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74-613: Like the Pampas in general, the region's terrain is predominantly hilly and of a temperate climate, though rich mollisols are more abundant here than to the west, where soils of loessic origin are more common. Except for a few bluffs near the Paraná and Río de la Plata rivers, as well as the Tandilia and Ventania mountain ranges to the south, the region's slope rarely exceeds 6 degrees. It covers Buenos Aires Province almost completely,

148-507: A balance of payments crisis that plagued Argentina with severe stagflation from 1975 to 1990, including a bout of hyperinflation in 1989 and 1990. Attempting to remedy this situation, economist Domingo Cavallo pegged the peso to the U.S. dollar in 1991 and limited the money supply's growth. His team then embarked on a path of trade liberalization , deregulation , and privatization . Inflation dropped to single digits, and GDP grew by one third in four years. External economic shocks and

222-425: A natural region , interrupted only by the low Ventana and Tandil hills, near Bahía Blanca and Tandil (Argentina), with a height of 1,300 m (4,265 ft) and 500 m (1,640 ft), respectively. The climate is temperate, with precipitation of 600 to 1,200 mm (23.6 to 47.2 in) that is more or less evenly distributed throughout the year, making the soils appropriate for agriculture . The area

296-691: A 7.5-fold growth in GDP during its most vigorous period, averaging about 8% annually. One important measure of development, GDP per capita, rose from 35% of the United States average to about 80% during that period. Growth then slowed considerably, such that by 1941 Argentina's real per capita GDP was roughly half that of the U.S. Even so, from 1890 to 1950, the country's per capita income was similar to that of Western Europe; although income in Argentina remained considerably less evenly distributed. According to

370-402: A controversial, neoliberal policy of financial liberalization that increased the debt burden and failed to curb inflation, which reached 344% in 1983. While black markets and shortages disappeared as price and exchange controls were removed, the currency devalued tenfold and the economy failed to grow. Record foreign debt interest payments , tax evasion , and capital flight resulted in

444-694: A cut of 15000 state jobs. Argentina's 2023 annual inflation was the highest in the world at 211.4%. In January 2024, Argentina’s poverty rate reached 57.4%, the highest poverty rate in the country since 2004. The following table shows the main economic indicators in 1980–2023 (with IMF staff estimates in 2024–2028). Inflation below 5% is in green. (in bn. US$ PPP) (in US$ PPP) (in bn. US$ nominal) (in US$ nominal) (real) (in Percent) (in Percent) (in % of GDP) Argentina

518-402: A dependency on volatile short-term capital and debt to maintain the overvalued fixed exchange rate diluted benefits, causing erratic economic growth from 1995 and the eventual collapse in 2001 . That year and the next, the economy suffered its sharpest decline since 1930; by 2002, Argentina had defaulted on its debt. Its GDP had declined by nearly 20% in four years, unemployment reached 25%, and

592-407: A fourth between 1929 and 1932. Having recovered its lost ground by the late 1930s partly through import substitution , the economy continued to grow modestly during World War II (contrary to the recession caused by the previous world war). The war led to reduced availability of imports and higher prices for Argentine exports that combined to create a US$ 1.6 billion cumulative surplus, a third of which

666-542: A further 52% in 2022 (until July 20). Argentina is considered an emerging market by the FTSE Global Equity Index (2018), and one of the G-20 major economies . In 2021, MSCI re-classified Argentina as a standalone market due to prolonged severe capital controls. Before the 1880s, Argentina was a relatively isolated backwater, dependent on the salted meat , wool , leather, and hide industries for both

740-414: A highly literate population, an export-oriented agricultural sector , and a diversified industrial base. Argentina benefits from rich natural resources . However, its economic performance has historically been very uneven, with high economic growth alternating with severe recessions, particularly since the late twentieth century. Income maldistribution and poverty have increased since this period. Early in

814-544: A number of important firms privatized during the 1990s were renationalized beginning in 2003. These include the postal service , ASA (the water utility serving Buenos Aires ), Pension funds (transferred to ANSES ), Aerolíneas Argentinas , the energy firm YPF , and the railways . The economy nearly doubled from 2002 to 2011, growing an average of 7.1% annually and around 9% for five consecutive years between 2003 and 2007. Real wages rose by around 72% from their low point in 2003 to 2013. The global recession did affect

