Beachfront Properties & Real Estate In Argentina

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Argentina has the second highest Human Development Index level[5] and the third highest Gross Domestic Product (GDP) per capita in purchasing power parity in Latin America.[6] Argentina's nominal GDP is the 31st largest in the world;[7] but when purchasing power is taken into account, its total GDP makes it the 23rd largest economy in the world.

The country is currently classified as an Upper-Middle Income Country[10] or as a secondary emerging market by the World Bank.[11][12] Argentina is also one of the G-20 major economies.

Geography
Main features
The total surface area of Argentina (not including the Antarctic claim) is 2,766,891 km2 (1,068,303 sq mi), of which 2,736,691 km2 (1,056,642 sq mi) is land and 30,200 km2 (11,700 sq mi) (1.1%) is water.

Argentina is about 3,900 km (2,500 mi) long from north to south, and 1,400 km (870 mi) from east to west (maximum values). It can roughly be divided into four parts: the fertile plains of the Pampas in the center of the country, the source of Argentina's agricultural wealth; the flat to rolling, oil-rich plateau of Patagonia in the southern half down to Tierra del Fuego; the subtropical flats of the Gran Chaco in the north, and the rugged Andes mountain range along the western border with Chile.

The highest point above sea level in Argentina is located in Mendoza. Cerro Aconcagua, at 6,962 meters (22,834 ft). It is the highest mountain in the Americas, the Southern,[13] and Western Hemisphere.[14] The lowest point is Laguna del Carbón in Santa Cruz, -105 meters (-344 ft) below sea level.[15] This is also the lowest point on the South American continent. The geographic center of the country is located in south-central La Pampa Province.

Argentina's easternmost continental point is northeast of the town of Bernardo de Irigoyen, Misiones (26°15'S 53°38'W? / ?26.25°S 53.633°W? / -26.25; -53.633? (Argentina's easternmost continental point)), the westernmost in the Mariano Moreno Range in Santa Cruz (49°33'S 73°35'W? / ?49.55°S 73.583°W? / -49.55; -73.583? (Argentina's westernmost point)). The northernmost point is located at the confluence of the Grande de San Juan and Mojinete rivers, Jujuy (21°46'S 66°13'W? / ?21.767°S 66.217°W? / -21.767; -66.217? (Argentina's northernmost point)), and the southernmost is Cape San Pío in Tierra del Fuego (55°03'S 66°31'W? / ?55.05°S 66.517°W? / -55.05; -66.517? (Argentina's southernmost point)).

The country has a territorial claim over a portion of Antarctica (unrecognized by any other country), where, from 1904, it has maintained a constant presence.

Geographic regions

Source: CIA Political map of Argentina showing the area it controls. The Falkland Islands (Islas Malvinas) are controlled by the United Kingdom but are claimed by Argentina.The country is traditionally divided into several major geographically distinct regions:

Pampas
The plains west and south from Buenos Aires. Called the Humid Pampa, they cover most of the provinces of Buenos Aires and Córdoba and large portions of the provinces of Santa Fe and La Pampa. The western part of La Pampa and the province San Luis are also mostly plains (the Dry Pampa); but they are drier and used mainly for grazing. The Sierra de Córdoba in the homonymous province (extending into San Luis) is the most important geographical feature of the pampas.

Gran Chaco
The Gran Chaco region in the north of the country is seasonal dry/wet, mainly cotton growing and livestock raising. It covers the provinces of Chaco and Formosa. It is dotted with subtropical forests, scrubland, and some wetlands, home to a large number of plant and animal species. The province of Santiago del Estero lies in the drier region of the Gran Chaco.

Mesopotamia
The land between the Paraná and Uruguay rivers is called Mesopotamia, and it is shared by the provinces of Corrientes and Entre Ríos. It features flatland apt for grazing and plant growing, and the Iberá Wetlands in central Corrientes. Misiones Province is more tropical and belongs within the Brazilian Highlands geographic feature. It features subtropical rainforests and the Iguazú Falls.

