Due to political conflict and violence which led to an economic crisis and an immense public debt during the twentieth century, Argentina lost its prominence 100 years ago as one of the wealthiest nations in the world. However, thanks to recent stability, Argentina is increasing the GDP and making a comeback.
For many years the Argentinean government made efforts to keep the U.S. dollar exactly equivalent to the peso, however this proved problematic, and the efforts were dropped with the succession of Eduardo Duhalde as president in 2002. This led to immediate inflation and strong depreciation of the peso. Duhalde undertook efforts to correct the issue as has the current administration, and the economy has experienced growth and stability in the past few years.
The GDP per capita in Argentina is growing at a rate of 8.5% and is made up mostly of services, accounting for nearly 55%. The services sector is followed by Argentinean industry making up nearly 36% of the GDP with Agriculture accounting for under 10%. The nation's labor force is made up of over 15 million people.
Some of the agricultural products in Argentina include sunflower seeds, lemons, grapes, soy beans, corn, peanuts, tea, wheat, and livestock. Industry includes food processing, motor vehicles, textiles, chemicals, and steel to name a few. Of the commodities produced in Argentina, edible oils, cereals, feed, as wells as fuels and energy are exported to other South American countries as well as larger countries like the U.S. and China.
Argentina also imports many products from other countries such as machinery, vehicles, chemicals, and plastics. These products primarily come from Brazil, the U.S., China, and Germany.
Over 450 American companies are operating in Argentina supplying some 150,000 jobs. These businesses are generally focused on manufacturing and information services. Additionally, countries such as Spain, France, Canada, Japan, Italy, and Chile are also actively investing in Argentina as well as operating several businesses in the country.