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888-418: A somewhat larger number to Argentina); Argentina's domestic new auto market reached a record 964,000 in 2013. This marked a peak in vehicle production, by 2021 production had fallen to 434,753 vehicles. Vehicles remain Argentina's top export to Brazil, accounting for $ 3.1bil in exports in 2021. Beverages are another significant sector, and Argentina has long been among the top five wine producing countries in

962-431: A study by Baten and Pelger and Twrdek (2009), where the authors compare anthropometric values, i.e., height with real wages, Argentina's GDP increased for the decades after 1870. Before 1910 however, the heights have been left unaffected. This, in turn, suggests that the increase in the population's welfare did not occur during the income expansion of the given period. The Great Depression caused Argentine GDP to fall by

1036-792: Is also one of the distinct physiography provinces of the larger Paraná – Paraguay plain division. It is considered that the limit of the Pampas plain is to the north with the Atlantic Forest and the Great Chaco Plain , to the west with the Pampas Mountains and the Cuyo Region , and to the south with Patagonia . This region has generally low elevations, whose highest levels generally do not exceed 600 metres (2,000 ft) in altitude. The coastal areas and most of

1110-465: Is based on GDP-linked bonds , and investors, both foreign and domestic, netted record yields amid renewed growth. Argentine debt restructuring offers in 2005 and 2010 resumed payments on the majority of its almost US$ 100 billion in defaulted bonds and other debt from 2001. Holdouts controlling 7% of the bonds, including some small investors, hedge funds , and vulture funds led by Paul Singer's Cayman Islands -based NML Capital Limited , rejected

1184-737: Is concentrated today in cities within the Humid Pampa ( Buenos Aires , Córdoba and Rosario are the largest). In all, over 23 million Argentines live in this area, which produces two-thirds of the Argentine economy . Given the commercial and agricultural desirability of most of this area for the last 130 years, not much pristine land remains. One of the best corners of unspoiled pampa is the Otamendi Natural Preserve near Campana, Buenos Aires Province . Established in 1990 on 2,600 hectares (10 mi) of former grazing land,

1258-427: Is growing in Argentina, and the nearly 3 million hectares (7.5 million acres) of organic cultivation is second only to Australia . Argentina is the world's fifth-largest wine producer , and fine wine production has taken major leaps in quality. A growing export, total viticulture potential is far from having been met. Mendoza is the largest wine region, followed by San Juan . Government policy towards

1332-611: Is one of the world's major agricultural producers, ranking among the top producers in most of the following, exporters of beef, citrus fruit , grapes, honey , maize , sorghum , soybeans , squash , sunflower seeds , wheat, and yerba mate . Agriculture accounted for 9% of GDP in 2010, and around one fifth of all exports (not including processed food and feed, which are another third). Commercial harvests reached 103 million tons in 2010, of which over 54 million were oilseeds (mainly soy and sunflower ), and over 46 million were cereals (mainly maize, wheat, and sorghum ). Argentina

1406-587: Is the highest in the world, since the national currency had lost 18% of its value since the beginning of the year. In 2019, the inflation was considered the highest in 28 years according to the index, ascending to 53.8%. To the cause of the quarantine in 2020, in April, 143,000 SMEs will not be able to pay salaries and fixed expenses for the month, even with government assistance, so they will have to borrow or increase their capital contribution, and approximately 35,000 companies consider closing their business. even so,

1480-423: Is the largest producer in the world of yerba mate , one of the 5 largest producers in the world of soy , maize , sunflower seed , lemon and pear , one of the 10 largest producers in the world of barley , grape , artichoke , tobacco and cotton , and one of the 15 largest producers in the world of wheat , sugarcane , sorghum and grapefruit . In 2018, Argentina was the 3rd largest producer of soy in

1554-470: Is the most typical landscape of the countryside areas in the northern parts of the Pampas. The highest elevations of the Pampas region are found in the Sierra de la Ventana mountains , in the southern part of Buenos Aires Province, with 1,239 metres (4,065 ft) at the summit of Cerro Tres Picos . The climate of the Pampas is generally temperate, gradually giving way to a more humid subtropical climate in

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1628-485: Is warmer than fall in most areas (especially in the west) but significantly colder along the Atlantic. Violent storms are more common as well as wide temperature variations: days of 35 °C (95 °F) can give way to nights of under 5 °C (41 °F) or even frost, all within only a few days. Precipitation ranges from 1,400 millimetres (55 in) in the northeast to about 400 millimetres (16 in) or less in

