincial entities are readied for privatization and more public sector employees are laid off.

      GDP: purchasing power parity - $278.5 billion (1995 est.)

      GDP real growth rate: −4.4%

      GDP per capita: $8,100 (1995 est.)

      GDP composition by sector: agriculture: 6% industry: 31% services: 63% (1992 est.)

      Inflation rate (consumer prices): 1.7% (1995 est.)

      Labor force: 10.9 million by occupation: agriculture 12%, industry 31%, services 57% (1985 est.)

      Unemployment rate: 16% (1995 est.)

      Budget:

       revenues: $48.46 billion

       expenditures: $46.5 billion, including capital expenditures of $3.5

       billion (1994 est.)

      Industries: food processing, motor vehicles, consumer durables,

       textiles, chemicals and petrochemicals, printing, metallurgy, steel

      Industrial production growth rate: −4.6% (1995 est.)

      Electricity: capacity: 17,330,000 kW production: 54.8 billion kWh consumption per capita: 1,610 kWh (1993)

      Agriculture: wheat, corn, sorghum, soybeans, sugar beets; livestock

      Illicit drugs: increasing use as a transshipment country for cocaine headed for Europe and the US

      Exports: $20.7 billion (f.o.b., 1995) commodities: meat, wheat, corn, oilseed, manufactures partners: US 9%, Brazil, Italy, Japan, Netherlands

      Imports: $19.5 billion (c.i.f., 1995) commodities: machinery and equipment, chemicals, metals, fuels and lubricants, agricultural products partners: US 21%, Brazil, Germany, Bolivia, Japan, Italy, Netherlands

      External debt: $90 billion (December 1995)

      Economic aid: $NA

      Currency: 1 nuevo peso argentino = 100 centavos

      Exchange rates: pesos per US$1 - 1.00000 (January 1996), 0.99975 (1995), 0.99901 (1994), 0.99895 (1993), 0.99064 (1992), 0.95355 (1991)

      Fiscal year: calendar year

      Transportation———————

      Railways:

       total: 37,910 km

       broad gauge: 24,124 km 1.676-m gauge (142 km electrified)

       standard gauge: 2,765 km 1.435-m gauge

       narrow gauge: 11,021 km 1.000-m gauge (26 km electrified)

      Highways: total: 215,578 km paved: 61,440 km unpaved: 154,138 km

      Waterways: 11,000 km navigable

      Pipelines: crude oil 4,090 km; petroleum products 2,900 km; natural gas 9,918 km

      Ports: Bahia Blanca, Buenos Aires, Comodoro Rivadavia, Concepcion

       del Uruguay, La Plata, Mar del Plata, Necochea, Rio Gallegos,

       Rosario, Santa Fe, Ushuaia

      Merchant marine:

       total: 37 ships (1,000 GRT or over) totaling 303,448 GRT/458,864 DWT

       ships by type: bulk 1, cargo 11, chemical tanker 1, container 3, oil

       tanker 14, railcar carrier 1, refrigerated cargo 5, roll-on/roll-off

       cargo 1 (1995 est.)

      Airports:

       total: 1,253

       with paved runways over 3 047 m: 5

       with paved runways 2 438 to 3 047 m: 25

       with paved runways 1 524 to 2 437 m: 54

       with paved runways 914 to 1 523 m: 46

       with paved runways under 914 m: 511

       with unpaved runways over 3 047 m: 1

       with unpaved runways 2 438 to 3 047 m: 2

       with unpaved runways 1 524 to 2 437 m: 60

       with unpaved runways 914 to 1 523 m: 549 (1995 est.)

      Communications———————

      Telephones: 2.7 million (1983 est.)

      Telephone system: 12,000 public telephones; extensive modern system but many families do not have telephones; despite extensive use of microwave radio relay, the telephone system frequently grounds out during rainstorms, even in Buenos Aires domestic: microwave radio relay and a domestic satellite system with 40 earth stations serve the trunk network international: satellite earth stations - 2 Intelsat (Atlantic Ocean)

      Radio broadcast stations: AM 171, FM 0, shortwave 13

      Radios: 22.3 million (1991 est.)

      Television broadcast stations: 231

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