Markets Actual Q2 Q3 Q4 Q1 2020
Currency 42.66 45.88 46.84 47.83 48.84 50.92
Stock Market (points) 40841.68 32826 31739 30690 29672 27740
Government Bond 10y (%) 6.22 5.86 5.84 5.84 5.84 5.85
Overview Actual Q2 Q3 Q4 Q1 2020
GDP Growth Rate (%) -0.20 0.2 0.4 0.4 0.6 1
GDP Annual Growth Rate (%) -5.80 -2.8 -1.4 -1.5 0.6 2
Unemployment Rate (%) 10.10 10.2 9.5 9 9.2 8.4
Inflation Rate (%) 57.30 55 45 40 35 25
Inflation Rate Mom (%) 3.10 3 2.5 2.3 2.2 2.5
Interest Rate (%) 63.03 68 65 63 61 40
Balance of Trade (USD Million) 1131.00 350 1200 -50 -500 200
Current Account (USD Million) -2317.00 -8777 -9180 -9400 -9200 -8700
Current Account to GDP (%) -5.40 -2.1 -2.1 -2.1 -2.6 -2.6
Government Debt to GDP (%) 86.20 100 100 100 85 85
Government Budget (% of GDP) -5.50 -3 -3 -3 -2.8 -2.8
Consumer Confidence (Index Points) 36.50 37 34 36 38 42
Retail Sales MoM (%) 25.90 -14 -18 -15 2 0.8
Corporate Tax Rate (%) 35.00 35 35 35 35 35
Personal Income Tax Rate (%) 35.00 35 35 35 35 35
GDP Actual Q2 Q3 Q4 Q1 2020
GDP Growth Rate (%) -0.20 0.2 0.4 0.4 0.6 1
GDP Annual Growth Rate (%) -5.80 -2.8 -1.4 -1.5 0.6 2
GDP (USD Billion) 637.59 680 680 680 690 690
GDP Constant Prices (ARS Million) 666751.00 726044 684854 669074 670752 682456
Gross Fixed Capital Formation (ARS Million) 112858.00 146688 138239 118620 113535 120992
GDP per capita (USD) 10398.09 10900 10900 10900 11200 11200
GDP per capita PPP (USD) 18933.91 19000 19000 19000 19100 19100
GDP From Agriculture (ARS Million) 39914.28 35500 30984 33500 33500 35000
GDP From Construction (ARS Million) 22012.20 21955 22554 20170 22144 20573
GDP From Manufacturing (ARS Million) 99191.28 116280 115761 111689 99786 113922
GDP From Mining (ARS Million) 20849.88 20928 21058 20848 20975 21265
GDP From Public Administration (ARS Million) 33277.70 32295 32567 32648 33477 33301
GDP From Services (ARS Million) 81358.93 90387 85726 83473 81847 85143
GDP From Transport (ARS Million) 55968.54 56965 56125 54543 56304 55634
GDP From Utilities (ARS Million) 12201.53 12325 12522 11565 12275 11796
Labour Actual Q2 Q3 Q4 Q1 2020
Unemployment Rate (%) 10.10 10.2 9.5 9 9.2 8.4
Unemployed Persons (Thousand ) 1338.00 1280 1275 1280 1280 1250
Wages (ARS/Month) 41359.00 43403 32708 52587 42103 53639
Minimum Wages (ARS/Month) 12500.00 11500 11500 12000 12500 14000
Population (Million) 44.50 44.61 44.61 44.51 44.97 44.97
Wages High Skilled (ARS/Month) 20500.00 19910 19911 20869 20869 21286
Wages Low Skilled (ARS/Month) 10500.00 10414 10415 10689 10689 10903
Wage Growth (%) 3.58 2.1 2.11 1.8 1.8 2
Living Wage Family (ARS/Month) 14400.00 12456 12457 14659 14659 14952
Living Wage Individual (ARS/Month) 10400.00 8740 8741 10587 10587 10799
Prices Actual Q2 Q3 Q4 Q1 2020
Inflation Rate (%) 57.30 55 45 40 35 25
Inflation Rate Mom (%) 3.10 3 2.5 2.3 2.2 2.5
Consumer Price Index CPI (Index Points) 219.57 224 240 258 278 322
Producer Prices (Index Points) 329.24 343 429 430 449 559
Inflation Expectations (Percent) 30.00 35 35 35 33 33
CPI Housing Utilities (Index Points) 273.67 280 287 317 345 397
