Overall, however, Argentina remained one of the world’s major agricultural producers. Lula may face imprisonment again, and reactions to a possible new arrest could start a new wave of hostile statements and even actions. However, although agricultural raw materials are over 20% of the total exports, agricultural goods still account for over 50% of exports when processed foods are included. [46] Other manufactured goods include: glass and cement; plastics and tires; lumber products; textiles; tobacco products; recording and print media; furniture; apparel and leather. This trend has been largely maintained, creating over five million jobs and encouraging domestic consumption and fixed investment. Forestry has long history in every Argentine region, apart from the pampas, accounting for almost 14 million m³ of roundwood harvests. [148] This includes an extensive network of canals, though Argentina is blessed with ample natural waterways as well, the most significant among these being the Río de la Plata, Paraná, Uruguay, Río Negro, and Paraguay rivers. Although agriculture there did not become as intensive as it did in North America, soils were good and land was abundant. Despite cuts in the payment chain, some project 180 total days, and calculate 5% of companies that fell in May. In the early 1990s the government enacted a program of economic austerity, reined in inflation by making the peso equal in value to the U.S. dollar, and privatized numerous state-run companies, using part of the proceeds from their sale to reduce the national debt. [34] Benefiting from innovative self-financing and government loans alike, value added in manufacturing nevertheless surpassed that of agriculture for the first time in 1943, employed over 1 million by 1947,[38] and allowed the need for imported consumer goods to decline from 40% of the total to 10% by 1950. Unique insights from 2000+ contributors in 80+ countries. [177] Some private-sector estimates put inflation for 2010 at around 25%, much higher than the official 10.9% rate for 2010. [150], Industrial goods today account for over a third of Argentine exports. [129] Having tripled in length in the last decade, multilane expressways now connect several major cities with more under construction. [93], Manufacturing is the largest single sector in the nation's economy (15% of GDP), and is well-integrated into Argentine agriculture, with half the nation's industrial exports being agricultural in nature. Bolivia is in the process of accession, and Chile, Colombia, Peru, Guyana and Suriname are associated states. [200] The World Bank estimated that, in 2013, 3.6% subsisted on less than US$3.10 per person per day. Learn more about how we use cookies or edit your cookie preferences. [34], During its most vigorous period, from 1880 to 1905, this expansion resulted in a 7.5-fold growth in GDP, averaging about 8% annually. [123], Electricity generation in Argentina totaled 133.3 billion Kwh in 2013. [86], Government policy towards the lucrative agrarian sector is a subject of, at times, contentious debate in Argentina. [170] Poverty measured by living conditions improved more slowly, however, decreasing from 17.7% in the 2001 Census to 12.5% in the 2010 Census. The Argentina – Brazil relationship is both close and historical, and encompasses the economy, trade, culture, education, and tourism. Especially in the last 20 years, the relationship between Brasilia and Buenos Aires has grown closer. Mendoza is the largest wine region, followed by San Juan. [40], The economy, however, declined during the military dictatorship from 1976 to 1983, and for some time afterwards. Brazil’s GDP is 46 times that of Paraguay, 31 times that of Uruguay and 3.5 times larger than Argentina’s. A possible exit of the world’s 9th largest economy would be devastating for the Southern Common Market. Metals and minerals mined include borate, copper, lead, magnesium, sulfur, tungsten, uranium, zinc, silver, titanium, and gold, whose production was boosted after 1997 by the Bajo de Alumbrera mine in Catamarca Province and Barrick Gold investments a decade later in San Juan. Argentina is considered an emerging market by the FTSE Global Equity Index (2018),[32] and is one of the G-20 major economies. In Argentina, Cristina Kirchner left the Casa Rosada in 2015 after two terms in office. [197], Argentina has an inequality-adjusted human development index of 0.707, compared to 0.578 and 0.710 for neighboring Brazil and Chile, respectively. The telecommunications sector has been growing at a fast pace, and the economy benefits from widespread access to communications services. [23] Business Process Outsourcing became the leading Argentine service export, and reached US$3 billion. It is the second-largest in South America behind Brazil. Pelé, Di Stefano, Maradona, Ronaldo, Neymar, Messi: Brazil and Argentina have produced some of the best football players in history — and currently. [135][136][137] In the years leading up to this move, the country's railways had seen significant investment from the state, purchasing new rolling stock, re-opening lines closed under privatization and re-nationalising companies such as the Belgrano Cargas freight operator. However, the country has withstood a number of economic downturns, including periods of high inflation and unemployment during the late 20th century and a major financial crisis in the early 21st century. Argentina's economic performance has historically been very uneven, with high economic growth alternating with severe recessions, particularly since the late twentieth century, since when income maldistribution and poverty have increased. [149], Argentine exports are fairly well diversified. More than politics, the economy will play an essential role here. To avert that threat, the government quickly adopted further austerity measures. [36], The Great Depression caused Argentine GDP to fall by a fourth between 1929 and 1932. A crippling two-year recession in 2015 and 2016 saw the country's economy … [44] That year and the next, the economy suffered its sharpest decline since 1930; by 2002, Argentina had defaulted on its debt, its GDP had declined by nearly 20% in four years, unemployment reached 25%, and the peso had depreciated 70% after being devalued and floated. Metal ore exports soared from US$200 million in 1996 to US$1.2 billion in 2004,[92] and to over US$3 billion in 2010.