Patagonia
The steppes of Patagonia, in the provinces of Neuquén, Río Negro, Chubut and Santa Cruz, are of tertiary origin. Most of the region is semiarid in the north to cold and arid in the far south, but forests grow in its western fringes which are dotted with several large lakes. Tierra del Fuego is cool and wet, moderated by oceanic influences. Northern Patagonia (Río Negro, south of the homonymous river, and Neuquén) can also be referred as the Comahue region.

Cuyo
West-central Argentina is dominated by the imposing Andes Mountains. To their east is the arid region known as Cuyo. Melting waters from high in the mountains form the backbone of irrigated lowland oasis, at the center of a rich fruit and wine growing region in Mendoza and San Juan provinces. Further north the region gets hotter and drier with more geographical accidents in La Rioja Province. The region's easternmost border is marked by the Sierras Pampeanas, a series of three low mountain ranges that spread from north to south in the northern half of the province of San Luis.

NOA or Northwest
This region is the highest in average elevation. Parallel mountain ranges, several of which have peaks higher than 20,000 feet (6,000 m), dominate the area. These ranges grow wider in geographic extent towards the north. They are cut by fertile river valleys, the most important being the Calchaquí Valleys in the provinces of Catamarca, Tucumán, and Salta. Farther north Jujuy Province near Bolivia lies mainly within the Altiplano plateau of the Central Andes. The Tropic of Capricorn goes through the far north of the region.

Provinces
Provinces of Argentina. Argentina claims the Falkland Islands ("Islas Malvinas"), a UK overseas territory, as well as a slice of Antarctica, both of which it assigns to its Tierra del Fuego Province.Further information: Provinces of Argentina and Governors in Argentina
Argentina is divided into twenty-three provinces (provincias; singular provincia), and one autonomous city (commonly known as the capital federal, but officially Ciudad Autónoma de Buenos Aires):

Buenos Aires - La Plata
Misiones - Posadas
Catamarca - San Fdo. del Valle de Catamarca
Neuquén - Neuquén
Chaco - Resistencia
Río Negro - Viedma
Chubut - Rawson
Salta - Salta
Córdoba - Córdoba
San Luis - San Luis
Corrientes - Corrientes
San Juan - San Juan
Entre Ríos - Paraná
Santa Cruz - Río Gallegos
Formosa - Formosa
Santa Fe -Santa Fe
Jujuy - San Salvador de Jujuy
Santiago del Estero - Santiago del Estero
La Pampa - Santa Rosa
Tierra del Fuego - Ushuaia
La Rioja - La Rioja
Tucumán - San Miguel de Tucumán

Though declared the capital in 1853, Buenos Aires did not become the capital of the country until 1880. There have been moves to relocate the administrative centre elsewhere. During the presidency of Raúl Alfonsín, a law was passed ordering the transfer of the federal capital to Viedma, a city in the Patagonian province of Río Negro. Studies were underway when economic problems halted the project in 1989. Though the law was never formally repealed, it is now treated as a relic.

Provinces are divided into smaller secondary units called departamentos ("departments"), of which there are 376 in total. Buenos Aires Province has 134 similar divisions known as partidos. Departamentos and partidos are further subdivided into municipalities or districts.

In descending order by number of inhabitants, the major cities in Argentina are Buenos Aires, Córdoba, Rosario, Mendoza, Tucumán, La Plata, Mar del Plata, Salta, Santa Fe, San Juan, Resistencia and Neuquén.

Rivers and lakes

Sailboats on the Uruguay RiverMajor rivers in Argentina include the Pilcomayo, Paraguay, Bermejo, Colorado, Río Negro, Salado, Uruguay and the largest river, the Paraná. The latter two flow together before meeting the Atlantic Ocean, forming the estuary of the Río de la Plata. Regionally important rivers are the Atuel and Mendoza in the homonymous province, the Chubut in Patagonia, the Río Grande in Jujuy and the San Francisco River in Salta.

