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What kind of economy does Argentina have?

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Quick Answer

Argentina has a free-market economy heavily based on agriculture and agricultural exports. The country also has growing industrial and service sectors. The quality of life and GDP per capita are relatively high, especially when compared to other countries in Latin America.

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What kind of economy does Argentina have?
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Full Answer

According to the CIA World Factbook, the fundamental economic activity of Argentina has traditionally been agriculture, which employs approximately 5 percent of the workforce and constitutes the basis of the nation's immensely profitable exports. Argentina is among the world's leading producers of beef, citrus fruit, honey, grapes, corn, soybeans and sunflower seeds. Wikipedia records that Argentinean fishing is also an important industry that brings in over a million catches a year.

Industry is essential to the economy of Argentina, and it is closely tied to national agriculture. One of the country's major industrial activities is food processing. Other important manufactured goods include automobiles, textiles, chemicals, metallurgy and steel.

The World Factbook states that the largest contributor to Argentina's GDP is the service sector. Social, financial, transportation, real estate and communications services all contribute to a vibrant and diverse economy. Argentinean banking creates a capital market that facilitates the growth of industry. A growing telecommunications sector stimulates growth in technology-dependent fields. An increasing portion of the population has access to mobile telephony, broadband and mobile services.

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