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Home » Economy of the World » Argentina
 

Argentina Economy
Argentina economy depends on the country's rich natural reserves and the agricultural output. The country is also known for the wonderful beaches and numerous tourist attractions. Tourism in Argentina is the major source of income for the country. The countries bordering Argentina are Chile, Paraguay, Uruguay, Brazil, Bolivia. These neighboring countries have attractions that can be easily visited from Argentina. The country is one of the largest in South America. The country is densely populated and sees many immigration from other countries. The economy of Argentina is on a flourishing state after the availability of the highly skilled population.

The economy faltered during inflation and during the World War. With the emergence of free trade and market policies the economy bounced back to the present glory. The development has been phenomenal in the economy of Argentina. The economy of Argentina is more export oriented in the agricultural sector.

Argentina imports machinery, vehicles, chemicals and plastics. The investment sector of Argentina has a had a impressive GDP of 21.7% in the year 2006. The economy of Argentina has had a major boost as the country produces power for its industry. Power supply is very essential for the economical development. For instance in the year 2002, the country produced as many as 81.39 TWh of energy. Out of which the consumption of electricity was 81.65 TWh. The rest had to be imported from other countries. The neighboring countries in Argentina has free trade and market policies due to which it is easier for the industries to diversify. Not only the neighboring countries, Europe too imports many agricultural products from the country. The production of power is due to the source that are found in abundance. Power in Argentina is generated from fossil fuel, nuclear and hydro.



Argentina produces oil from its oil reserves that amounts to 755,000 barrel per day as was estimated in 2004. the requirements of oil are fulfilled by the stocks produced and there is no need to import or export oil. This self sufficiency of oil makes the industries of Argentina work at a smooth pace. During the downfall of the economy of Argentina, the World Bank and the IMF( International Monetary Fund) made the regularization of loan policies that has helped the economy of Argentina to a great extent. The much needed stability returned to financial and banking sector of the country. With the rise and fall of dollar there came the fluctuations in the shares in the money market. The economy of Argentina has given numerous job opportunities in the country. The agricultural products of Argentina are sunflower seeds, soybean, corn, tea, tobacco, wheat and many more. The land policies in Argentina increases the agricultural outputs to great extent.