There are several large lakes in Argentina, many of them in Patagonia. Among these are lakes Argentino and Viedma in Santa Cruz, Nahuel Huapi in Río Negro and Fagnano in Tierra del Fuego and Colhué Huapi and Musters in Chubut. Lake Buenos Aires and O'Higgins/San Martín Lake are shared with Chile. Mar Chiquita, Córdoba, is the largest salt water lake in the country. There are numerous reservoirs created by dams. Argentina features various hot springs, such as those at Termas de Río Hondo with temperatures between 65°C and 89°C.[18]

The largest oil spill to ever occur in fresh water was caused by a Shell tanker ship in the Rio de la Plata, Magdalena, Argentina, on January 15, 1999, polluting the environment, drinkable water, plants and animals.[19]

Coastal areas and seas
Argentina has 4,665 kilometres (2,899 mi) of coastline.[20] The continental platform is unusually wide; this shallow area of the Atlantic Ocean is called Mar Argentino. The Argentine Atlantic coast has been a favorite among local vacationers for over a hundred years. The waters are rich in fisheries and suspected of holding important hydrocarbon energy resources. Argentina's coastline varies between areas of sand dunes and cliffs. The two major ocean currents affecting the coast are the warm Brazil Current and the cold Falkland Current. Because of the unevenness of the coastal landmass, the two currents alternate in their influence on climate and do not allow temperatures to fall evenly with higher latitude. The southern coast of Tierra del Fuego forms the north shore of the Drake Passage.

Climate
Because of longitudinal and elevation amplitudes, Argentina is subject to a variety of climates. As a rule, the climate is predominantly temperate with extremes ranging from subtropical in the north to subpolar in the far south. The north of the country is characterized by very hot, humid summers with mild drier winters, and is subject to periodic droughts. Central Argentina has hot summers with thunderstorms (western Argentina produces some of the world's largest hail), and cool winters. The southern regions have warm summers and cold winters with heavy snowfall, especially in mountainous zones. Higher elevations at all latitudes experience cooler conditions.

The hottest and coldest temperature extremes recorded in South America have occurred in Argentina. A record high temperature of 49.1 °C (120.4 °F), was recorded at Villa de María, Córdoba, on 2 January 1920. The lowest temperature recorded was -39 °C (-38 °F) at Valle de los Patos Superior, San Juan, on 17 July 1972.

Major wind currents in Argentina include the cool Pampero Winds blowing on the flat plains of Patagonia and the Pampas; following the cold front, warm currents blow from the north in middle and late winter, creating mild conditions. The Zonda, a hot dry wind, affects west-central Argentina. Squeezed of all moisture during the 6,000-meter (20,000 ft) descent from the Andes, Zonda winds can blow for hours with gusts up to 120 km/h (75 mph), fueling wildfires and causing damage; when the Zonda blows (June-November), snowstorms and blizzard (viento blanco) conditions usually affect the higher elevations.

The Sudestada ("southeasterlies") could be considered similar to the Nor'easter, though snowfall is rarely involved (but is not unprecedented). Both are associated with a deep winter low pressure system. The sudestada usually moderates cold temperatures but brings very heavy rains, rough seas and coastal flooding. It is most common in late autumn and winter along the coasts of central Argentina and in the Río de la Plata estuary.

The southern regions, particularly the far south, experience long periods of daylight from November to February (up to nineteen hours) and extended nights from May to August. All of Argentina uses UTC-3 time zone. The country does observe daylight saving time occasionally.

