and Consulates in Baltimore, Chicago, and Los Angeles;
US--Ambassador Terence A. TODMAN; Embassy at 4300 Colombia,
1425 Buenos Aires (mailing address is APO Miami 34034);
telephone p54o (1) 774-7611 or 8811, 9911

Flag: three equal horizontal bands of light blue (top), white, and light
blue; centered in the white band is a radiant yellow sun with a human face known
as the Sun of May

- Economy
Overview: Argentina is rich in natural resources, and has a highly
literate population, an export-oriented agricultural sector, and a
diversified industrial base. Nevertheless, the economy has encountered
major problems in recent years, leading to a recession in 1988-89.
Economic growth slowed to 2.0% in 1987 and to - 1.8% in 1988; a sharp
decline of - 5.5% has been estimated for 1989. A widening public-sector
deficit and a multidigit inflation rate has dominated the
economy over the past three years, reaching about 5,000% in 1989.
Since 1978, Argentina's external debt has nearly doubled to $60
billion, creating severe debt-servicing difficulties and hurting
the country's creditworthiness with international lenders.

GNP: $72.0 billion, per capita $2,217; real growth rate - 5.5%
(1989 est.)

Inflation rate (consumer prices): 4,925% (1989)

Unemployment rate: 8.5% (1989 est.)

Budget: revenues $11.5 billion; expenditures $13.0 billion,
including capital expenditures of $0.93 billion (1988)

Exports: $9.6 billion (f.o.b., 1989);
commodities--meat, wheat, corn, oilseed, hides, wool;
partners--US 14%, USSR, Italy, Brazil, Japan, Netherlands

Imports: $4.3 billion (c.i.f., 1989);
commodities--machinery and equipment, chemicals, metals, fuels and
lubricants, agricultural products;
partners--US 25%, Brazil, FRG, Bolivia, Japan, Italy, Netherlands

External debt: $60 billion (December 1989)

Industrial production: growth rate - 8% (1989)

Electricity: 16,449,000 kW capacity; 46,590 million kWh produced,
1,460 kWh per capita (1989)

Industries: food processing (especially meat packing), motor vehicles,
consumer durables, textiles, chemicals and petrochemicals, printing,
metallurgy, steel

Agriculture: accounts for 15% of GNP (including fishing); produces
abundant food for both domestic consumption and exports; among world's
top five exporters of grain and beef; principal crops--wheat, corn, sorghum,
soybeans, sugar beets; 1987 fish catch estimated at 500,000 tons

Aid: US commitments, including Ex-Im (FY70-88), $1.0 bi