The Argentine economy is one of the best in the region, and whilst it mainly depends on manufacturing, it wasn’t always that way. Until around the 1980s, Argentina mainly produced agricultural resources, with good soil and lots of land, its economy trended upward, becoming “one of the most prosperous countries in Latin America.”
This was until the Great depression of 1930, when Argentina dropped from very rich to a low-moderate state of being, and attempted to be self sufficient, the government putting very high tariffs on many other countries. The government put their emphasis on manufacturing, making many shift away from the agricultural business. This sparked the high inflation and unemployment in the late 20th century, sending the country into a financial crisis in the early 2000s. Even though the agricultural production decreased, it has remained the biggest producer of grain in Latin America, and the second largest of cattle, and the world’s leading exporter of corn, flax, and meat.
The GNP, or Gross National Product, GNP per capita, and manufacturing value are all some of the largest in the region, with the GDP per capita being at approximately 27,100 USD in 2023. Neighbouring countries are in the same GDP region, with only Chile and Uruguay being ahead of Argentina, with $29,500 and $31,000, respectively. On the other side of the line, Brazil, Paraguay, and Bolivia are all beneath $20,000, Bolivia having about â…“ the GDP as Argentina. Unfortunately, not all Argentine citizens are thriving, with about a third of the population below the poverty line, and about 6% of the labour force seeking employment as of 2024. The GDP growth rate has also been on a downward trend, with a 10% rate in just 2021 going down to a -1.6% in 2023. Despite all this, Argentina has a total GDP of approximately 1,272.2 billion, ranking at 85th highest in the world.
The country mainly imports petroleum, vehicles and parts, natural gasses, and fertilizers, with large import partners being China, Brazil, and the USA, accountable for 21%, 20%, and 14%, respectively. Argentina’s imports make up about 93 billion dollars, and exports are around 82.9 billion USD. These are soybean products, corn, wheat, and large vehicles, with major partners being Brazil, China, and the USA, each compensating for 15, 9, and 8%, respectively.