Argentina at a Glance

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1 Argentina at a Glance Surface: km2 Population: (2010) GDP (PPP, 2011): 725,6 billion USD (CZ: 215,3 billion USD) GDP per capita (PPP, 2011): USD (CZ: USD) HDI: 0,7975 (45th) Very High Member of: UN, OAS, MERCOSUR, UNASUR, WTO, IMF, IAEA, CAN, CAF, G-20, G24,G-77, GR, ALADI, UL, IDB, IFC, UNCTAD, UNIDO, OLADE, INTERPOL, WHO, UNESCO, OEI, ABINIA, WIPO, UNWTO, ICAO, IMO, ITU, UPU, WMO.

2 Outline 1. Structure of the Argentine economy 2. The Argentine economy in the 21 st century 3. Recent economic evolution within the context of the international economic situation

3 1. Structure of the Argentine economy Primary Sector Argentina s primary sector agriculture, hunting, forestry, fishing and mining represents 16% of GDP. Over 60% of its 280 million hectares dedicated to agricultural production. Leading producer and exporter of commodities and raw materials. No. Commodity After 2 Beeswax India Oats Canada Lemon and Limes India & Mexico 3 Sunflower seeds Ukraine & Russia Soybeans USA & Brazil Pears CN, USA & IT 4 Maize USA, CN & BR

4 1. Structure of the Argentine economy Primary Sector As a consequence of investment incentives in the last decades, the sector has grown substantially. Current discussions are in regards of shale gas. Important reserves have been discovered since 2010.

5 Structure of the Argentine economy Secondary Sector Manufacturing represents 19% of GDP Food and beverages sector soybean and sunflower oil, wine. Automotive car assembly, autoparts Biofuel

6 Structure of the Argentine economy Service Sector The service sector represents 59% of GDP Outsourcing 15th destination in the world 2nd in Latin America Professional Services IT clusters and poles Creative Industries Bailar fiesta Braids Tourism

7 Structure of the Argentine economy Composition of GDP by economic activity (2010) Public administration and defence Teaching, health and social work 8.8% Other community services, social, personal and domestic services 4.1% Agriculture, livestock, hunting, forestry and fishing 6.7% 12.2% Mining and quarrying Real estate, renting and business activities 3.3% 10.4% Financial intermediation Manufacturing industries 5.5% 19.3% Transport, storage and communications 8.4% Electricity, gas and water Hotels and restaurants 2.6% Wholesale and retail trade and repairs Construction 5.3% 1.2% 12.0%

8 Structure of the Argentine economy Bilateral Trade AR Imports Seatbelt Breaks and its parts Lighting for vehicles Parts/accessories for vehicle bodies Peanuts 2% 2% Parts for air conditioning systems Electric conductors 4% 4% 3% Locks for vehicles Dampers Others 4% 2% 5% 6% 68%

9 The Argentine economy in the 21 st century The nineties Currency Board Convertibility Plan (1ARS = 1USD). Economic growth and stability, FDI inflows, privatization Year % change BUT also Wide dolarization of the economy Current account deficit, Budget deficit, foreign debt Budget balance as % of GDP Year % GDP

10 The Argentine economy in the 21 st century The nineties 70% 60% 50% 40% 30% 20% 10% 0% Total Debt Part of debt in foreign currency Current account Trade balance Paid interests Also external shocks Mexican crisis (1995), Asian crisis (1997), Russian crisis (1998), devalvation of Real (1999) Appreciation of USD since 1998

11 The Argentine economy in the 21 st century Struggles in 2001 December (2000) June 1st Plan Blindaje in cooperation with IMF and IBD Loans in exchange of austerity during Conversion bond debt - Megacanje 2001 Capital outflows Since July Bank Runs December 1st Emergency financial measures: corralito, limitation to capital outflows. December 5th IMF announces that will no longer act as a lender December 20th The President and Minister of Finances quit December 23rd Argentina announces a debt moratorium

12 The Argentine economy in the 21 st century Emergency measures to deal with the crisis Bank holidays, Foreign Exchange holidays Ensure bank liquidity Freezing current accounts (Corralito) Freezing term accounts (Corralón) Stop / limit capital outflows Ban of hedging operations in ARS Ban of transfer of capital, unless it is due to imports. Exporters obligation to offer USD. Establish a new currency regime Dual exchange rate (official& market rate)

13 The Argentine economy in the 21 st century Long term measures to overcome the crisis Assymetric Pesification of debts and bank deposits. Export Tax Negotiations with public service providers Avoid a sudden rise in prices Social Welfare program Managed/dirty float regime Foreign debt IMF Bondholders

14 The Argentine economy in the 21 st century Economic Impact Total: 153% Total: 62% Total: 35%

15 Recent economic evolution

16 Thank You! Embassy of Argentina to the Czech Republic Panská Prague 1

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