Argentina has a mixed economy that has well-developed agricultural, industrial, and service sectors. From the 1930s well into the 1970s, there was a concentrated
effort to develop industries and expand industrial capacity. However, the economic problems of the 1970s and 1980s, combined with political instability, led to a period of decreased economic production and the decline of many of the country's major industries.
Agriculture remains a major component of Argentina's economy as crops and livestock provide much of the nation's domestic food needs. These products also provide raw materials for the growing food processing industry. Agriculture directly accounts for 7 percent of the nation's GDP. The agriculture sector is driven by the export of crops and livestock. This makes the sector vulnerable to economic problems with Argentina's main trading partners. In the past, Argentine livestock production suffered from problems with diseases such as hoof-and-mouth disease, as well as restrictions on imports by nations such as the United States. Beginning in the 1980s, agriculture in Argentina began to diversify beyond the traditional products such as beef and sheep. Many food-based oils and specialty crops are now raised. In addition to beef, some of Argentina's main agricultural products include sunflower seeds, lemons, soybeans, grapes, corn, tobacco, peanuts, tea, and wheat. Fishing has declined significantly in recent years as decades of over-fishing have limited stocks of the most popular catches.
Industry in Argentina is diversified and driven by a large and relatively affluent domestic market. Only recently has the nation begun to export significant amounts of manufactured or finished products. Argentina's membership in MERCOSUR has been one of the main factors driving industrial exports as it has expanded access to existing markets and opened new markets. Industry accounts for 29 percent of GDP. As a result of economic problems in Brazil, industrial production growth in Argentina declined by 7 percent in 1999, but rebounded in 2000 by posting a modest level of growth of 2 percent. Among the main industries in Argentina are food processing, automobile production, textiles, energy production, and mining. The nation also has a growing chemical industry.
The service sector is now the leading component of the Argentine economy. In 1999, it accounted for 64 percent of GDP. Much of the growth in the service sector has been the result of the economic liberalizations of the 1980s and 1990s. Several key sectors, including telecommunications and financial services, have seen dramatic expansions as foreign companies have invested in these areas, and there has been an increase in domestic consumer demand. While many segments of the service sector have experienced growth, the economic problems of the late 1990s led to declines in other areas. For instance, retail and wholesale businesses have seen little or no growth as consumer spending has been constrained by the most recent recession.
FAQs
Agriculture, forestry, and fishing. Argentina is one of the world's major exporters of soybeans and wheat, as well as meat. It is also one of the largest producers of wool and wine, but most of its wine is consumed domestically.
What sector is Argentina in? ›
Argentina remains a world leader in the agricultural sector. Argentina is the number one exporter of soy-derived products in the world.
What are important economic facts about Argentina? ›
Quick Facts
- Population: 45.8 million.
- GDP (PPP): $1.1 trillion. -0.3% 5-year compound annual growth. $23,597 per capita.
- Unemployment: 11.5%
- Inflation (CPI): 48.4%
- FDI Inflow:
- Public Debt: 80.9%
With a Gross Domestic Product (GDP) of approximately US$610 billion, Argentina is one of the largest economies in Latin America. Argentina has vast natural resources in energy and agriculture.
What are the main sectors in an economy? ›
However, economists typically divide the economy into three main sectors: primary, secondary, and tertiary—each classified by how they relate to the raw materials for production.
What are the three main sectors of an economy? ›
The 3 main sectors of the economy are primary, secondary and tertiary sectors. Manufacturing comes under the secondary sector, extraction of raw materials industries comes under the primary sector of the economy and the services industry comes in the tertiary sector of the economy.
What are 3 major industries in Argentina? ›
Argentina's most important industries are the food processing industry, automobile production industry, textile industry, energy production industry, and mining industry. These industries make up a huge portion of the country's overall economy.
What are the 4 main regions of Argentina? ›
The country is divided into four regions: The Andes, the North, the Pampas, and Patagonia. The Pampas is the agricultural heartland. Avendia 9 de Julio in Buenos Aires was named after Argentina's Independence Day.
How big is the Argentina economy? ›
Worldwide gross domestic product in 2021 was at about 12,232 USD per capita. GDP in Argentina, on the other hand, reached USD 10,636 per capita, or 487.23 billion USD for the whole country. Argentina is therefore currently ranked 27 of the major economies.
What is Argentina's economic growth? ›
After a strong rebound in 2021 and an expected deterioration in the second half of 2022, GDP is projected to rise by 0.5% in 2023 and 1.8% in 2024.
Argentina is known for its passion for soccer, Mate culture, and love for Tango. With stunning natural landscapes in Patagonia to vibrant city life in Buenos Aires, the country offers a unique experience for travelers. Argentina is also famous for its quality wine, delicious food, and world-renowned landmarks.
When was Argentina's economy good? ›
Between 1860 and 1930, exploitation of the rich land of the pampas strongly pushed economic growth. During the first three decades of the 20th century, Argentina outgrew Canada and Australia in population, total income, and per capita income.
What are the 4 economic sectors? ›
There are four types of sector groupings in the economy: primary, secondary, tertiary, and quaternary.
What are the 5 economic sectors? ›
Five Economic Sectors
- Primary Sector - raw materials.
- Secondary Sector - manufacturing.
- Tertiary Sector - services.
- Quaternary Sector - knowledge.
- Quinary Sector - an extension of the tertiary/quaternary sector.
The 4 different sectors of the economy are primary sector, secondary sector, tertiary sector and quaternary sector.