History

Pre-Columbian era
The earliest evidence of human presence in Argentina found thus far is in Patagonia (Piedra Museo, Santa Cruz) and dates from 11,000 BC (Santa María, Huarpes, Diaguitas and Sanavirones, among others). The Inca Empire under the rule of King Pachacutec launched an offensive in 1480 and conquered present-day northwestern Argentina, integrating it into a region called Collasuyu; the Guaraní developed a culture based on yuca, sweet potato and yerba mate. The central and southern areas (Pampas and Patagonia) were dominated by nomadic cultures, unified in the 17th century by the Mapuches.

colonial era
European explorers arrived in 1516. Spain established a permanent colony on the site of Buenos Aires in 1580, and the Viceroyalty of the Río de la Plata was created in 1776. This area was largely a country of Spanish immigrants and their descendants, known as criollos, and others of native cultures and of descendants of African slaves, present in significant numbers. A third of Colonial-era settlers gathered in Buenos Aires and other cities, others living on the pampas as gauchos, for instance. Indigenous peoples inhabited much of the rest of Argentina. The British Empire launched two invasions of Buenos Aires in 1806-07, but the criollo population repelled both attempts.

Independence
On 25 May 1810, after confirmation of the rumors on the overthrow of King Ferdinand VII by Napoleon, citizens of Buenos Aires created the First Government Junta (May Revolution). Two nations emerged in what is now Argentina: the United Provinces of South America (1810) and the Liga Federal (1815). Other provinces, as a result of differences between autonomist and centralist quarters, delayed taking part in a unified State; Paraguay seceded, declaring its independence in 1811.
Military campaigns led by General José de San Martín between 1814 and 1817 made independence increasingly a reality. Argentines revere San Martín as the hero of national independence. General José de San Martín and his regiment crossed the Andes in 1817 to defeat royalist forces in Chile and Perú, thus securing independence. The Congress of Tucumán gathered on 9 July 1816 and finally issued a formal Declaration of Independence from Spain. The Liga Federal was crushed in 1820 by forces of the United Provinces of South America and some Portuguese brigades from Brazil, and its provinces were absorbed into United Provinces of South America. Bolivia declared itself independent in 1825, and Uruguay was created in 1828 as a result of a truce following the Argentina-Brazil War. The controversial truce led to the rise of Buenos Aires Province Governor Juan Manuel de Rosas, who, as a federalist, exercised a reign of terror and kept the fragile confederacy together.
The centralist Unitarios and the Federales maintained an internecine conflict until Governor Rosas' 1852 overthrow, and to help prevent future struggle during the tenous times that followed, a Constitution was promulgated in 1853. The constitution, drafted by legal scholar Juan Bautista Alberdi, was defended by Franciscan Friar Mamerto Esquiú and endured through its first difficult years. National unity was reinforced by an 1865 attack on local British interests by Paraguay, resulting in the War of the Triple Alliance and devastating Paraguay.[21]

Emergence of modern Argentina
A wave of foreign investment and immigration from Europe after 1870 led to the development of modern agriculture and to a near-reinvention of Argentine society and the economy, leading to the strengthening of a cohesive state. However, the "Conquest of the Desert" in the 1870s subdued the remaining indigenous tribes throughout the southern Pampas and Patagonia and left 1,300 indigenous dead.[22][23]

Argentina increased in prosperity and prominence between 1880 and 1929, while emerging as one of the 10 richest countries in the world, benefiting from an agricultural export-led economy. Driven by immigration and decreasing mortality, the Argentine population grew five-fold and the economy by 15-fold.[24] Conservative interests dominated Argentine politics through non-democratic means until, in 1912, President Roque Sáenz Peña enacted universal male suffrage and the secret ballot. This allowed their traditional rivals, the centrist Radical Civic Union, to win the country's first free elections in 1916. President Hipólito Yrigoyen enacted social and economic reforms and extended assistance to family farmers and small business. But having been politically imposing and beset by the Great Depression, the military forced him from power in 1930. This led to another decade of Conservative rule, whose economists turned to more protectionist policies. The country was neutral during World War I and most of World War II, becoming a leading source of foodstuffs to the Allied Nations.

