Benefiting from rich natural resources, a highly literate population, a diversified industrial base, and an export-oriented agricultural sector, the economy of Argentina is Latin America's third largest. It has a "very high" rating on the Human Development Index and a relatively high GDP per capita, with a considerable internal market size and a growing share of the high-tech sector.
Florida Street, Buenos Aires
A middle emerging economy and one of the world's top developing nations, Argentina is a member of the G-20 major economies. Historically, however, its economic performance has been very uneven, with high economic growth alternating with severe recessions, income maldistribution and—in the recent decades—increasing poverty. Early in the 20th century Argentina achieved development, and became the world's seventh richest country. Although managing to keep a place among the top fifteen economies until mid-century, it suffered a long and steady decline and now it's just an upper middle-income country.
High inflation—a weakness of the Argentine economy for decades—has become a trouble once again, with rates in 2013 between the official 10.2% and the privately estimated 25%, causing heated public debate over manipulated statistics. Income distribution, having improved since 2002, is classified as "medium", still considerably unequal.
Argentina ranks 102nd out of 178 countries in the Transparency International's 2012 Corruption Perceptions Index. While the country has settled most of its debts, it faces a technical debt crisis since 31 July 2014. A New York judge blocked Argentina's payments to 93% of its bonds unless it pays to "Vulture funds" the full value of the defaulted bonds they bought after its 2001 default. Argentina vowed not to capitulate to what it considered the ransom tactics of the funds
In 2012 manufacturing accounted for 20.3% of GDP—the largest goods-producing sector in the nation's economy.Well-integrated into Argentine agriculture, half of the industrial exports have rural origin.
With a 6.5% production growth rate in 2011, the diversified manufacturing sector is organized around a steadily growing network of industrial parks (314 as of 2013)
Products; motor vehicles and auto parts; textiles and leather; refinery products and biodiesel; chemicals and pharmaceuticals; steel, aluminum and iron; industrial and farm machinery; home appliances and furniture; plastics and tires; glass and cement; and recording and print media.In addition, Argentina has since long been one of the top five wine-producing countries in the world. However, it has also been classified as one of the 74 countries where instances of child labor and forced labor have been observed and mentioned in a 2014 report published by the Bureau of International Labor Affairs. The ILAB's List of Goods Produced by Child Labor or Forced Labor clearly shows that Argentina's agricultural sector relies heavily on such practices.
Córdoba is Argentina's major industrial center, hosting metalworking, motor vehicle and auto parts manufactures. Next in importance are the Greater Buenos Aires area (food processing, metallurgy, motor vehicles and auto parts, chemicals and petrochemicals, consumer durables, textiles and printing); Rosario (food processing, metallurgy, farm machinery, oil refining, chemicals, and tanning); San Miguel de Tucumán (sugar refining); San Lorenzo (chemicals and pharmaceuticals); San Nicolás de los Arroyos (steel milling and metallurgy); and Ushuaia and Bahía Blanca (oil refining). Other manufacturing enterprises are located in the provinces of Santa Fe (zinc and copper smelting, and flour milling); Mendoza and Neuquén (wineries and fruit processing); Chaco (textiles and sawmills); and Santa Cruz, Salta and Chubut (oil refining)
The electric output of Argentina in 2009 totaled over 122 TWh (440 PJ), of which about 37% was consumed by industrial activities