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Economy of Argentina

The economy of Argentina is a high-income economy, Latin America's third largest, and the second largest in South America behind Brazil.

The country benefits from rich natural resources, a highly literate population, an export-oriented agricultural sector, and a diversified industrial base. Argentina's economic performance has historically been very uneven, in which high economic growth alternated with severe recessions, particularly during the late twentieth century, and income maldistribution and poverty increased. Early in the twentieth century Argentina had one of the highest per capita GDP levels in the world and the third largest economy in the developing world. Today a high-income economy, Argentina maintains a relatively high quality of life and GDP per capita.

Argentina is considered an emerging market by the FTSE Global Equity Index, and is one of the G-20 major economies.

GDP of Argentina is $578.7 billion (nominal) (24th, 2015) $964.3 billion (PPP) (24th, 2015) and GDP growth 2.1% (2015) GDP per capita in 2015 $13,428 (nominal), $22375 (PPP).

Sectors

Agriculture

Argentina is one of the world's major agricultural producers, ranking among the top producers in most of the following, exporters of beef, citrusfruit,grapes, honey, maize, sorghum, soybeans, squash, sunflower seeds, wheat, and yerba mate. Agriculture accounted for 9% of GDP in 2010, and around one fifth of all exports (not including processed food and feed, which are another third).

Natural resources

Mining and other extractive activities, such as gas and petroleum, are growing industries, increasing from 2% of GDP in 1980 to around 4% today. Metals and minerals mined include borate, copper, lead, magnesium, sulfur, tungsten, uranium, zinc, silver, titanium, and gold, whose production was boosted after 1997 . Metal ore exports soared from US$200 million in 1996 to US$1.2 billion in 2004,and to over US$3 billion in 2010.

Industry

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. Leading sectors by production value are: Food processing and beverages; motor vehicles and auto parts ; refinery products, and biodiesel; chemicals and pharmaceuticals; steel andaluminium; and industrial and farm machinery; electronics and home appliances.

Services

The service sector is the largest contributor to total GDP, accounting for over 60%. Argentina enjoys a diversified service sector, which includes well-developed social, corporate, financial, insurance, real estate, transport, communication services, and tourism.Banking

Argentine banking, whose deposits exceeded US$120 billion in December 2012, developed around public sector banks, but is now dominated by the private sector. The private sector banks account for most of the 80 active institutions (over 4,000 branches) and holds nearly 60% of deposits and loans, and as many foreign-owned banks as local ones operate in the country.Tourism

The World Economic Forum estimated that, in 2012, tourism generated around US$17 billion in direct economic turnover, another US$30 billion in indirect turnover; the industry employed 650,000 directly and 1.1 million more indirectly. Tourism from abroad contributed US$5.3 billion, having become the third largest source of foreign exchange in 2004. Around 5.7 million foreign visitors arrived in 2012, reflecting a doubling in visitors since 2002 despite a relative appreciation of the peso.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Argentina"

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