From Perón to the last dictatorship
Political change led to the presidency of Juan Perón in 1946, who worked to empower the working class and greatly expanded the number of unionized workers as well as social and educational programs. Perón's wife, Eva Perón (better known as "Evita") played an important role as first lady during Perón's first two administrations. She was a driving force behind Perón's success among the working class. In 1947, she created the Eva Perón Foundation, which provided for an array of social services.
This was the first time the country had seen such a shift in attention to aiding the poor by the government, and it did not sit well with the oligarchy. Evita was seen as the "bridge of love" between the unsentimental Perón and their supporters. She championed women's suffrage and organized the Peronist Women's Party. Throughout Perón's first and second term as president, his economists encouraged accelerated industrial and urban development. Following Evita's death in 1952 at age 33, Perón's administration became increasingly distracted by struggles with the Catholic Church and his movement. Perón rid himself of many important and capable advisers, while promoting patronage. A violent coup, which bombarded the Casa Rosada and its surroundings killing many, deposed him in 1955. He fled into exile, eventually residing in Spain.
Following an attempt to purge the Peronist influence and the banning of Peronists from political life, elections in 1958 brought Arturo Frondizi to office. Frondizi enjoyed some support from Perón's followers ,and his policies encouraged needed investment in energy and industry, both of which were chalking up sizable trade deficits for Argentina. The military, however, frequently interfered on behalf of conservative interests and the results were mixed; Frondizi was forced to resign in 1962. Arturo Illia, elected in 1963, enacted expansionist policies; but despite prosperity, his attempts to include Peronists in the political process resulted in the armed forces' retaking power in a quiet 1966 coup. Though repressive, this new regime continued to encourage domestic development and invested record amounts into public works. The economy grew strongly, and income poverty declined to 7% by 1975, still a record low. Partly because of their repressiveness, political violence began to escalate and, from exile, Perón skillfully co-opted student and labor protests, which eventually resulted in the military regime's call for free elections in 1973 and his return from Spanish exile. Taking office that year, Perón died in July 1974, leaving his third wife Isabel, the Vice President, to succeed him in office. Mrs. Perón had been chosen as a compromise among feuding Peronist factions who could agree on no other running mate; secretly, though, she was beholden to Perón's most fascist advisers. The resulting conflict between left and right-wing extremists led to mayhem and financial chaos and, on 24 March 1976, a military coup removed her from office.
The self-styled National Reorganization Process promptly repressed opposition and leftist groups using brutal, illegal measures (the "Dirty War"); thousands of dissidents "disappeared", while the SIDE cooperated with Chile's DINA, other South American intelligence agencies and with the CIA in Operation Condor. Many of the military leaders that took part in the Dirty War were trained in the U.S.-financed School of the Americas, among them Argentine dictators Roberto Viola and Leopoldo Galtieri. This new dictatorship at first brought some stability and built numerous important public works; but their frequent wage freezes and deregulation of finance led to a sharp fall in living standards and record foreign debt. Deindustrialization, the peso's collapse and crushing real interest rates, as well as unprecedented corruption, public revulsion in the face of human rights abuses and, finally, the country's 1982 defeat by the British in the Falklands War discredited the military regime and led to free elections in 1983.

Democracy
Raúl Alfonsín's government took steps to account for the "disappeared", established civilian control of the armed forces and consolidated democratic institutions. The members of the three military juntas were prosecuted and sentenced to life terms. The previous regime's foreign debt, however, left the Argentine economy saddled by the conditions imposed on it by both its private creditors and the IMF, and priority was given to servicing the foreign debt at the expense of public works and domestic credit. Alfonsín's failure to resolve worsening economic problems caused him to lose public confidence. Following a 1989 currency crisis that resulted in a sudden and ruinous 15-fold jump in prices, he left office five months early.[25]

