00 New Hampshire Avenue NW, Washington, DC 20009
telephone:
(202) 939-6400 through 6403
consulates general:
Houston, Miami, New Orleans, New York, San Francisco, and San Juan (Puerto
Rico)
consulates:
Baltimore, Chicago, and Los Angeles
US diplomatic representation:
chief of mission:
Ambassador James CHEEK (since 28 May 1993)
embassy:
4300 Colombia, 1425 Buenos Aires
mailing address:
APO AA 34034
telephone:
[54] (1) 774-7611 or 8811, 9911
FAX:
[54] (1) 775-4205
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

*Argentina, 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, following decades of mismanagement and statist policies, the
economy in the late 1980s was plagued with huge external debts and recurring
bouts of hyperinflation. Elected in 1989, in the depths of recession,
President MENEM has implemented a comprehensive economic restructuring
program that shows signs of putting Argentina on a path of stable,
sustainable growth. Argentina's currency has traded at par with the US
dollar since April 1991, and inflation has fallen to its lowest level in 20
years. Argentines have responded to the relative price stability by
repatriating flight capital and investing in domestic industry. Much remains
to be done in the 1990s in dismantling the old statist barriers to growth
and in solidifying the recent economic gains.
National product:
GDP - exchange rate conversion - $112 billion (1992 est.)
National product real growth rate:
7% (1992 est.)
National product per capita:
$3,400 (1992 est.)
Inflation rate (consumer prices):
17.7% (1992)
Unemployment rate:
6.9% (1992)
Budget:
revenues $33.1 billion; expenditures $35.8 billion, including capital
expenditures of $3.5 billion (1992)
Exports:
$12.3 billion (f.o.b., 1992 est.)
commodities:
meat, wheat, corn, oilseed, hides, wool
partners:
US 12%, Brazil, Italy, Japan, Netherlands
Imports:
$14.0 billion (c.i.f., 1992 est.)
commodities:
machinery and equipment, chemicals, metals, fuels and lubricants,
agricultural products
partners:
US 22%, Brazil, Germany, Bolivia, Japan, Italy, Netherlands
External debt:
$54