1702-591: The Central Bank , railways , and other strategic industries and services from 1945 to 1955. Inflation first became a chronic problem during this period, averaging 26% annually from 1944 to 1974. The GDP per capita increased until the early 1950s, where commodity prices dropped and the effects of nationalization led to stagnation. The economy continued to decline during the military dictatorship from 1976 to 1983 and for some time afterward. The dictatorship's chief economist, José Alfredo Martínez de Hoz , advanced

1776-650: The Guanaco have been extirpated completely from this habitat. Mammals that are still fairly present include Brazilian guinea pig , southern mountain cavy , coypu , Pampas fox , Geoffroy's cat , lesser grison , white-eared opossum , Molina's hog-nosed skunk , big lutrine opossum , big hairy armadillo and southern long-nosed armadillo . Bird species of the pampas are ruddy-headed goose , pampas meadowlark , hudsonian godwit , maguari stork , white-faced ibis , white-winged coot , southern screamer , dot-winged crake , curve-billed reedhaunter , burrowing owl and

1850-480: The Paraná River , and includes all of Uruguay, most of Entre Ríos and Corrientes provinces in Argentina, and the southern portion of Brazil's state of Rio Grande do Sul. The Humid Pampas include eastern Buenos Aires Province, and southern Entre Ríos Province. The Semiarid Pampas includes western Buenos Aires Province and adjacent portions of Santa Fe, Córdoba, and La Pampa provinces. The Pampas are bounded by

1924-608: The Río Negro valley; rice, oranges and other citrus in the northwest and Mesopotamia ; grapes and strawberries in Cuyo (the west), and berries in the far south. Cotton and tobacco are major crops in the Gran Chaco , sugarcane and chile peppers in the northwest, and olives and garlic in the west. Yerba mate tea ( Misiones ), tomatoes ( Salta ) and peaches (Mendoza) are grown for domestic consumption. Organic farming

1998-469: The petrochemical industry , and to the La Plata - Greater Buenos Aires - Rosario industrial belt. The World Bank lists the top producing countries each year, based on the total value of production. According to the 2019 list, Argentina has the 31st most valuable industry in the world (57.7 billion dollars), behind Mexico, Brazil and Venezuela, but ahead of Colombia, Peru and Chile. In 2019, Argentina

2072-449: The 1840s but intensifying after the 1880s, European immigrants began to migrate to the Pampas, first as part of government-sponsored colonization schemes to settle the land and later as tenant farmers "working as either a sharecropper or as paid laborers for absentee landowners" in an attempt to make a living for themselves. However, many immigrants eventually moved to more permanent employment in cities, as industrialization picked up after

2146-629: The 1930s. As a result, Argentina's history of immigration in Buenos Aires Province is typically associated with cities and urban life, unlike in Entre Ríos Province and Santa Fe Province, where European immigration took on a more rural profile. Argentine economy The economy of Argentina is the second-largest national economy in South America , behind Brazil . Argentina is a developing country with

2220-425: The 2005 and 2010 offer to exchange their defaulted bonds. Singer, who demanded US$ 832 million for Argentine bonds purchased for US$ 49 million in the secondary market in 2008, attempted to seize Argentine government assets abroad and sued to stop payments from Argentina to the 93% who had accepted the earlier swaps despite the steep discount . According to estimates by Morgan Stanley, bondholders who instead accepted

2294-550: The 2005 offer of 30 cents on the dollar had by 2012 received returns of about 90%. Argentina settled with virtually all holdouts in February 2016 at the cost of US$ 9.3 billion; NML received US$ 2.4 billion, a 392% return on the original value of the bonds. While the Argentine Government considers debt leftover from illegitimate governments unconstitutional odious debt , it has continued servicing this debt despite

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2368-492: The 4th world producer of beef , with a production of 3 million tons (only behind USA, Brazil and China), the 4th world producer of honey , the 10th world producer of wool , the world's 13th largest producer of chicken meat , the world's 23rd largest producer of pork , the 18th largest producer of cow's milk and the world's 14th largest producer of chicken egg . Soy and its byproducts, mainly animal feed and vegetable oils , are major export raw materials with one fourth of

