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 (31 May 2019):
  • £1 sterling = 56.185 new pesos;
  • US $1 = 44.660 new pesos;
  • €1 = 49.800 new pesos;
  • 100 new pesos = £1.78 = $2.24 = €2.01.
Average Exchange Rate (new pesos per US $):
  • 2016     14.758
  • 2017     16.563
  • 2018     28.095
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  2017  2018*  2019* 
Current revenue  1,995,312.5  2,378,005.4  3,309,773.7 
  Tax revenue  1,117,612.5  1,380,230.1  2,007,699.7 
  Social security contributions  727,253.8  797,874.9  1,043,257.4 
  Sale of public goods and services  5,858.8  6,400.5  6,060.3 
  Property income  71,110.0  132,662.7  179,535.0 
  Current transfers  6,587.9  4,274.4  7,051.8 
Capital revenue  2,770.0  18,383.0  114,702.5 
Total   1,998,082.5  2,396,388.4  3,424,476.2 
Expenditure  2017  2018*  2019* 
Current expenditure  2,419,198.0  2,958,072.2  3,840,545.1 
  Consumption expenditure  437,723.0  419,294.0  547,294.0 
  Property income  224,927.2  398,132.7  593,224.5 
  Social security benefits  1,022,540.8  1,311,466.3  1,792,971.9 
  Current transfers  682,518.4  829,094.5  906,940.3 
Capital expenditure  207,934.0  201,585.3  184,216.8 
  Direct investment  95,688.6  103,735.9  86,969.5 
  Capital transfers  99,482.8  86,174.5  84,603.9 
  Financial investment  12,762.6  11,674.9  12,643.4 
Total  2,627,132.0  3,159,657.5  4,024,761.9 
* 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)

  2016  2017  2018 
Gold (national valuation)  2,102  2,299  2,256 
IMF special drawing rights  2,400  2,542  4,354 
Reserve position in IMF   360  381  372 
Foreign exchange  33,563  50,107  59,238 
Total   38,425  55,329  66,220 
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 
Food and beverages  111.7  148.2 
Clothing  108.3  132.8 
Housing and amenities  123.0  187.9 
All items (incl. others)  112.9  151.6 

National Accounts (million new pesos at current prices)

Expenditure on the Gross Domestic Product

  2016  2017*  2018 
Government final consumption expenditure  1,452,647  1,880,517  2,356,174 
Private final consumption expenditure  5,407,702  7,059,039  9,470,305 
Increase in stocks  279,006  125,079  268,495 
Gross fixed capital formation  1,174,353  1,601,537  2,096,574 
Total domestic expenditure  8,313,708  10,666,172  14,191,548 
Exports of goods and services  1,030,749  1,196,763  2,097,782 
Less Imports of goods and services  1,116,297  1,488,205  2,383,768 
Statistical discrepancy    270,050  660,997 
Gross domestic product (GDP) in market prices  8,228,160  10,644,779  14,566,559 
GDP at constant 2004 prices  706,478  725,331  707,092 
* Provisional
 Preliminary

Gross Domestic Product by Economic Activity

  2016  2017*  2018 
Agriculture, forestry and hunting  493,469  555,667  839,739 
Fishing  21,989  27,495  54,677 
Mining and quarrying  264,727  314,548  561,730 
Manufacturing  1,109,816  1,368,137  1,857,586 
Electricity, gas and water supply  124,697  184,337  345,587 
Construction  315,406  460,891  592,739 
Wholesale and retail trade  1,104,459  1,412,925  1,883,102 
Hotels and restaurants  169,006  231,003  296,790 
Transport, storage and communications  440,274  599,546  851,134 
Financial intermediation   321,379  418,835  607,453 
Real estate, renting and business activities  765,832  1,052,379  1,466,233 
Public administration and defence  647,678  821,669  1,027,060 
Education, health and social work  874,632  1,144,705  1,479,377 
Other community, social and personal service activities§  294,568  383,035  492,390 
GDP at basic prices  6,947,933  8,975,171  12,355,598 
Value-added tax  583,217  765,336  1,065,330 
Import duties  56,365  70,635  107,178 
Net taxes on products  640,645  833,636  1,038,453 
GDP in market prices   8,228,160  10,644,779  14,566,559 
* Provisional
 Preliminary
 Including extraterritorial organizations and bodies
§ Including private households with employed persons

Balance of Payments (US $ million)

  2016  2017  2018 
Exports of goods f.o.b.  57,959.9  58,639.0  61,637.6 
Imports of goods f.o.b.  –53,543.8  –64,101.0  –62,504.9 
Trade balance  4,416.2  –5,462.0  –867.3 
Exports of services  13,424.7  14,751.8  14,128.6 
Imports of services  –21,876.4  –24,901.1  –23,835.9 
Balance on goods and services  –4,035.5  –15,611.3  –10,574.6 
Primary income received  2,824.5  3,999.0  6,379.9 
Primary income paid  –15,016.7  –20,386.5  –25,103.0 
Balance on goods, services and primary income   –16,227.7  –31,998.8  –29,297.7 
Secondary income received  2,822.0  2,611.8  2,966.7 
Secondary income paid  –1,699.0  –2,210.9  –1,671.6 
Current balance   –15,104.8  –31,597.9  –28,002.6 
Capital account (net)  365.8  138.7  85.7 
Direct investment assets  –1,786.5  –1,155.6  –1,911.3 
Direct investment liabilities  3,260.2  11,516.9  12,161.8 
Portfolio investment assets  –797.8  –5,502.3  –6,093.0 
Portfolio investment liabilities  36,053.1  41,424.1  12,740.1 
Financial derivatives and employee stock options (net)  –222.0  96.2  34.9 
Other investment assets  –2,689.4  –12,506.1  –24,869.0 
Other investment liabilities  –5,542.2  11,955.8  19,351.6 
Net errors and omissions  788.4  162.3  –563.1 
Overall balance   14,324.7  14,532.1  –17,064.8 
Source: IMF, International Financial Statistics

Citation: Finance (Argentina), in Europa World online. London, Routledge. Retrieved 14 October 2019 from http://europaworld.com/pub/entry/ar.ss.39

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