What is the difference between the 3 sectors of economy? ›
Each sector is interdependent on the other so that the economy as a whole functions properly and efficiently. The primary sector is where the materials for the secondary sector are gathered. In the secondary sector, the product is then made into consumable item(s) which is then distributed by the tertiary sector.
What is the meaning of economic sector? ›
Definition (http://www.businessdictionary.com/definition/economic-sector.html) A division of a country's population based upon the economic area in which that population is employed.
How do you compare three sectors? ›
Comparing the Three Sectors
- A very large number of goods and services are produced by the various production activities in the primary, secondary and tertiary sectors.
- The sum of production in the three sectors gives the Gross Domestic Product (GDP) of a country.
Exports The top exports of Argentina are Corn ($8.88B), Soybean Meal ($8.63B), Soybean Oil ($6.17B), Delivery Trucks ($3.89B), and Wheat ($2.71B), exporting mostly to Brazil ($11.2B), China ($5.93B), United States ($4.55B), India ($4.19B), and Chile ($3.93B).
What are 3 of the most important cities in Argentina? ›
Cities by population
| Rank | City | Province |
|---|
| 1 | Buenos Aires | Autonomous city |
| 2 | Córdoba | Córdoba |
| 3 | Rosario | Santa Fe |
| 4 | La Plata | Buenos Aires |
98 more rowsThis statistic shows the share of economic sectors in the gross domestic product (GDP) in Argentina from 2011 to 2021. In 2021, the share of agriculture in Argentina's gross domestic product was 6.87 percent, industry contributed approximately 24.86 percent and the services sector contributed about 52 percent.
Why is Argentina's economy unique? ›
The economy of Argentina is the second-largest national economy in South America, behind Brazil. Argentina is a developing country with a highly literate population, an export-oriented agricultural sector, and a diversified industrial base.
What is the most important thing in Argentina? ›
Argentina is famous for being the birthplace of Tango, one of the most influential and well-known dances throughout the world. The street art depicting giant murals throughout Buenos Aires is another popular cultural aspect many tourists enjoy.
What is important to Argentina culture? ›
Tango is perhaps Argentina's most famous cultural contribution to the world stage, and few visitors to the country escape its display, filled as it is with drama and seduction.
What are Argentina people known for? ›
Argentines are generally friendly and hospitable to those they meet. Although many Argentines are focused on building strong communities, a strain of individualism is also prevalent in the country.
What are 3 cultural facts about Argentina? ›
- Tango was born in the brothels of Buenos Aires. – ...
- Ushuaia is the most southern city in the world. ...
- Che Guevara is from Argentina. ...
- Argentina is named after a precious metal. ...
- Same-Sex Marriage is legal. ...
- Argentina has some pretty tall mountains. ...
- Everyone has a shrink. ...
- First country in the world to use fingerprints to solve crimes.
It is the second largest country in South America after Brazil, and the eighth largest country in the world. To the west, the towering Andes mountains create a natural 5,142km high border with Chile, and the eastern border of the country is the Atlantic Ocean.
What is the culture of Argentina? ›
What is the culture of Argentina? Argentina's culture and traditions are a unique blend of Latin American indigenous traditions and European customs. While Spain gained an early foothold in the country, Italian immigration in the 19th century added a Mediterranean flair to the culture and especially the cuisine.
What are the resources of Argentina? ›
With the exception of oil and natural gas, exploitable mineral reserves are generally small and widely scattered. Deposits of iron ore, uranium, lead, zinc, silver, copper, manganese, and tungsten are worked. A wide range of nonmetallic minerals is found throughout the country.
What sectors are in South America? ›
Latin America's economy is composed of two main economic sectors: agriculture and mining. Latin America has large areas of land that are rich in minerals and other raw materials.
...
- 3.1 Agriculture.
- 3.2 Mining and petroleum.
- 3.3 Manufacturing.
Argentina has been a WTO member since 1 January 1995 and a member of GATT since 11 October 1967.
What are 4 major economic activities in South America? ›
Now, major economic activities include agriculture, industry, forestry, and mining.
What are the top 5 economies of South America? ›
Here are the 10 richest countries in South America:
- Brazil - $1.80 Tn.
- Argentina - $545.87 Bn.
- Venezuela - $291.38 Bn.
- Colombia - $282.46 Bn.
- Chile - $247.05 Bn.
- Peru - $192.21 Bn.
- Ecuador - $98.01 Bn.
- Uruguay - $52.42 Bn.
Brazil is the largest economy in South America, followed by Argentina, Chile, Colombia, and Peru. These five together hold a huge 90% share of the South American economy. Suriname is the smallest economy in South America.
What is the main trade of Argentina? ›
Yearly Trade
The most recent exports are led by Corn ($8.88B), Soybean Meal ($8.63B), Soybean Oil ($6.17B), Delivery Trucks ($3.89B), and Wheat ($2.71B). The most common destination for the exports of Argentina are Brazil ($11.2B), China ($5.93B), United States ($4.55B), India ($4.19B), and Chile ($3.93B).
Who are Argentina's economic partners? ›
According to the last available data from WTO, Argentina exported USD 77.9 billion worth of goods in 2021, and imported USD 63.1 billion.
...
Main Partner Countries.
| Main Customers (% of Exports) | 2021 |
|---|
| Brazil | 15.1% |
| China | 7.9% |
| United States | 6.4% |
| India | 5.5% |
16 more rowsThe South American country is one of the world's main crop producing nations—responsible for up to 54% of their exports—making crops in general the main export of Argentina. These crops include wheat, soybeans, corn, barley, rice, flax seed, sugarcane, cotton, citrus fruits, and grapes.