2442-766: The Buenos Aires Province are predominantly plain (with some wetlands ) and the interior areas (mainly in the southern part of the Brazilian state of Rio Grande do Sul and Uruguay) have low ranges of hills (like Serras de Sudeste in Brazil and Cuchilla Grande in Uruguay). Low hills covered by grasslands are called coxilhas ( Portuguese pronunciation: [koˈʃiʎɐs] ) in Portuguese and cuchillas ( Spanish pronunciation: [kuˈtʃiʝas] ) in Spanish, and it

2516-610: The Humid Pampa (and not a proper tree but a herb), grows naturally north of the Río de la Plata and east of the Paraná, seldom south of the Río de la Plata and never south of the Salado . Before the introduction of cattle, horses and sheep by the Spaniards on the 16th century, the region was covered by hard grass, but the animals' grazing facilitated the growth of softer, greener grass. Due to

2590-475: The Pampas south and west of Buenos Aires . Much of the area is also used for cattle , and more recently, to cultivate vineyards in the Buenos Aires wine region . The area is also used for farming honey using European honeybees . These farming regions are particularly susceptible to flooding during thunderstorms. The weather averages out to be 16 °C (60 °F) year-round in the Pampas. Starting in

2664-500: The Pampas, but it is much more frequent in the southwest than around the Parana and Uruguay Rivers. Temperatures under −5 °C (23 °F) can occur everywhere, but values of −10 °C (14 °F) or lower are confined to the south and west. Snow almost never falls in the northernmost third and is rare and light elsewhere, except for exceptional events in which depths have reached 30 cm (12 in). Springs are very variable; it

2738-517: The Pampas: Human activity has caused major changes to the wildlife of the Pampas. Most big or medium-sized species such as puma , rhea , Capybara , plains viscacha , maned wolf , marsh deer and Pampas deer have lost their habitats especially due to the spread of agriculture and ranching , and are only present in very few relicts of the pampas. Other species, such as the Jaguar and

2812-715: The Sierra de la Ventana mountains, Argentina). Summer temperatures are more uniform than winter temperatures, generally ranging from 28 to 33 °C (82 to 91 °F) during the day. However, most cities in the Pampas occasionally have high temperatures that push 38 °C (100 °F), as occurs when warm, dry, northerly winds blow from southern Brazil, northern Argentina or Paraguay . Autumn arrives gradually in March and peaks in April and May. In April, highs range from 20 to 25 °C (68 to 77 °F) and lows from 9 to 13 °C (48 to 55 °F). The first frosts arrive in mid-April in

2886-432: The amount of rainy days is fairly constant. Very intense thunderstorms are common in the spring and summer, and it has among the most frequent lightning and highest convective cloud tops in the world. The severe thunderstorms produce intense hailstorms , both floods and flash floods , and the most consistently active tornado region outside the central and southeastern US. Climate charts for different locations of

2960-444: The annual cost of around US$ 14 billion and despite being nearly locked out of international credit markets with annual bond issues since 2002 averaging less than US$ 2 billion (which precludes most debt rollover ). Nevertheless, Argentina has continued to hold successful bond issues, as the country's stock market, consumer confidence, and overall economy continue to grow. The country's successful, US$ 16.5 billion bond sale in April 2016

3034-614: The catch; pollock , squid , and centolla crab are also widely harvested. Forestry has long history in every Argentine region, apart from the pampas , accounting for almost 14 million m³ of roundwood harvests. Eucalyptus , pine , and elm (for cellulose ) are also grown, mainly for domestic furniture, as well as paper products (1.5 million tons). Fisheries and logging each account for 2% of exports. Mining and other extractive activities, such as gas and petroleum, are growing industries, increasing from 2% of GDP in 1980 to around 4% today. The northwest and San Juan Province are

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3108-552: The centre and south of Santa Fe Province , most of Córdoba Province and the eastern third of La Pampa Province , totalling at least 600,000 km. The Uruguayan savanna , which lies east of the rivers in Entre Ríos Province of Argentina, Uruguay and the south of Brazil , is sometimes considered part of the Humid Pampa. The Uruguayan savanna is not as flat as the named aforementioned areas. The flatlands are also interrupted by low hill's ranges like Tandilia in

3182-471: The drier Argentine Espinal grasslands, which form a semicircle around the north, west, and south of the Humid Pampas. Winters are cold to mild, and summers are hot and humid. Rainfall is fairly uniform throughout the year but is a little heavier during the summer. Annual rainfall is heaviest near the coast and decreases gradually further inland. Rain during the late spring and summer usually arrives in

