Argentina flag Argentina: Economic outline

Economic Outline

Economic Indicators

For the latest updates on the key economic responses from governments to address the economic impact of the COVID-19 pandemic, please consult the IMF's policy tracking platform Policy Responses to COVID-19.

Argentina has a long history of political and economic instability - with significant growth fluctuations every year. In 2022, the country had an estimated growth in GDP of 4%, mainly driven by private consumption and the recovery of sectors that were previously affected by the pandemic. However, South America’s second largest economy is expected to grow at a slower pace in coming years, with the IMF predicting a GDP growth of 2% for 2023 and 2024, as monetary tightening and price pressures are expected to weaken labour markets and private consumption.

Since 1950, Argentina has spent 33% of the time in recession, second in the world behind the Democratic Republic of Congo, according to the World Bank. The country's structurally high inflation increased in 2022 and hit an estimated 72.4%, according to the IMF, as a large share of the fiscal deficit was monetised and the Peso depreciated as a result of the government's lack of a credible economic plan. In order to curb inflationary pressures, the government has implemented new currency exchange rates to the more than 10 that already exist in Argentina. According to the IMF, general government balance in Argentina represented an estimated -3.8% of GDP, while public debt reached 76% in 2022. Furthermore, the country has been making progress in its US$40-billion debt renegotiation with the IMF, and reached an agreement in 2022. As such, the country is expected to continue on its path to further reduce macroeconomic imbalance and restore fiscal order in the coming years. Although the pandemic has significantly impacted the Argentine economy, the country has been recovering, with the government implementing measures to counteract the economic crisis resulting from it.

In 2022, the unemployment rate in Argentina fell to an estimated 6.9%, consistent with the economic recovery the country experienced, and it is expected to remain unchanged in 2023 and 2024. However, even though formal employment has been rising, high labour informality remains a concern in the country. The Argentine government has faced difficulties in fighting high levels of poverty, which affects more than 40% of the population, and the social situation of the country is characterised by constant underlying tensions between the Government and trade unions over the reforms announced. The country is also split between central and decentralised authorities over the distribution of federal revenues. Infrastructure net works require more investment as access to electricity and water in rural areas is not always ensured.

Main Indicators 20222023 (E)2024 (E)2025 (E)2026 (E)
GDP (billions USD) 630.61621.83632.63635.91660.28
GDP (Constant Prices, Annual % Change) 5.0-
GDP per Capita (USD) 13,62013,29713,39413,33013,704
General Government Balance (in % of GDP) -4.1-3.2-2.8-1.2-0.1
General Government Gross Debt (in % of GDP) 84.789.579.976.875.8
Inflation Rate (%) n/a121.793.754.142.1
Unemployment Rate (% of the Labour Force)
Current Account (billions USD) -4.29-3.767.305.246.17
Current Account (in % of GDP) -0.7-

Source: IMF – World Economic Outlook Database, 2016

Note: (e) Estimated Data

Monetary Indicators 20162017201820192020
Argentine Peso (ARS) - Average Annual Exchange Rate For 1 GBP 19.9321.3237.4860.1390.43

Source: World Bank, 2015


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Latest Update: November 2023

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