The skyline in Argentina

Argentina Economy

Argentina economic overview

Important regional player:

Argentina is Latin America's third-largest economy, with a GDP of slightly over USD 600 billion in 2022. It is a member of the Mercosur trade pact, which also includes Brazil, Paraguay and Uruguay.

Agricultural heavyweight:

Argentina's economy is significantly bolstered by its strong agricultural sector. It is one of the world's largest producers of soybeans, corn, and wheat, with agriculture constituting a major part of its exports. The fertile Pampas region is particularly crucial for crop production and cattle ranching, though in recent years it has suffered from drought.

Runaway inflation:

Inflation has surged in recent years, moving well into triple-digit territory in 2023 to among the highest rates in the world, on the back of currency collapse and sustained money printing by the authorities. This has harmed purchasing power, caused emigration—particularly of young professionals—spawned a rush to obtain U.S. dollars and forced the central bank to increase interest rates.

History of economic instability:

Argentina is no stranger to extreme economic conditions; it has suffered multiple debt defaults and bouts of hyperinflation in its relatively short history as an independent country and has often required IMF bailouts. The most recent default came in 2020—the third so far this century. In 2022, GDP per capita was still notably below its decade-ago level.

Heavy economic distortions:

Argentina's economy is characterized by multiple exchange rates, restrictions on trade and currency transactions, and a large government footprint, all of which weigh on activity.

Argentina's economic outlook:

GDP is seen roughly tracking the Latin American average in the long term, following an expected contraction in 2024 brought on by triple-digit inflation and interest rates. The key factor to watch is the economic policy pursued by the new government: Structural reforms and a reduction of economic distortions could deliver substantial economic gains.

Argentina's economy in numbers:

Nominal GDP of USD 630 billion in 2022.

GDP per capita of USD 13,606 compared to the global average of USD 10,589.

Average real GDP growth of 0.3% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 68% of overall GDP, manufacturing 17%, other industrial activity 8%, and agriculture 7%. Looking at GDP by expenditure, private consumption accounted for 62% of GDP in 2021, government consumption 15%, fixed investment 17%, and net exports 6%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up 14% of total merchandise exports, mineral fuels 3%, food 54%, ores and metals 0% and agricultural raw materials 1%, with other categories accounting for 28% of the total. In the same period, manufactured products made up 77% of total merchandise imports, mineral fuels 9%, food 8%, ores and metals 4% and agricultural raw materials 1%, with other goods accounting for 1% of the total. Total exports were worth USD 88 billion in 2022, while total imports were USD 82 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 0.3% in the decade to 2022. To read more about GDP growth in Argentina, go to our dedicated page.

Fiscal policy:

Argentina's fiscal deficit averaged 4.3% of GDP in the decade to 2022. Find out more on our dedicated page.


The unemployment rate averaged 8.3% in the decade to 2022. For more information on Argentina's unemployment click here.


Inflation averaged 36.2% in the decade to 2022. Go to our Argentina inflation page for extra insight.

Monetary Policy:

Argentina's monetary policy rate ended 2022 at 75.00%, up from 12.44% a decade earlier. See our Argentina monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the peso weakened by 97.2% vs the U.S. dollar. For more info on the peso, click here.
The annual GDP contraction slowed in Q3, and activity should have shrunk at a similar pace in Q4, according to our panel, hit by hyperinflation, a collapsing peso and sky-high interest rates. In October-November, economic activity stagnated. Meanwhile, industrial output declined more sharply in Q4 than in Q3, while exports plunged at a sustained pace. Moving into Q1, a depreciating peso and depressed consumer sentiment point to receding activity. In politics, the government suffered a political blow in early February, as Congress sent back the Omnibus Law—which includes wide-ranging economic liberalization measures—for further review. This came after the IMF approved the disbursement of USD 4.7 billion to support macroeconomic stabilization in late January. Also positively, in January the government recorded a fiscal surplus while the Central Bank accumulated around USD 6 billion in reserves.
Projections out to 2033.

59 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 58 expert analysts.

