Argentina Overview
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Country Name |
Argentina |
Government System |
Republic |
Capital |
Buenos Aires |
Administrative divisions |
23 provinces and 1 federal district |
Population |
40 million |
Population Growth Rate |
1.00% |
Religion |
Roman Catholic 92%, Protestant 2%, Jewish 2%, other 4% |
Language |
Spanish |
Currency |
Peso |
Fiscal Year |
Calendar Year |
Economy
GDP (2009) |
US$ 548.8 billion |
GDP Real Growth Rate, % - 2009 |
0.5% |
GDP per capita |
US$ 13,400 |
GDP per capita - purchasing power parity |
US$ 14,309 |
Inflation % (per annum) |
8 % |
Unemployment %, end of period |
8.7 % |
Trade Flow |
US$12.4 billion |
FX Rate (per annum average) |
3.99 (August 2010) |
Interest Rate (% p.a. average) |
9.93% (August 2010) |
|
Executive branch |
Chief of State |
- President Cristina Fernandez de Kirchner
- Vice President Julio Cobos. |
Legislative branch |
Bicameral National Congress |
- Federal Senate: 72 seats; formerly, three members appointed by each of the provincial legislatures; presently transitioning to one-third of the members being elected every two years to six-year terms
- Chamber of Deputies: 257 seats; one-half of the members elected every two years to four-year terms |
Judicial branch |
Supreme Federal Tribunal
Higher Tribunal of Justice
Regional Federal Tribunals |
9 Supreme Court judges are appointed by the president with approval of the Senate.
Judges are appointed for life. |
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Economy
Argentina benefits from rich natural resources, a highly literate population, an export-oriented agricultural sector, and a diversified industrial base. Although one of the world's wealthiest countries 100 years ago, Argentina suffered during most of the 20th century from recurring economic crises, persistent fiscal and current account deficits, high inflation, mounting external debt, and capital flight.
A severe depression, growing public and external indebtedness, and a bank run culminated in 2001 in the most serious economic, social, and political crisis in the country's turbulent history. Interim President Adolfo RODRIGUEZ SAA declared a default - the largest in history - on the government's foreign debt in December of that year, and abruptly resigned only a few days after taking office. His successor, Eduardo DUHALDE, announced an end to the peso's decade-long 1-to-1 peg to the US dollar in early 2002.
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Buenos Aires, Argentina |
The economy bottomed out that year, with real GDP 18% smaller than in 1998 and almost 60% of Argentines under the poverty line. Real GDP rebounded to grow by an average 8.5% annually over the subsequent six years, taking advantage of previously idled industrial capacity and labor, an audacious debt restructuring and reduced debt burden, excellent international financial conditions, and expansionary monetary and fiscal policies.
Inflation also increased, however, during the administration of President Nestor KIRCHNER, which responded with price restraints on businesses, as well as export taxes and restraints, and beginning in early 2007, with understating inflation data.
Cristina Fernandez de Kirchner succeeded her husband as President in late 2007, and the rapid economic growth of previous years began to slow sharply the following year as government policies held back exports and the world economy fell into recession. Her government nationalized private pension funds in late 2008 in an attempt to bolster government coffers, but the move also adversely affected private investment spending.
Sources: *CIA World Fact Book and Ministry of Foreign Relations, International Trade and Culture
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