Newly elected President Carlos Menem began pursuing privatizations and, after a second bout of hyperinflation in 1990, reached out to economist Domingo Cavallo, who imposed a peso-dollar fixed exchange rate in 1991 and adopted far-reaching market-based policies, dismantling protectionist barriers and business regulations, while accelerating privatizations. These reforms contributed to significant increases in investment and growth with stable prices through most of the 1990s; but the peso's fixed value could only be maintained by flooding the market with dollars, resulting in a renewed increase in the foreign debt. Towards 1998, however, a series of international financial crises and overvaluation of the pegged peso caused a gradual slide into economic crisis. The sense of stability and well being which had prevailed during the 1990s eroded quickly, and by the end of his term in 1999, these accumulating problems and reports of corruption had made Menem unpopular.[26]
President Fernando de la Rúa inherited diminished competitiveness in exports, as well as chronic fiscal deficits. The governing coalition developed rifts, and his returning Cavallo to the Economy Ministry was interpreted as a crisis move by the derivatives markets. This backfired and Cavallo was eventually forced to take measures to halt a wave of capital flight and to stem the imminent debt crisis (culminating in the freezing of bank accounts). A climate of popular discontent ensued, and on 20 December 2001 Argentina dove into its worst institutional and economic crisis since the 1890 Barings financial debacle. There were violent street protests, which clashed with police and resulted in several fatalities. The increasingly chaotic climate, amid riots accompanied by cries that "they should all go", finally resulted in the resignation of President de la Rúa.[27]

Three presidents followed in quick succession over two weeks, culminating in the appointment of interim President Eduardo Duhalde by the Legislative Assembly on 2 January 2002. Argentina defaulted on its international debt, and the peso's 11 year-old tie to the U.S. dollar was rescinded, causing a major depreciation of the peso and a spike in inflation. Duhalde, a Peronist with a center-left economic position, had to cope with a financial and socio-economic crisis, with unemployment as high as 25% by late 2002 and the lowest real wages in sixty years. The crisis accentuated the people's mistrust in politicians and institutions. Following a year racked by protest, the economy began to stabilize by late 2002, and restrictions on bank withdrawals were lifted in December.[28]

Benefiting from a devalued exchange rate the government implemented new policies based on re-industrialization, import substitution and increased exports and began seeing consistent fiscal and trade surpluses. Governor Néstor Kirchner, a social democratic Peronist, was elected president in May 2003 and during Kirchner's presidency Argentina restructured its defaulted debt with a steep discount (about 66%) on most bonds, paid off debts with the International Monetary Fund, renegotiated contracts with utilities and nationalized some previously privatized enterprises. Kirchner and his economists, notably Roberto Lavagna, also pursued vigorous income policies and public works investments.[29]

Argentina has since been enjoying economic growth but despite his popularity, Néstor Kirchner forfeited the 2007 campaign in favor of his wife Senator Cristina Fernández de Kirchner. Winning by a landslide that October, she became the first woman elected President of Argentina and in a controversial result Fabiana Ríos a center-left (ARI) candidate in Tierra del Fuego Province became the first woman in Argentine history to be elected governor. President Cristina Kirchner, despite carrying large majorities in Congress, saw controversial plans for higher agricultural export taxes defeated by Vice President Julio Cobos' surprise tie-breaking vote against them on 16 July 2008. Following massive agrarian protests and lockouts from March to July robust economic growth quickly returned and double-digit inflation eased somewhat. The global financial crisis has since prompted Mrs. Kirchner to step up her husband's policy of state intervention in troubled sectors of the economy. [30]

Population

Contemporary figures
The National Institute of Statistics and Census of Argentina (INDEC) 2001 census showed the population of Argentina was 36,260,130. It ranks third in South America in total population and 30th globally. The 2008 estimate is 40,482,000. Argentina's population density is 15 persons per square kilometer of land area, well below the world average of 50 persons. The population is not evenly distributed with the city of Buenos Aires having a population density of over 14,000 inhab./km², while Santa Cruz province has fewer than 1 inhab./km². Benefiting from a moderate birth rate since the 1930s,[31] Argentina is the only nation in Latin America with a net positive migration rate; about +0.4 net immigrants per 1,000 locals, yearly.[32]

Economy
Argentina has abundant natural resources, a well-educated population, an export-oriented agricultural sector and a relatively diversified industrial base. Though no consensus exists explaining this, political instability, erratic economic policies and global trends contributed to Argentina's decline from its noteworthy position as the world's 10th wealthiest nation per capita in 1913 to the world's 36th wealthiest in 1998[52] Even during its era of decline between 1930 and 1980, the Argentine economy created Latin America's largest proportional middle class;[24] but this segment of the population has suffered from a succession of economic crises between 1981 and 2002, when the relative decline became absolute.