3256-460: The economy in 2009, with growth slowing to nearly zero; but high economic growth then resumed, and GDP expanded by around 9% in both 2010 and 2011. Foreign exchange controls , austerity measures , persistent inflation, and downturns in Brazil, Europe, and other important trade partners, contributed to slower growth beginning in 2012, however. Growth averaged just 1.3% from 2012 to 2014, and rose to 2.4% in 2015. The Argentine government bond market

3330-669: The first half of the 20th century, industrial production has become highly diversified in Argentina. Leading sectors by production value are: food processing and beverages ; motor vehicles and auto parts ; refinery products , and biodiesel ; chemicals and pharmaceuticals ; steel and aluminium ; and industrial and farm machinery ; electronics and home appliances . These latter include over three million big ticket items , as well as an array of electronics, kitchen appliances and cellular phones, among others. Argentina's auto industry produced 791,000 motor vehicles in 2013, and exported 433,000 (mainly to Brazil, which in turn exported

3404-412: The form of brief heavy showers and thunderstorms. More general rainfall occurs the remainder of the year as cold fronts and storm systems move through. Although cold spells during the winter often send nighttime temperatures below freezing, snow is quite rare. In most winters, a few light snowfalls occur over inland areas. Central Argentina boasts a successful agricultural business, with crops grown on

3478-664: The important immigration to Argentina in the second half of the 19th century and first decades of the 20th, and because the weather allowed for two annual harvests, the lands started being heavily used for agriculture, which made Argentina a major agricultural producer (the self-styled "Granary of the World"). Being fertile and close to the Atlantic Ocean , the Humid Pampa was one of the preferred destinations of millions of immigrants, who were mostly Italian , French and Spanish , but also German and other Europeans. The lands of

3552-545: The lucrative agrarian sector is a subject of, at times, contentious debate in Argentina. A grain embargo by farmers protesting an increase in export taxes for their products began in March 2008, and, following a series of failed negotiations, strikes and lockouts largely subsided only with the 16 July, defeat of the export tax-hike in the Senate . Argentine fisheries bring in about a million tons of catch annually, and are centered on Argentine hake , which makes up 50% of

3626-768: The main regions of activity. Coal is mined in Santa Cruz Province . Metals and minerals mined include borate , copper , lead , magnesium , sulfur , tungsten , uranium , zinc , silver , titanium , and gold , whose production was boosted after 1997 by the Bajo de la Alumbrera mine in Catamarca Province and Barrick Gold investments a decade later in San Juan. Metal ore exports soared from US$ 200 million in 1996 to US$ 1.2 billion in 2004, and to over US$ 3 billion in 2010. In 2019, Argentina

3700-476: The main rivers but have been mostly cut down during the 20th century. The great rhea lives in the pampas of Argentina and eats plants, lizards, insects, frogs, small birds and snakes. The Humid Pampa is characterized by medium-height grassland, with both perennial and annual grasses with scattered herbs and shrubs. The grasslands are interspersed with areas of dry woodland as well as freshwater and saltwater wetlands and lagoons. The ombú , considered an emblem of

3774-420: The more significant part of its foreign exchange and the generation of domestic income and profits. The Argentine economy began to experience swift growth after 1880 through the export of livestock and grain raw materials, and British and French investment, marking the beginning of a fifty-year era of significant economic expansion and mass European immigration . From 1880 to 1905, this expansion resulted in

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3848-465: The north ( Cfa , according to the Köppen climate classification , with a Cwa tendency (drier winters) in the northwestern edge); a cold semi-arid climate ( BSk ) on the southern and western fringes (like San Luis Province , western La Pampa Province and southern Buenos Aires Province); and an oceanic climate ( Cfb ) in the southeastern part (in the localities of Mar del Plata , Necochea , Tandil and

3922-422: The pampas are relicts of drier past climates. These explanations have been criticised as mono-causal. "Overall, we expect that low propagule pressure, abiotic stresses, biotic resistance, and a paucity of specific symbionts might have exerted a synergistic influence in slowing tree invasion rates ". The World Wildlife Fund divides the Pampas into three distinct ecoregions . The Uruguayan Savanna lies east of

