Capital City: Buenos Aires
	It is %T:%M %A in Buenos Aires

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Economic trends

The Argentinean economy is going through a revival process since 2003, after it had collapsed during the first semester of 2002. Its GDP growth rate reached 9.2% in 2005, 9,2% in 2006 and 7.5% in 2007 (as compared to -10.9% in 2002) sustained by consumption and investment. However, IMF forecasts a slowdown to 5,5% in 2008. The inflation rate is high (9,5% in 2006). Though devaluation of peso has re-launched exports (mainly of agricultural products), but as imports continue to outpace export growth the current-account surplus will narrow as a percentage of GDP. Argentina's economy is fragile: financial system is not secure (especially for international investors), social situation is delicate (25% of the population lives below poverty line), and country is also facing energy crisis.

Main branches of industry

Argentina's economy has traditionally been based on agriculture (constituting nearly 10% of GDP), but the industrial and service sectors have also grown substantially in recent years. The industrial sector contributes nearly 35% and services sector around 55% to the country’s GDP. Argentina has numerous assets to withstand the difficulties: a successful and export-oriented agriculture which attracts foreign investment, considerable natural resources (copper, gas and oil) and a qualified & competitive labour force. Its cattle herds are among the world's finest. Argentina is the world's largest source of tannin and linseed oil. Food processing (in particular meat-packing, flour milling, and canning) is the largest manufacturing activity.

International trade

Argentina is a member of MERCOSUR (other members being Brazil, Uruguay and Paraguay) which is the 4th largest free-trade zone in the world. It remains the corner stone of Argentina's international trade policy. The top three exports partners of the country are: Brazil, the U.S.A. and Chile. Argentina mainly exports mineral fuels & oils, residues & wastes from food industries, animal & vegetable fats & oils, and cereals. Its top three import partners are: Brazil, the U.S.A. and China. Argentina mainly imports machines, vehicles, electronic and electrical equipment, and organic chemicals.