Argentina's economy started to slowly lose ground after 1930[53] when it entered the Great Depression and recovered slowly, afterwards. Erratic policies helped lead to serious bouts of stagflation in the 1949-52 and 1959-63 cycles and the country lost its place among the world's prosperous nations, even as it continued to industrialize.[24] Following a promising decade, the economy further declined during the military dictatorship that lasted from 1976 to 1983 and for some time afterwards.[54]

During this period, the military dictatorship took out large loans with high interest rates from, among others, the IMF and encouraged the private sector to borrow massively from foreign private banks. The country engaged in a disorganized and corrupt financial liberalization that interrupted industrial development and upward social mobility in Argentina; over 400,000 companies of all sizes went bankrupt[24] and economic decisions made from 1983 through 2001 failed to revert the situation.

Record foreign debt interest payments, tax evasion and capital flight resulted in a balance of payments crisis that plagued Argentina with serious stagflation from 1975 to 1990. Attempting to remedy this, economist Domingo Cavallo pegged the peso to the U.S. dollar in 1991 and limited the growth in the money supply. His team then embarked on a path of trade liberalization, deregulation and privatization. Inflation dropped and GDP grew by one third in four years;[51] but external economic shocks and failures of the system diluted benefits, causing the economy to crumble slowly from 1995 until the collapse in 2001. That year and the next, the economy suffered its sharpest decline since 1930.[51]

In 2002, Argentina had defaulted on its debt, its GDP had shrunk, unemployment reached 25% and the peso had depreciated 70% after being devalued and floated.

In 2003 expansionary policies and commodity exports triggered a rebound in GDP. This trend has been largely maintained, creating millions of jobs and encouraging internal consumption. The socio-economic situation has been steadily improving and the economy grew around 9% annually for five consecutive years between 2003 and 2007 and 7% in 2008.[55] Inflation, however, though officially hovering around 9% since 2006, was privately estimated at 12-15% that year and over 15% in 2008,[56] becoming a contentious issue again. The urban income poverty rate has dropped to 18% as of mid-2008, a third of the peak level observed in 2002, though still above the level prior to 1976.[57][58] Income distribution, having improved since 2002, is still considerably unequal.[59][60]

Argentina faces slowing economic growth in light of an international financial crisis. The Kirchner administration responded at the end of 2008 with a record US$32 billion public-works program for 2009-10 and a further US$4 billion in new tax cuts and subsidies.[61][62] Private pension funds, whose losses have required increasing public subsidies to cover, have been transferred to the social security system amid controversy. The newly nationalized pension funds will also help finance debt obligations and the new stimulus package.[63]

Sectors

Natural resources
Argentina is one of the world's major agricultural producers, ranking third worldwide in production of honey, soybeans and sunflower seeds and is ranked as fifth in the production of maize and eleventh in wheat. In 2007, agricultural output accounted for 9.4% of GDP and nearly one third of all exports. Soy and its byproducts, mainly animal feed and vegetable oils, are major export commodities at 24% of the total. Wheat, maize, sorghum and other cereals totaled 8%.[55] Cattle-raising is also a major industry, though mostly for domestic consumption. Beef, leather and dairy were 5% of total exports.[55] Sheep-raising and wool are important in Patagonia, though these activities have declined by half since 1990.[55]

