Other political or pressure groups: Peronist-dominated labor movement; General Confederation of Labor (CGT), Peronist-leaning umbrella labor organization; Argentine Industrial Union (manufacturers' association); Argentine Rural Society (large landowners' association); business organizations; students; the Roman Catholic Church; the Armed Forces
International organization participation: AfDB, AG (observer),
Australia Group, BCIE, CCC, ECLAC, FAO, G- 6, G-11, G-15, G-19,
G-24, G-77, IADB, IAEA, IBRD, ICAO, ICC, ICFTU, ICRM, IDA, IFAD,
IFC, IFRCS, ILO, IMF, IMO, Inmarsat, Intelsat, Interpol, IOC, IOM,
ISO, ITU, LAES, LAIA, Mercosur, MINURSO, MTCR, NSG (observer), OAS,
OPANAL, PCA, RG, UN, UN Security Council (temporary), UNAMIR, UNAVEM
III, UNCRO, UNCTAD, UNESCO, UNFICYP, UNHCR, UNIDO, UNIKOM, UNITAR,
UNMIH, UNTSO, UNU, UPU, WCL, WFTU, WHO, WIPO, WMO, WToO, WTrO
Diplomatic representation in US:
chief of mission: Ambassador Raul Enrique GRANILLO OCAMPO
chancery: 1600 New Hampshire Avenue NW, Washington, DC 20009
telephone: [1] (202) 939-6400 through 6403
consulate(s) general: Atlanta, Chicago, Houston, Los Angeles, Miami,
New Orleans, New York, San Francisco, and San Juan (Puerto Rico)
US diplomatic representation:
chief of mission: Ambassador James R. CHEEK
embassy: 4300 Colombia, 1425 Buenos Aires
mailing address: Unit 4334, APO AA 34034
telephone: [54] (1) 777-4533, 4534
FAX: [54] (1) 777-0197
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 ———-
Economic overview: Argentina, rich in natural resources, benefits also from a highly literate population, an export-oriented agricultural sector, and a diversified industrial base. Nevertheless, following decades of mismanagement and statist policies, the economy in the late 1980s was plagued with huge external debts and recurring bouts of hyperinflation. Elected in 1989, in the depths of recession, President MENEM has implemented a comprehensive economic restructuring program that shows signs of putting Argentina on a path of stable, sustainable growth. Argentina's currency has traded at par with the US dollar since April 1991, and inflation has fallen to its lowest level in 20 years. Argentines have responded to the relative price stability by repatriating flight capital and investing in domestic industry. After registering impressive 7.4% growth in 1994, based largely on inflows of foreign capital and strong domestic consumption, the Argentine economy stumbled in 1995 as financial pressures fueled by the Mexican peso crisis and political squabbling within the MENEM administration undermined investor confidence and triggered capital outflows. By yearend, GDP had contracted 4.4%, unemployment reached 16%, and Buenos Aires struggled to meet fiscal targets. On the trade front, exports soared during the first half of 1995 - largely because of strong demand in Brazil and high commodity prices - while anemic domestic consumption lowered imports; the resulting yearend trade surplus was about $1.2 billion. However, because exports contribute only 7.5% to GDP, increased foreign sales had little impact on aggregate growth. High unemployment will continue to plague the MENEM administration for the next several years as provincial entities are readied for privatization and more public sector employees are laid off.
GDP: purchasing power parity - $278.5 billion (1995 est.)
GDP real growth rate: -4.4%
GDP per capita: $8,100 (1995 est.)