Gdp on Argentina Essay

Submitted By quetta1215
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For unit 4 individual projects I decided on the country Argentina. For Argentina economic concerns I decided to write on the inflation. “Inflation is the rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling.” (Investopedia) Argentina is a federal republic country located in southeastern South America. “Argentina’s economy has traditionally been based on agriculture, but the industrial and service sectors have also grown in importance in recent years. Livestock and grains have long been the bulwark of its wealth; its cattle herds are among the worlds finest. As an exporter of wheat, corn, flax, oats, beef, mutton, hides, and wool, Argentina rivals the United States, Canada, and Australia. Its other agricultural products include oilseeds, lemons, soybeans, grapes, and tobacco. Argentina is the world's largest source of tannin and linseed oil. The Pampa is the nation's chief agricultural area; however, since the 1930s there has been a great rise in production in other areas, especially in the oases of the Monte and the irrigated valleys of N Patagonia.” (Argentina, 2005) Argentina economic history has had its rough patches. In the late 1980s Argentina suffered destructive bouts of hyperinflation. This country is very sensitive to rising prices. “When they spot inflation their instinct is to dump the peso and buy dollars. When they spot inflation their instinct is to dump the peso and buy dollars. But after the economy collapsed in 2001-02, horror at mass unemployment temporarily eclipsed the public's fear of inflation. ” (Aires, 2012) throughout the years Argentina has fuelled an overheating economy with expansionary policies. “Since 2007, when Guillermo Moreno, the secretary of internal trade, was sent into the statistics institute, INDEC, to tell its staff that their figures had better not show inflation shooting up, prices and the official record have parted ways. Private-sector economists and statistical offices of provincial governments show inflation two to three times higher than INDEC's number (which only covers greater Buenos Aires). Unions, including those from the public sector, use these independent estimates when negotiating pay rises. Surveys by Torcuato di Tella University show inflation expectations running at 25-30%.” (Aires, 2012) “PriceStats, a specialist provider of inflation rates which produces figures for 19 countries that are published by State Street, a financial services firm, puts the annual rate at 24.4% and cumulative inflation since the beginning of 2007 at 137%. INDEC says that the current rate is only 9.7%, and that prices have gone up a mere 44% over that period.” (Aires, 2012) The inflation rate in Argentina was recorded at 10.60 percent in July of 2013. Here is chart:

CALENDAR | GMT | Country | Event | Reference | Actual | Previous | Consensus | Forecast | 2013-03-13 | 07:00 PM | Argentina | Inflation Rate YoY | 2013-02-28 | 10.8% | 11.1% | | | 2013-04-12 | 09:00 PM | Argentina | Inflation Rate YoY | 2013-03-31 | 10.6% | 10.8% | | | 2013-05-15 | 08:50 PM | Argentina | Inflation Rate YoY | 2013-04-30 | 10.5% | 10.6% | | | 2013-06-14 | 08:30 PM | Argentina | Inflation Rate YoY | 2013-05-31 | 10.3% | 10.5% | | 10.5% | 2013-07-12 | 08:00 PM | Argentina | Inflation Rate YoY | 2013-06-30 | 10.5% | 10.3% | | 10.31% | 2013-08-15 | 08:00 PM | Argentina | Inflation Rate YoY | 2013-07-31 | 10.6% | 10.5% | | 10.66% | 2013-09-13 | 08:00 PM | Argentina | Inflation Rate YoY | 2013-08-31 | | 10.6% | | 10.67% | 2013-10-15 | 08:00 PM | Argentina |
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