Argentina

Economic indicators

Sunk in recession since 1998, Argentina found itself in a bankruptcy situation in 2001. Since 2003, the Argentine economy has started a process of recovery. The growth rate of its GDP has been over 8% since 2004. Given the rise in consumption, investment and the price of commodities, the government foresees a 6% economic growth in 2008 and 2009 respectively. The government of the Argentine President, Cristina Fernandez de Kirchner (elected in October 2007), will continue to distinguish itself from the policies of liberalization of the market carried out during the 1990s and prefer a more interventionist role for the State in the economy. It will also endeavor to keep inflation under control; in 2008, the rise in prices should be less than 10%. The social consequences of the 2001 economic crisis are still significant and the Argentine economy suffers from structural fragility: the financial system is not reliable (especially for international investors), the social situation is delicate (unemployment and malnutrition persist, 25% of the population lives under the poverty threshold), and the country is facing an energy crisis. Nevertheless, Argentina has all the necessary assets to resist difficulties: its flourishing agriculture turned towards exports attracts foreign investors, its natural resources are considerable (copper, gas, petroleum) and its workforce is well qualified and competitive.

Main sectors of industry

The Argentine economy is traditionally based on agricultural production and livestock breeding, two fields in which Argentina was among the leading world producers before the Second World War. The industrialization of Argentina, which began at the start of the twentieth century, was favored by President Peron from 1946 on. Today Argentina remains one of the leading regions in the world producing cattle and cereals; meat packing and flour-milling are the country's main industries. Agriculture forms about 10% of the GDP. Its herds of cattle provide the best meat in the world. Argentina is also the world's largest source of tannin and linseed oil.
The industry and services sectors have also expanded considerably over these last few years. They contribute respectively 35% and 55% to the GDP. Industrial food preparation (in particular meat packing, flour milling, and canning) is the largest manufacturing activity.
Argentina is specialized in services for leading-edge sectors and offers excellent value for money in the development of software, call centers and nuclear energy especially.

Source: World Bank - World Development Indicators - last available data.

Sources of economic information

Ministries

State PortalMinistry of the EconomySecretariat of Agriculture, breeding, fishing and food (Sagpya)Ministry of Foreign Relations, International Trade and Religion

Statistical Office

INDEC

Central Bank

Central Bank

Stock Exchange

Buenos Aires Stock Exchange

Online newspapers

La Nación
Clarin
Infobae Profesional
Cronista

Search Engines

Grippo
Lycos Argentina
Terra
Yahoo! Argentina

Political outline

Executive Power

Executive power is held by the President of the Argentine nation. It is his/her responsibility to respond to national interests.
The President is the supreme head of the country, head of government, the politician responsible for the general administration of the country and commander-in-chief of the armed forces. The president is elected by universal suffrage for four years and can be re-elected for two consecutive terms of office. The vice-president is elected with him/her. The president appoints the Council of Ministers.
Argentina has 23 provinces and 1 autonomous federal district, which have retained some powers which do not belong to the federal government. They elect their own legislators and provincial governors.

Legislative Power

The legislative power is composed of a two-chamber parliament: a lower chamber, the Chamber of Deputies elected for 4 years by direct universal suffrage, and an upper chamber, the Senate elected for 6 years also by direct universal suffrage.
The parliament is called Congreso Nacional ( National Congress).

Main political parties

The country has two large political parties: the PJ (Partido Justicialista, also called the Peronist Party) and the UCR (Civic Radical Union). Traditionally, the UCR has a more middle class, urban electorate, and the PJ an electorate of workers. But today both parties have a wider electoral base. The smaller parties, like the center-right PRO (Republican Initiative for Alliance) and, further left, the ARI (Argentina for an Egalitarian Republic) occupy different positions in the political spectrum, and some are only active in a few provinces.

Current political leaders

President : Cristina FERNANDEZ de KIRCHNER (since 2007)
Vice President : Julio COBOS

Next election dates

Presidential elections: 2011
Chamber of Deputies and Senate: 2011

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