Fruits and vegetables made up 4% of exports: apples and pears in the Río Negro valley; oranges and other citrus in the northwest and Mesopotamia; grapes and strawberries in Cuyo 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 Cuyo. Yerba Mate (Misiones), tomatoes (Salta) and peaches (Mendoza) are grown for domestic consumption. 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.[64] A strike by farmers, protesting an increase in export taxes for their products, began 13 March 2008 and butchers and supermarkets were among the first affected by shortages.[65] Following a series of failed negotiations and the 16 July defeat of the export tax-hike in the Senate the strikes and lockouts largely subsided.[66]

Argentine fisheries bring in about a million tons of catch annually[55] and are centered around argentine hake which makes up 50% of the catch, pollack, squid and centolla crab. Forestry has long history in every Argentine region, apart from the pampas, accounting for almost 14 million m3 of roundwood harvests[67]; elm for cellulose, pine and eucalyptus for furniture as well as for paper products 1.5 million tons are all widely harvested. Fisheries and logging each account for 2% of exports.[55]

Petroleum fuels, oil and natural gas are 12% of Argentina's exports. The most important oil fields lie in Patagonia and Cuyo. A network of pipelines send raw product to Bahia Blanca, center of the petrochemical industry, and to the La Plata-Rosario industrial belt.

Mining is a growing industry where the northwest and San Juan Province are the main regions of activity. Coal is mined in Santa Cruz Province. Metals mined include gold, silver, zinc, magnesium, sulfur, tungsten, uranium and particularly copper. These exports soared from US$ 200 million in 1996 to US$1.2 billion in 2004[68] and to over US$ 2 billion in 2007.[55]

Manufacturing

Manufacturing is the nation's largest single sector in the economy with 21.5% of the GDP in 2007 and is well-integrated into Argentine agriculture, accounting for nearly two-thirds of exports in all, with half the nation's industrial exports being agricultural in nature.[55] Leading sectors by production value are: food processing, chemicals and pharmaceuticals, motor vehicles, farming equipment & auto parts, iron, steel & aluminum, petroleum, as well as home appliances and industrial machinery.

Other manufactured goods include textiles & leather, plastics & tires, forestry products, publishing, cement, glass and tobacco products. Nearly half the nation's industries are in and around Buenos Aires although Córdoba and Rosario are also home to significant industrial centers. Construction permits nationwide neared 16 million m2 (170 million ft2) in 2005 and the sector is 6% of GDP. Two-thirds of this total was residential construction.[55]

Argentina produces electricity in large part through well developed natural gas and hydroelectric resources. Nuclear energy is also of high importance[69] and the country is one of the largest producers and exporters, alongside Canada and Russia, of Cobalt-60 which is a radioactive isotope widely used in cancer therapy.

Service Industries

The service sector is the biggest contributor to total GDP, accounting for 58%. Argentina enjoys a diversified service sector, which includes well-developed social, corporate, financial, insurance, real-estate, transport and communication services, as well as vigorous commercial and tourist trades.

The telecommunications sector has been growing at a fast pace with an important penetration of mobile telephony (more than 75% of the population)[70], the Internet (with more than 16 million people online),[71] and broadband services (4.1%). Regular telephone services (with 9.5 million lines)[72] and mail services are robust.

Tourism is increasingly important and provided 8% of economic output (over US$20 billion) in 2006.[73] Argentines, who have long been active travelers within their own country,[74] accounted for over 80% of this though growing international tourism (4.2 million visited Argentina in 2006) contributed almost US$3.4 billion that year.[73] Stagnant for over two decades domestic travel has increased robustly in the last few years[75] and visitors are flocking to a country seen as affordable, fun because of its variety and safe[76]. Cosmopolitan Buenos Aires, Rosario and the ocean-fronts of Mar del Plata & Pinamar, the Iguazu Falls, colonial Salta & Jujuy Provinceare rich in indigenous culture. The scenic foothills of Córdoba, the wineries of Mendoza, the ski slopes and lakes near Bariloche, the grottoes at San Antonio Oeste, Perito Moreno Glacier and Tierra del Fuego.