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
- 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, the economy has encountered major problems in recent years, leading to a recession in 1988-89. Economic growth slowed to 2.0% in 1987 and to - 1.8% in 1988; a sharp decline of - 5.5% has been estimated for 1989. A widening public-sector deficit and a multidigit inflation rate has dominated the economy over the past three years, reaching about 5,000% in 1989. Since 1978, Argentina's external debt has nearly doubled to $60 billion, creating severe debt-servicing difficulties and hurting the country's creditworthiness with international lenders.
GNP: $72.0 billion, per capita $2,217; real growth rate - 5.5% (1989 est.)
Inflation rate (consumer prices): 4,925% (1989)
Unemployment rate: 8.5% (1989 est.)
Budget: revenues $11.5 billion; expenditures $13.0 billion, including capital expenditures of $0.93 billion (1988)
Exports: $9.6 billion (f.o.b., 1989); commodities—meat, wheat, corn, oilseed, hides, wool; partners—US 14%, USSR, Italy, Brazil, Japan, Netherlands
Imports: $4.3 billion (c.i.f., 1989); commodities—machinery and equipment, chemicals, metals, fuels and lubricants, agricultural products; partners—US 25%, Brazil, FRG, Bolivia, Japan, Italy, Netherlands
External debt: $60 billion (December 1989)
Industrial production: growth rate - 8% (1989)