Argentina Economy

Working abroad sounds like an adventure to many people. However, job search in Argentina requires more than just the obvious Argentina CV and Argentina cover letter writing and translation, it requires thorough preparation. You will face problems that probably did not even come to your mind when you decided to seek for Argentine jobs.

Do not take too lightly the influence a work in Argentina can have on the effect of your adventure! For instance, you will experience the different immigration rules and practices, strange job application procedures, unfamiliar job candidate selection criteria and out of the ordinary management culture.

art_warning Argentina EconomyMost visits to Argentina are trouble-free but you should be aware of the global risk of indiscriminate international terrorist attacks, which could be against civilian targets, including places frequented by foreigners. The Argentina authorities have carried out investigations into terrorist networks.

Argentina economy - overview: Argentina benefits from rich natural resources, a highly literate population, an export-oriented agricultural sector, and a diversified industrial base. Although one of the world's wealthiest countries 100 years ago, Argentina suffered during most of the 20th century from recurring economic crises, persistent fiscal and current account deficits, high inflation, mounting external debt, and capital flight.

A severe depression, growing public and external indebtedness, and a bank run culminated in 2001 in the most serious economic, social, and political crisis in the country's turbulent history.

Interim President Adolfo RODRIGUEZ SAA declared a default - the largest in history - on the government's foreign debt in December of that year, and abruptly resigned only a few days after taking office.

His successor, Eduardo DUHALDE, announced an end to the peso's decade-long 1-to-1 peg to the US dollar in early 2002. The economy bottomed out that year, with real GDP 18% smaller than in 1998 and almost 60% of Argentines under the poverty line.

Real GDP rebounded to grow by an average 8.5% annually over the subsequent six years, taking advantage of previously idled industrial capacity and labor, an audacious debt restructuring and reduced debt burden, excellent international financial conditions, and expansionary monetary and fiscal policies. Inflation also increased, however, during the administration of President Nestor KIRCHNER, which responded with price restraints on businesses, as well as export taxes and restraints, and beginning in early 2007, with understating inflation data.

Cristina FERNANDEZ DE KIRCHNER succeeded her husband as President in late 2007, and the rapid economic growth of previous years began to slow sharply the following year as government policies held back exports and the world economy fell into recession. The economy has rebounded strongly from the 2009 recession, but the government's continued reliance on expansionary fiscal and monetary policies risks exacerbating already high inflation.

Labor force - by occupation: agriculture - 5%, industry - 23%, services - 72% (2009 est.)

Unemployment rate: 7.2% (2011 est.)

Natural resources: fertile plains of the pampas, lead, zinc, tin, copper, iron ore, manganese, petroleum, uranium

Industries: food-processing, motor vehicles, consumer durables, textiles, chemicals and petrochemicals, printing, metallurgy, steel

Argentina CurrencyCurrency: Peso(ARS; symbol AR$) = 100 centavos. Peso notes are in denominations of AR$100, 50, 20, 10, 5 and 2. Coins are in denominations of AR$5, 2 and 1, and in 50, 25, 10, 5 and 1 centavos.

Credit/Debit Cards and ATMs: Most major credit cards are accepted, but not as widely as in the US or Europe; even some major hotels do not have credit card facilities. ATMs are available in most cities and have options in English, but it is still best to carry alternative forms of payment as daily withdrawal limits are low and machines don't always work. During national holidays, ATMs can run out so it is wise to withdraw in advance.

Traveler’s Cheques: It is advised to bring traveler’s cheques in US Dollars. These can be exchanged at banks, bureaux de change and some hotels. However, it is often difficult to exchange these in the smaller towns.

Exchange rates: Argentine pesos (ARS) per US dollar - 4.1101 (2011 est.), 3.8963 (2010 est.), 3.7101 (2009), 3.1636 (2008), 3.1105 (2007)

Inflation rate (consumer prices): 22% (2010 est.)

Other Argentina Economy Info

We hope that your Argentina job search has been successful and you have an Argentina visa too. So, if your Argentina cover letter and Argentina CV are ready, you may distribute them to your future employers and start preparing for an Argentina job interview.

In addition, on the international info, job search, visa, work permit, cover letter, CV & resume, job interview and dress code pages you will find many useful tips for overseas job seekers.

Good luck with the Argentina economy info.

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