The Argentine Peso
dropped from 15 Pesos per USD to 30 Pesos per USD and Argentine banks moved
interest rates from 45% to 60%. Inflation is approaching 32%. Argentina
over-borrowed like Venezuela and has bond debt payments due. They are in
trouble and will need to raise cash for now and do a better job of managing
their debt.
Argentina was claimed
by Spain in 1517 and grew as a Spanish colony. Argentina became independent in
1816.
Argentina has a
population of 44.7 million, Labor force 17.9 million and a land area of 1.074
million square miles. 14.7% of the land is arable. Nominal GDP for 2018 is $639
billion. GDP by sector is mining 3.6%, construction 5.6%, agriculture, forestry
and fishing 6%, transport and utilities 7.9%, government 9.5%, commerce and
tourism 16.9%, manufacturing 17.2% and services 33%. Nominal per capita GDP is
$14,342 per year. GDP growth was 3.7% in 2017.
Inflation in 2017 was
24.8%, Poverty 25.7% Unemployment is 7.2%. Labor force by occupation is
government 6.3%, agricultural 7.3%, construction 7.6%, transport and utilities
7.8%, financial 9.4%, manufacturing 13.1%, commerce and tourism 21.4%, services
27.1%.
Main industries are
steel, aluminum, motor vehicles, auto parts, appliances, electronics,
machinery, equipment, cement, leather, furniture, glass, chemicals, textiles,
pharmaceuticals, tobacco, publishing and food products.
Exports $56.76 billion
in soybeans, petroleum, gas, corn, wheat and vehicles sold to Brazil 17%, China
8.6% and US 5.9%.
Imports $57.18 billion
in machinery, motor vehicles, petroleum, gas, organic chemicals and plastic
from Brazil 22.4%, US 16.3%, China 15.5% and Germany 5.1%.
Public Debt is 222.7%
(bonds 68%) plus Government debt to GDP 44%.
Government revenue
$142.9 billion from VAT 20.1%, Tariffs 15.1%, Income tax 6.3% and sales tax 9%.
Government expenses
$167.3 billion for social security 38.8%, subsidies and infrastructure 22.5%,
debt service 9.2%, education and research 8.8%, welfare 5.4%, healthcare 3.4%,
security 3.1% military 2.1%, other 6.7%.
Foreign reserves
$61.61 billion.
Norb Leahy, Dunwoody
GA Tea Party Leader
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