3996-654: The parcel has become one of Argentina's chief points of interest in its agrotourism circuit. Pampas The Pampas (from the Quechua : pampa , meaning "plain"), also known as the Pampas Plain , are fertile South American low grasslands that cover more than 1,200,000 square kilometres (460,000 sq mi) and include the Argentine provinces of Buenos Aires , La Pampa , Santa Fe , Entre Ríos , and Córdoba ; all of Uruguay ; and Brazil 's southernmost state , Rio Grande do Sul . The vast plains are

4070-414: The peso had depreciated 70% after being devalued and floated . Argentina's socio-economic situation has since been steadily improving. Expansionary policies and raw materials exports triggered a rebound in GDP from 2003 onward. This trend has been primarily maintained, creating over five million jobs and encouraging domestic consumption and fixed investment . Social programs were strengthened, and

4144-651: The president remains firm in his decision to maintain the state of total quarantine. Despite cuts in the payment chain, some project 180 total days and calculate 5% of companies that fell in May. In February 2023, the rate of inflation in Argentina surpassed 100% for the first time since the early 1990s. In December 2023, Argentina was seeing a projected 200% annualized inflation rate of the Argentine Peso. With this inflation in mind, Javier Milei (Argentina's newly sworn in president as of 10 December 2023, with 55.69% of

4218-449: The pristine pampas were treeless regions has been much debated. Perhaps the most commonly cited explanation is seasonal drought. A related hypothesis is that grass roots compete for water and exclude tree seedlings. The effect might be increased by heavy, clayed soils which limit tap root penetration. Other causes that have been proposed are fires set by indigenous peoples for land clearance; the existence of heavy-bodied herbivores; and that

4292-491: The region were taken care of by the gauchos for centuries, and the region was the centre of their culture, including their music and dances. Areas that were kept for extensive breeding of cattle and sheep stayed under the control of large estates' owners, and in lesser number to medium-size estates. Smaller farms are known as " chacras " (their owners being chacareros or chacreros ). The urban population of Argentina (89% of its 38.6 million inhabitants, as estimated for 2005)

4366-511: The rhea. Invasive species include the European hare , wild boar and house sparrow . Most of the large mammals native to the Pampas became extinct as part of the end-Pleistocene extinction event of most large mammals across the Americas around 12,000 years ago. Notable former inhabitants of the Pampas include the giant elephant-sized ground sloth Megatherium americanum , along side

4440-426: The sabertooth cat Smilodon populator . The dominant vegetation types are grassy prairie and grass steppe , in which numerous species of the grass genus Stipa are particularly conspicuous. "Pampas grass" ( Cortaderia selloana ) is an iconic species of the Pampas. Vegetation typically includes perennial grasses and herbs . Different strata of grasses occur because of gradients of water availability. Why

4514-410: The smaller (though still large) ground sloths Mylodon , Glossotherium Lestodon and Catonyx , the rhinoceros like ungulate Toxodon , the camel-like Macrauchenia , the gomphothere (elephant-relative) Notiomastodon , the equines Equus neogeus and Hippidion , and the glyptodonts (car-sized relatives of armadillos) Glyptodon and Doedicurus , the bear Arctotherium and

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4588-450: The south and late May or early June in the north. Winters are generally mild, but cold waves often occur. Typical temperatures range from 12 to 19 °C (54 to 66 °F) during the day, and from 1 to 6 °C (34 to 43 °F) at night. With strong northerly winds, days of over 25 °C (77 °F) can be recorded almost everywhere, and during cold waves, high temperatures can be only 6 °C (43 °F). Frost occurs everywhere in

4662-652: The southeast, namely at Sierra de los Padres , Balcarce , Olavarría , Tandil and like the higher system of the Sierra de la Ventana to the south, near Bahía Blanca . Finally, there are also some dunes at the Atlantic coast, such as at the city of Banderaló . The area is characterised by four distinct seasons. Winter brings chilly, occasionally frosty nights. Humid, temperate weather characterizes spring and fall. Summer days can be extremely hot. The natural vegetation comprises meadows of high grass with isolated forests (locally referred to as montes ) of algarrobos , talas and chanares, which used to be common in areas near

4736-512: The southern and western edges. It is highly seasonal in the West, with some places recording averages of 120 millimetres (4.7 in) monthly in the summer, and only 20 millimetres (0.79 in) monthly in the winter. The eastern areas have small peaks in the fall and the spring, with relatively rainy summers and winters that are only slightly drier. However, where summer rain falls as short, heavy storms, winter rain falls mostly as cold drizzle, and so

