Argentina’s Economy

The Economy of Argentina booms with its reliance on its own economic assets that give a sound boost to the various economic sectors of this country. The industrial sector of the country makes a remarkable contribution of 35% to the Gross Domestic Product. The popular and prominent cities of Argentina including the capital Buenos Aires, Cordoba and Rosario when clubbed together, form the significant commercial hub of the country. The major production comprises that of iron and steel, cement, various automobile parts, instruments that are used for agricultural purposes and many other items that escalate the revenue from exports.

Shifting to the primary sector, through the factual data of the year 2004, we can ascertain that more than 30%of the exports involve the agricultural produce with a greater part of the vegetable oils and soybean in them. Apart from this dairy products make a 6% share and cereals contribute an 8% in the exports of Argentina. Also being a country having one of the leading wine industries, Argentina is quite well off. Moreover, the country is showing an upward shift in the mining industry and is famous the pipeline system that has been organized in a very well manner. Also, the produce from forests comes to good use for the manufacture of paper and furniture that give their share in the exports of the country.

The most significant and revenue mounting sector of the whole economy of Argentina is the huge service sector. Argentina’s rich resources give the manufacture of electricity a giant leap. Besides Russia and Canada, Argentina also is a great source of the nuclear energy. Moreover, the telecommunications sector is also witnessing tremendous growth with an extension of its area, mainly through increasing Internet and telephone use.

Over the years, the tourism industry has also seen an increase in its income and accords a 7% of the total produce. According to the figures of the year 2005, an approximate number of 3.7 million tourists made Argentina as their destination.

After a long ten-year period of downslide in Argentina’s economy, the crucial year 2003 came up with proposal of increment in the exports of the country. It also replaced the raw export products with the finished products to earn higher revenue. When the country followed this kind of procedure, the financial and economic status of the country improved remarkably. Since then, the growth rate of the country has been continuously rising. The year 2006 witnessed the GDP per capita reach an amount of 15000 dollars while the growth rate of the GDP was 8.5%. These factual figures reveal the significant steps taken by the country to ameliorate its overall condition.

 

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