nish and Italian descent), with
the remaining 3% being of mestizo, Amerindian or other non-white groups
According to the CIA World Factbook, Argentina "benefits from rich
natural resources, a highly literate population, an export-oriented
the agricultural sector and a diversified industrial base" (CIA, 2004). The CIA
World Factbook continues, "Over the past decade, however, the country has
suffered recurring economic problems, of inflation, external debt, capital
flight, and budget deficitsâ€..The economic situation worsened in 2001 with
the widening of spreads on Argentine bonds, massive withdrawals from banks,
and a further decline in customer and investment confidence" (CIA, 2004).
The CIA World Factbook continues, "The peso's pegging to the US dollar was
abandoned in 2002, and the peso was floated in February of that year; after
this, the exchange rate plunged and inflation picked up rapidly, but by mid-
2002, the economy had stabilized, albeit at a lower level" (CIA, 2004).
In terms of economic facts, the GDP of Argentina, in terms of
purchasing power parity, was -$403 billion (at 2002); the real growth rate
in GDP was -10.9% (at 2002); and the GDP purchasing power parity per capita
was -$10,500 (at 2002). The GDP composition by sector in 2002 showed that
services contributed 66%; industry contributed 28% and agriculture
contributed 5% (CIA, 2004). Thirty seven percent of the population lived
under the poverty line (as of 2002), and the inflation rate at the 2002
The main industries in Argentina include food processing, motor
vehicles, consumer durables, textiles, chemicals and petrochemicals,
printing, metallurgy and steel (CIA, 2004). The industrial production
growth rate in 2002 was 1% (CIA, 2004). Argentinian exports totaled $25.3
billion in 2002, including edible oils, fuels and energy, cereals, feed and
motor vehicles (CIA, 2004). The main export partners to Argentina ...