4810-537: The total; cereals added another 10%. Cattle-raising is also a major industry, though mostly for domestic consumption; beef, leather and dairy were 5% of total exports. Sheep-raising and wool are important in Patagonia , though these activities have declined by half since 1990. Biodiesel , however, has become one of the fastest growing agro-industrial activities, with over US$ 2 billion in exports in 2011. Fruits and vegetables made up 4% of exports: apples and pears in

4884-535: The twentieth century, Argentina had one of the ten highest per capita GDP levels globally. It was on par with Canada and Australia and had surpassed both France and Italy. Argentina's currency declined by about 50% in 2018 to more than 38 Argentine pesos per U.S. Dollar . As of that year, it is under a stand-by program from the International Monetary Fund . In 2019, the currency fell further by 25%. In 2020, it fell by 90%, in 2021, 68%, and

4958-498: The vote in the runoff election ) weakened the Argentine Peso by 50% to 800 per dollar, along with cuts to energy subsidies, cancellations of public works, and more. Although an impactful policy, Argentinians knew Milei would enact significant economic policies, as he openly supported extreme economic policies as a self-described anarcho-capitalist . As part of Javier Milei's plans the Government of Argentina announced in April 2024

5032-433: The world, with 1.9 million tons produced, besides having produced 19 million tons of sugarcane , mainly in the province of Tucumán - Argentina produces near 2 million tons of sugar with the produced cane. In the same year Argentina produced 4.1 million tons of barley , being one of the 20 largest producers in the world of this cereal. The country is also one of the world's largest producers of sunflower seed : in 2010, it

5106-454: The world, with 37.7 million tons produced (behind only the US and Brazil); the 4th largest producer of maize in the world, with 43.5 million tons produced (behind only the US, China and Brazil); the 12th largest producer of wheat in the world, with 18.5 million tons produced; the 11th largest producer in the world of sorghum , with 1.5 million tons produced; the 10th largest producer of grape in

5180-569: Was blocked as inconvertible deposits in the Bank of England by the Roca–Runciman Treaty . Benefiting from innovative self-financing and government loans alike, value-added in manufacturing nevertheless surpassed that of agriculture for the first time in 1943, employed over 1 million by 1947, and allowed the need for imported consumer goods to decline from 40% of the total to 10% by 1950. The populist administration of Juan Perón nationalized

5254-510: Was the 31st world producer of steel , the 28th producer of vehicles , the 22nd world producer of beer , the 4th world producer of soybean oil and the 3rd world producer of sunflower oil , among other industrial products. Manufacturing is the largest single sector in the nation's economy (15% of GDP), and is well-integrated into Argentine agriculture, with half the nation's industrial exports being agricultural in nature. Based on food processing and textiles during its early development in

5328-891: Was the 3rd largest producer in the world with 2.2 million tons. In 2018, Argentina also produced 2.3 million tons of potato , almost 2 million tons of lemon , 1.3 million tons of rice , 1 million tons of orange , 921 thousand tons of peanut , 813 thousand tons of cotton , 707 thousand tons of onion , 656 thousand tons of tomato , 565 thousand tons of pear , 510 thousand tons of apple , 491 thousand tons of oats , 473 thousand tons of beans , 431 thousand tons of tangerine , 302 thousand tons of yerba mate , 283 thousand tons of carrot , 226 thousand tons of peach , 194 thousand tons of cassava , 174 thousand tons of olives , 174 thousand tons of banana , 148 thousand tons of garlic , 114 thousand tons of grapefruit , 110 thousand tons of artichoke , in addition to smaller productions of other agricultural products. In livestock, Argentina was, in 2019,

5402-538: Was the 4th largest world producer of lithium , the 9th largest world producer of silver , the 17th largest world producer of gold and the 7th largest world producer of boron . Around 35 million m³ each of petroleum and petroleum fuels are produced, as well as 50 billion m³ of natural gas, making the nation self-sufficient in these staples, and generating around 10% of exports. The most important oil fields lie in Patagonia and Cuyo . A network of pipelines send raw product to Bahía Blanca , center of

5476-428: Was the largest in emerging market history. In May 2018, Argentina's government asked the International Monetary Fund for its intervention, with an emergency loan for a $ 30 billion bailout , as reported by Bloomberg . In May 2018, the official estimated inflation had peaked up to 25 percent a year, and on 4 May Argentina's central bank raised interest rates on pesos to 40 percent from 27.25 percent, which

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