Markets Actual Q3 Q4 Q1 Q2 2020
Currency 42.28 43.32 44.19 45.08 45.99 47.86
Stock Market (points) 40161.60 40522 39284 38089 36927 34708
Government Bond 10y (%) 6.22 5.86 5.84 5.84 5.84 5.85
Overview Actual Q3 Q4 Q1 Q2 2020
GDP Growth Rate (%) -0.20 0.4 0.4 0.6 0.7 1
GDP Annual Growth Rate (%) -5.80 -1.4 -1.5 0.6 1 2
Unemployment Rate (%) 10.10 9.5 9 9.2 8.9 8.4
Inflation Rate (%) 55.80 45 40 35 28 25
Inflation Rate Mom (%) 2.70 2.5 2.3 2.2 2.1 2.5
Interest Rate (%) 58.72 55 50 47 45 40
Balance of Trade (USD Million) 1373.00 1200 -50 -500 -500 200
Current Account (USD Million) -3849.43 -8777 -9400 -9200 -7700 -8700
Current Account to GDP (%) -5.40 -2.1 -2.1 -2.6 -2.6 -2.6
Government Debt to GDP (%) 86.20 100 100 85 85 85
Government Budget (% of GDP) -5.50 -3 -3 -2.8 -2.8 -2.8
Consumer Confidence (Index Points) 40.60 36 36 38 39 42
Retail Sales MoM (%) 25.90 -18 -15 2 5 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 Q3 Q4 Q1 Q2 2020
GDP Growth Rate (%) -0.20 0.4 0.4 0.6 0.7 1
GDP Annual Growth Rate (%) -5.80 -1.4 -1.5 0.6 1 2
GDP (USD Billion) 518.50 680 680 690 690 690
GDP Constant Prices (ARS Million) 666751.00 689716 669074 683339 670752 684463
Gross Fixed Capital Formation (ARS Million) 112858.00 139221 118620 121149 113535 121348
GDP per capita (USD) 10040.13 10900 10900 11200 11200 11200
GDP per capita PPP (USD) 18282.09 19000 19000 19100 19100 19100
GDP From Agriculture (ARS Million) 39914.28 35500 33500 33500 33500 35000
GDP From Construction (ARS Million) 22012.20 22715 20170 20600 22144 20634
GDP From Manufacturing (ARS Million) 99191.28 116583 111689 114070 99786 114258
GDP From Mining (ARS Million) 20849.88 21207 20848 21292 20975 21327
GDP From Public Administration (ARS Million) 33277.70 32798 32648 33344 33477 33399
GDP From Services (ARS Million) 81358.93 86335 83474 85253 81847 85393
GDP From Transport (ARS Million) 55968.54 56524 54543 55706 56304 55797
GDP From Utilities (ARS Million) 12201.53 12611 11565 11811 12275 11831
Labour Actual Q3 Q4 Q1 Q2 2020
Unemployment Rate (%) 10.10 9.5 9 9.2 8.9 8.4
Unemployed Persons (Thousand ) 1338.00 1275 1280 1280 1270 1250
Wages (ARS/Month) 40911.00 32571 35694 35694 42103 36337
Minimum Wages (ARS/Month) 12500.00 11500 12000 12500 13000 14000
Population (Million) 44.50 44.61 44.51 44.97 44.97 44.97
Wages High Skilled (ARS/Month) 20500.00 19911 20869 20869 20869 21245
Wages Low Skilled (ARS/Month) 10500.00 10415 10689 10689 10689 10881
Wage Growth (%) 2.77 2.1 1.8 1.8 1.6 2
Living Wage Family (ARS/Month) 14400.00 12457 14659 14659 14659 14923
Living Wage Individual (ARS/Month) 10400.00 8741 10587 10587 10587 10778
Prices Actual Q3 Q4 Q1 Q2 2020
Inflation Rate (%) 55.80 45 40 35 28 25
Inflation Rate Mom (%) 2.70 2.5 2.3 2.2 2.1 2.5
Consumer Price Index CPI (Index Points) 225.54 223 245 256 278 306
Producer Prices (Index Points) 335.52 429 430 449 477 559
Inflation Expectations (Percent) 30.00 35 35 33 33 33
CPI Housing Utilities (Index Points) 281.07 267 302 323 345 377
Producer Prices Change (%) 65.90 60 55 50 45 30
Money Actual Q3 Q4 Q1 Q2 2020
Interest Rate (%) 58.72 55 50 47 45 40
Interbank Rate (%) 66.53 58 55 55 55 45
Deposit Interest Rate (%) 47.25 27 27 25 25 25
Central Bank Balance Sheet (USD Million) 6190041.03 6344796 6774630 7197594 7197594 8778056
Foreign Exchange Reserves (USD Million) 59091.00 52200 52000 52000 52000 53000
Trade Actual Q3 Q4 Q1 Q2 2020
Balance of Trade (USD Million) 1373.00 1200 -50 -500 -500 200
Current Account (USD Million) -3849.43 -8777 -9400 -9200 -7700 -8700
Current Account to GDP (%) -5.40 -2.1 -2.1 -2.6 -2.6 -2.6
Imports (USD Million) 4644.00 4400 5000 5500 5300 5400
Exports (USD Million) 6017.00 5600 4950 5000 5100 5600
External Debt (USD Million) 275827.96 254161 283000 273752 279589 286000
Foreign Direct Investment (USD Millions) 160.60 75 80 80 140 120
Tourist Arrivals 228494.00 270000 295000 320000 190000 345000
Gold Reserves (Tonnes) 54.90 60.54 60.59 60.58 60.58 60.58
Government Actual Q3 Q4 Q1 Q2 2020
Government Debt to GDP (%) 86.20 100 100 85 85 85
Government Budget (% of GDP) -5.50 -3 -3 -2.8 -2.8 -2.8
Government Spending (ARS Million) 90795.00 100000 95500 95500 95500 98000
Taxes Actual Q3 Q4 Q1 Q2 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 27 27 27 26.7 27
Business Actual Q3 Q4 Q1 Q2 2020
Industrial Production (%) -6.90 1.1 1.3 1.5 1.8 1.8
Industrial Production Mom (%) 0.60 -1.1 -1 0.5 0.7 1.2
Changes in Inventories (ARS Million) -19140.00 -10283 21600 21600 21600 28954
Car Production (Units) 23916.00 41465 39700 41500 40000 40900
Car Registrations (Thousand) 36.50 49 56 57 54 58
Leading Economic Index (%) 0.90 -1.3 -2.3 -1.5 0.3 0.6
Consumer Actual Q3 Q4 Q1 Q2 2020
Consumer Confidence (Index Points) 40.60 36 36 38 39 42
Retail Sales MoM (%) 25.90 -18 -15 2 5 0.8
Retail Sales YoY (%) 21.20 15 10 10 18 15
Consumer Spending (ARS Million) 500964.00 497895 452566 462215 503970 462975
Gasoline Prices (USD/Liter) 1.00 0.83 0.81 0.79 0.9 0.79
Housing Actual Q3 Q4 Q1 Q2 2020
Construction Output (%) -3.40 1 3 3.8 4.3 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.