Argentina s economy contracted a record 19 1 in the second quarter versus the same period a year earlier as the coronavirus pandemic crippled production and demand though was slightly better. The largest gdp contributor is the business social and other services sector which make up 33 3.
Argentina s economic freedom score is 53 1 making its economy the 149th freest in the 2020 index.
Argentina economy. Since independence from spain in 1816 the country has defaulted on its. 27 march 2019 economic survey of argentina significant reforms have been undertaken since 2015 to strengthen growth and well being as reported in the 2017 oecd economic survey of argentina. Argentina is a developing country it is the second largest in south america behind brazil.
Argentina argentina economy. Argentina still produces more grain than any other country in latin america and is second in cattle raising only to brazil and its receipts from. The economy of argentina is based on diverse sectors.
Argentina s economy plunged more than expected in april as commerce ground to a halt during the nation s first full month of a strict covid 19 quarantine. Access to international capital markets was restored the credibility of national statistics was re established and social protection was enhanced while. Its overall score has increased by 0 9 point primarily because of a higher government.
Since the restoration of argentine democracy in 1983 three of the major economic crises the country has suffered a brutal bout of hyperinflation in the late 1980s a catastrophic debt default. Argentina benefits from rich natural resources a highly literate population an export oriented agricultural sector and a diversified industrial base argentina s economic performance has historically been very uneven with high economic growth alternating with severe recessions particularly since the. Argentina economic growth the coronavirus pandemic will wreak havoc on the already ailing economy causing gdp to shrink sharply this year amid severe lockdown measures.
Argentina s economy which is one of the more powerful in the region is dependent on services and manufacturing although agribusiness and ranching dominated the economy for much of the 19th and 20th centuries. The leading industries include food processing automobiles appliances and electronics. Moreover the evolution of the health crisis in the region adds a downside risk to the outlook although the recent debt restructuring agreement reduces the short term risk of.
This is followed by manufacturing at 17 2 of the gdp and commerce and tourism at 16 9. The economic history of argentina is one of the most studied owing to the argentine paradox its unique condition as a country that had achieved advanced development in the early 20th century but experienced a reversal which inspired an enormous wealth of literature and diverse analysis on the causes of this decline.