Want to get insight on the economic outlook for Argentina in the coming years? FocusEconomics collects projections out to 2033 on 59 economic indicators for Argentina from a panel of 58 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Argentina economy. To download a sample report on the Argentina's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Argentina Datos económicos

2018 2019 2020 2021 2022
Población (millones) 44.5 44.9 45.4 45.8 46.3
PIB (en millones de dólares) 525 447 385 486 632
PIB per cápita (USD) 11,800 9,942 8,479 10,610 13,641
PIB (en miles de millones de ARS) 14,745 21,558 27,196 46,282 82,650
Crecimiento económico (PIB nominal, var. anual) 38.3 46.2 26.1 70.2 78.6
Crecimiento económico (PIB, var. anual) -2.6 -2.0 -9.9 10.4 5.2
Demanda interna (% var. anual) -3.7 -8.7 -10.2 13.2 8.0
Consumo privado (% var. anual) -2.2 -6.1 -13.7 10.0 9.4
Consumo público (var. anual) -1.9 -6.4 -1.9 7.1 1.8
Inversión fija (% var. anual) -5.7 -16.0 -13.0 33.4 10.9
Exportaciones (G&S, % var. anual) 0.6 9.8 -17.7 9.2 5.7
Importaciones (G&S, % var. anual) -4.5 -18.7 -18.5 22.0 17.4
Producción industrial (% var. anual) -5.0 -6.3 -7.5 15.6 4.4
Desempleo (% de la población activa, aop) 9.2 9.8 11.5 8.8 6.8
Saldo fiscal (% del PIB) -4.9 -3.8 -8.4 -3.6 -3.8
Deuda pública (% del PIB) 85.2 89.8 103.8 80.6 -
Dinero (var. anual de M2 %) 22.8 29.0 78.9 59.5 67.6
Base monetaria (% var. anual) 40.7 34.5 30.3 47.9 42.4
Inflación (IPC, % var. anual, eop) 47.6 53.8 36.1 50.9 94.8
Inflación (IPC, % var. anual, aop) 34.3 53.5 42.0 48.4 72.4
Inflación (IPM, % var. anual, eop) 73.5 58.5 35.4 51.3 94.8
Tasa de LELIQ de 7 días (%, eop) 59.25 55.00 38.00 38.00 75.00
Tasa Badlar del Banco Central (%, eop) 48.25 39.44 34.25 34.19 68.81
Bolsa (var. anual de MERVAL %) 0.7 37.6 22.9 63.0 142.0
Tipo de cambio (ARS por USD, eop) 37.66 59.87 84.07 102.69 177.11
Tipo de cambio (ARS por USD, aop) 28.08 48.25 70.67 95.16 130.86
Balanza por cuenta corriente (en millones de dólares) -27 -3 3 7 -
Balanza por cuenta corriente (% del PIB) -5.2 -0.8 0.8 1.4 -
Balanza comercial de mercancías (en millones de USD) -4 16 13 15 7
Exportaciones de mercancías (en millones de dólares) 62 65 55 78 88
Importaciones de mercancías (en millones de dólares) 65 49 42 63 82
Exportaciones de mercancías (% var. anual) 5.3 5.4 -15.7 42.0 13.5
Importaciones de mercancías (% var. anual) -2.2 -25.0 -13.8 49.2 29.0
Inversión extranjera directa (en millones de dólares) 12 7 4 7 -
Reservas internacionales (en millones de dólares) 66 45 39 40 45
Reservas internacionales (meses de importaciones) 12.1 11.0 11.2 7.5 6.6
Deuda externa (en millones de dólares) 278 278 271 268 -
Deuda externa (% del PIB) 52.9 62.3 70.5 55.1 -


  1. Is Argentina doing well economically?

  2. Argentina's economy has faced significant challenges in recent years, including high inflation, fiscal deficits, and debt restructuring. The economy has also been in recession for much of the past decade. Economic stability has been elusive, with large fluctuations in the value of the Argentine peso.

  3. Why is Argentina's economy so unstable?

  4. Argentina's economy has been historically unstable due to factors like chronic high inflation, fiscal deficits and debt burdens. Frequent changes in economic policies, political instability, and currency devaluations have further contributed to this instability.

  5. What is Argentina's main source of income?

  6. Argentina's main source of income is from its service sector, which accounts for more than half of its GDP. This includes activities such as retail, tourism, and financial services. However, agriculture and manufacturing also play important roles in the economy. Argentina is a major exporter of agricultural products, such as soybeans, corn, and beef.

  7. What is the future of Argentina's economy?

  8. The future of Argentina's economy remains uncertain, with challenges like inflation, fiscal deficits, and debt. The outcome will depend on the effectiveness of economic policies, debt restructuring efforts, and the global economic environment. Deficit reduction and economic liberalization will be crucial for a more prosperous economic future.

  9. Why is inflation in Argentina so high?

  10. Argentina has struggled with high inflation due to a combination of factors, including fiscal deficits, sustained monetary financing of the fiscal deficit and currency devaluations. Frequent changes in economic policies and uncertainty have eroded confidence in the currency, leading to rising prices and a cycle of inflationary pressures.

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