Economy (Argentina)
===================


     Overview:
         Argentina is rich in natural resources and has a highly literate population,
         an export-oriented agricultural sector, and a diversified industrial base.
         Nevertheless, following decades of mismanagement and statist policies, the
         economy has encountered major problems in recent years, leading to
         escalating inflation and a recession during 1988-90. Since 1978, Argentina's
         external debt has nearly doubled to $58 billion, creating severe debt
         servicing difficulties and hurting the country's creditworthiness with
         international lenders. Elected in 1989, President Menem has implemented a
         comprehensive economic restructuring program that shows signs of reversing
         Argentina's economic decline and putting it on a path of stable, sustainable
         growth.
     GDP:
         exchange rate conversion - $101.2 billion, per capita $3,100; real growth
         rate 5.5% (1991 est.)
     Inflation rate (consumer prices):
         83.8% (1991)
     Unemployment rate:
         6.4% (October 1991)
     Budget:
         revenues $13.6 billion; expenditures $16.6 billion, including capital
         expenditures of $2.5 billion (1991)
     Exports:
         $12 billion (f.o.b., 1991)
       commodities:
         meat, wheat, corn, oilseed, hides, wool
       partners:
         US 12%, USSR, Italy, Brazil, Japan, Netherlands
     Imports:
         $8 billion (c.i.f., 1991)
       commodities:
         machinery and equipment, chemicals, metals, fuels and lubricants,
         agricultural products
       partners:
         US 22%, Brazil, FRG, Bolivia, Japan, Italy, Netherlands
     External debt:
         $61 billion (January 1992)
     Industrial production:
         growth rate 20% (1991 est.); accounts for 30% of GDP
     Electricity:
         17,059,000 kW capacity; 47,357 million kWh produced, 1,450 kWh per capita
         (1991)
     Industries:
         food processing, motor vehicles, consumer durables, textiles, chemicals and
         petrochemicals, printing, metallurgy, steel
     Agriculture:
         accounts for 15% of GNP (including fishing); produces abundant food for both
         domestic consumption and exports; among world's top five exporters of grain
         and beef; principal crops - wheat, corn, sorghum, soybeans, sugar beets
     Illicit drugs:
         increasing use as a transshipment country for cocaine headed for the US and
         Europe
     Economic aid:
         US commitments, including Ex-Im (FY70-89), $1.0 billion; Western (non-US)
         countries, ODA and OOF bilateral commitments (1970-89), $4.4 billion;
         Communist countries (1970-89), $718 million
     Currency:
         peso (plural - pesos); 1 pesos = 100 centavos