[84]. [122] Cruise liner arrivals are the fastest growing type of foreign tourism to Argentina; a total of 160 liners carrying 510,000 passengers arrived at the Port of Buenos Aires in 2013, an eightfold increase in a just a decade. In response to the Great Depression, successive governments from the 1930s to the ’70s pursued a strategy of import substitution designed to transform Argentina into a country self-sufficient in industry as well as agriculture. However, the Great Depression of the 1930s considerably damaged the Argentine economy by reducing foreign trade. In the early decades of the 20th century, Argentina became the world’s leading exporter of corn, flax, and meat. A network of pipelines (next to Mexico's, the second-longest in Latin America)[citation needed] send raw product to Bahía Blanca, center of the petrochemical industry, and to the La Plata-Greater Buenos Aires-Rosario industrial belt. [131], The railway network has a total length of 37,856 kilometres (23,523 mi), though at the network's peak this figure was 47,000 km (29,204 mi). [181] Inflation has been unofficially estimated to be running at around 25% annually since 2008, despite official statistics indicating less than half that figure;[182][183] these would be the highest levels since the 2002 devaluation. The lifting of the restriction a year later was bittersweet, being greeted calmly, if with some umbrage, at not having these funds freed at their full U.S. dollar value. [99] Farm machinery, another important rubric historically dominated by imports, was similarly replaced by domestic production, which covered 60% of demand by 2013. In terms of percentage of GDP, the country’s agricultural and industrial sectors were similar to those of developed countries, but they were considerably less efficient. [50] The global recession did affect the economy in 2009, with growth slowing to nearly zero;[46] but high economic growth then resumed, and GDP expanded by around 9% in both 2010 and 2011. [35] Growth then slowed considerably, such that by 1941 Argentina's real per capita GDP was roughly half that of the U.S.[29] Even so, from 1890 to 1950 the country's per capita income was similar to that of Western Europe;[29] although income in Argentina remained considerably less evenly distributed. [171] Argentina's unemployment rate similarly declined from 25% in 2002 to an average of around 7% since 2011 largely because of both growing global demand for Argentine commodities and strong growth in domestic activity. The strategy worked, and Fernandez won in the second round, with 47,8% of the vote. Fisheries and logging each account for 2% of exports. [113], Partly a function of this and past instability, Argentines have historically held more deposits overseas than domestically. [172], Given its ongoing dispute with holdout bondholders, the government has become wary of sending assets to foreign countries (such as the presidential plane, or artworks sent to foreign exhibitions) in case they might be impounded by courts at the behest of holdouts. [98] Argentina has also become an important manufacturer of cell phones, providing about 80% of all devices sold in the country. [172][175][176] Official inflation data are disregarded by leading union leaders, even in the people sector, when negotiating pay rises. business, social and other services: 33.3%. In his victory speech, Fernandez suggested that Lula da Silva was unfairly arrested and called for his release. Even though unlikely, this drastic event has been already been floated by Brazilian authorities. [46], Most manufacturing is organized in the 314 industrial parks operating nationwide as of 2012, a fourfold increase over the past decade. Its gross national product (GNP), GNP per capita, and value added from manufacturing are also among the highest in the region. Bolsonaro’s victory itself was considered doubtful by the majority of Brazilian political analysts just six months before the vote. Several bilateral agreements play an important role in promoting U.S. private investment. Fifteen wind farms have been developed since 1994 in Argentina, the only country in the region to produce wind turbines. [197] Economic recovery after 2002 was thus accompanied by significant improvement in income distribution: in 2002, the richest 10% absorbed 40% of all income, compared to 1.1% for the poorest 10%;[198] by 2010, the former received 29% of income, and the latter, 1.8%. Argentina vs. Brazil; Economy; Compare vs for Submit. [100] Production of cell phones, computers, and similar products is actually an "assembly" industry, with the majority of the higher technology components being imported, and the designs of products originating from foreign countries. Wind energy is the fastest growing among new renewable sources. In a smart move, Fernandez made a nod to his neighbour, using his inaugural speech to highlight the historically close ties between the two countries regardless of partisan positions. Argentine industry became important when mostly foreign-dominated manufacturers began exporting processed foods. With the peso quickly losing value to inflation, a new peso was introduced in 1983 (with 10,000 old pesos exchanged for each new peso), only to be replaced by the austral in 1985, which was in turn replaced by another new peso in 1992. Argentina is 6 times smaller in terms of workforce. Under the 1994 U.S.–Argentina Bilateral Investment Treaty, U.S. investors enjoy national treatment in all sectors except shipbuilding, fishing, nuclear-power generation, and uranium production.
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