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and a

       diversified industrial base. Over the past decade, however, the

       country has suffered recurring economic problems of inflation,

       external debt, capital flight, and budget deficits. Growth in 2000

       was a negative 0.8%, as both domestic and foreign investors remained

       skeptical of the government's ability to pay debts and maintain the

       peso's fixed exchange rate with the US dollar. The economic

       situation worsened in 2001 with the widening of spreads on Argentine

       bonds, massive withdrawals from the banks, and a further decline in

       consumer and investor confidence. Government efforts to achieve a

       "zero deficit," to stabilize the banking system, and to restore

       economic growth proved inadequate in the face of the mounting

       economic problems. The peso's peg to the dollar was abandoned in

       January 2002, and the peso was floated in February; the exchange

       rate plunged and inflation picked up rapidly, but by mid-2002 the

       economy had stabilized, albeit at a lower level. Strong demand for

       the peso compelled the Central Bank to intervene in foreign exchange

       markets to curb its appreciation in 2003. Led by record exports, the

       economy began to recover with output up 8% in 2003, unemployment

       falling, and inflation reduced to under 4% at year-end.

      GDP:

       purchasing power parity - $435.5 billion (2003 est.)

      GDP - real growth rate:

       8.7% (2003 est.)

      GDP - per capita:

       purchasing power parity - $11,200 (2003 est.)

      GDP - composition by sector: agriculture: 11.1% industry: 34.8% services: 54.1% (2003 est.)

      Investment (gross fixed):

       15.1% of GDP (2003)

      Population below poverty line:

       51.7% (May 2003)

      Household income or consumption by percentage share:

       lowest 10%: NA

       highest 10%: NA

      Inflation rate (consumer prices):

       13.4% (2003)

      Labor force:

       14.92 million (2003)

      Labor force - by occupation:

       agriculture NA, industry NA, services NA

      Unemployment rate:

       17.3% (2003)

      Budget:

       revenues: $26.62 billion

       expenditures: $26 billion, including capital expenditures of NA

       (2003 est.)

      Public debt:

       65.7% of GDP (2003 est.)

      Agriculture - products:

       sunflower seeds, lemons, soybeans, grapes, corn, tobacco, peanuts,

       tea, wheat; livestock

      Industries:

       food processing, motor vehicles, consumer durables, textiles,

       chemicals and petrochemicals, printing, metallurgy, steel

      Industrial production growth rate:

       16.2% (2003 est.)

      Electricity - production:

       97.17 billion kWh (2001)

      Electricity - consumption:

       92.12 billion kWh (2001)

      Electricity - exports:

       5.662 billion kWh (2001)

      Electricity - imports:

       7.417 billion kWh (2001)

      Oil - production:

       828,600 bbl/day (2001 est.)

      Oil - consumption:

       486,000 bbl/day (2001 est.)

      Oil - exports:

       NA (2001)

      Oil - imports:

       NA (2001)

      Oil - proved reserves:

       2.927 billion bbl (1 January 2002)

      Natural gas - production:

       37.15 billion cu m (2001 est.)

      Natural gas - consumption:

       31.1 billion cu m (2001 est.)

      Natural gas - exports:

       6.05 billion cu m (2001 est.)

      Natural gas - imports:

       0 cu m (2001 est.)

      Natural gas - proved reserves:

       768 billion cu m (1 January 2002)

      Current account balance:

       $7.855 billion (2003)

      Exports:

       $29.57 billion f.o.b. (2003 est.)

      Exports - commodities:

       edible oils, fuels and energy, cereals, feed, motor vehicles

      Exports - partners:

       Brazil 15.8%, Chile 12%, US 10.6%, China 8.4%, Spain 4.7% (2003)

      Imports:

       $13.27 billion f.o.b. (2003 est.)

      Imports - commodities:

       machinery and equipment, motor vehicles, chemicals, metal

       manufactures, plastics

      Imports - partners:

       Brazil 34%, US 16.4%, Germany 5.6%, China 5.2% (2003)

      Reserves of foreign exchange & gold:

       $14.16 billion (2003)

      Debt - external:

       $145.6 billion (2003 est.)

      Economic aid - recipient:

       $10 billion (2001 est.)

      Currency:

       Argentine peso (ARS)

      Currency code:

       ARS

      Exchange rates:

       Argentine pesos per US dollar - 2.9003 (2003), 3.0633 (2002),

       0.9995 (2001), 0.9995 (2000), 0.9995 (1999)

      Fiscal year:

       calendar year

      Communications Argentina

      Telephones - main lines in use:

       8,009,400 (2002)

      Telephones - mobile cellular:

       6.5 million (2002)

      Telephone system:

       general assessment: by opening the telecommunications market to

       competition and foreign investment with the "Telecommunications

       Liberalization Plan of 1998," Argentina encouraged the growth of

       modern telecommunication technology; fiber-optic cable trunk lines

       are being installed between all major cities; the major networks are

       entirely digital and the availability of telephone service is being

       improved; however, telephone density

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