Producer Prices Change (%) 66.90 63 60 55 50 30
Money Actual Q2 Q3 Q4 Q1 2020
Interest Rate (%) 63.03 68 65 63 61 40
Interbank Rate (%) 70.30 56 58 55 55 45
Deposit Interest Rate (%) 50.44 27 27 27 25 25
Central Bank Balance Sheet (USD Million) 6423368.70 6344796 6774630 7197594 7197594 8778056
Foreign Exchange Reserves (USD Million) 65345.00 52000 52200 52000 52000 53000
Trade Actual Q2 Q3 Q4 Q1 2020
Balance of Trade (USD Million) 1131.00 350 1200 -50 -500 200
Current Account (USD Million) -2317.00 -8777 -9180 -9400 -9200 -8700
Current Account to GDP (%) -5.40 -2.1 -2.1 -2.1 -2.6 -2.6
Imports (USD Million) 4174.00 4950 4400 5000 5500 5400
Exports (USD Million) 5305.00 5300 5600 4950 5000 5600
External Debt (USD Million) 277921.29 254161 251410 273752 279589 279228
Foreign Direct Investment (USD Millions) 131.21 85 75 80 80 120
Tourist Arrivals 243428.00 216400 270000 295000 320000 345000
Gold Reserves (Tonnes) 54.90 60.54 60.59 60.55 60.55 60.58
Government Actual Q2 Q3 Q4 Q1 2020
Government Debt to GDP (%) 86.20 100 100 100 85 85
Government Budget (% of GDP) -5.50 -3 -3 -3 -2.8 -2.8
Government Spending (ARS Million) 90795.00 96000 100000 95500 95500 98000
Taxes Actual Q2 Q3 Q4 Q1 2020
Corporate Tax Rate (%) 35.00 35 35 35 35 35
Personal Income Tax Rate (%) 35.00 35 35 35 35 35
Sales Tax Rate (%) 21.00 21 21 21 21 21
Social Security Rate For Companies (%) 26.70 26.7 26.7 26.7 26.7 26.7
Business Actual Q2 Q3 Q4 Q1 2020
Industrial Production (%) -8.80 -4.3 1.1 1.3 1.5 1.8
Industrial Production Mom (%) 2.30 -1 -1.1 -1 0.5 1.2
Changes in Inventories (ARS Million) -19140.00 -10283 21600 21600 21600 28954
Car Production (Units) 30280.00 41465 41490 39700 41500 40900
Car Registrations (Thousand) 27.95 45 49 56 57 58
Leading Economic Index (%) 0.90 0.4 -1.3 -2.3 -1.5 0.6
Consumer Actual Q2 Q3 Q4 Q1 2020
Consumer Confidence (Index Points) 36.50 37 34 36 38 42
Retail Sales MoM (%) 25.90 -14 -18 -15 2 0.8
Retail Sales YoY (%) 21.20 20 15 10 10 15
Consumer Spending (ARS Million) 500964.00 562140 494385 452566 503970 461617
Gasoline Prices (USD/Liter) 0.94 0.85 0.83 0.81 0.79 0.79
Housing Actual Q2 Q3 Q4 Q1 2020
Construction Output (%) -12.30 -1.4 1 3 3.8 4.5


Argentina will continue to struggle with lackluster growth for the next few years, as it begins to digest the challenges behind the implementation of President Macri’s economic reforms and the woes coming from its key trading partner Brazil. Structural improvements should materialize in the long run as reforms mature. In the meantime, private consumption should benefit from slowing inflation (albeit still above the administration’s 12-17 percent target for 2017) and credit expansion. As the fiscal deficit continues to narrow and the government’s commitments gain credibility, consumer and business confidence and rising construction activity should lead to faster FDI and fixed investment growth rates. This page has economic forecasts for Argentina including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Argentina economy.