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This publication will help you understand the Automotive in Argentina, a developed and innovative industry with a long tradition in the country. The report includes: International leading companies with presence in Argentina: Fiat, Ford, General Motors, Mercedes Benz, Peugeot-Citroën, Renault, Toyota, Volkswagen, Iveco and Scania. Great opportunity for growth in auto parts to complement regional and global demand in the automotive industry which is increasing in sophistication and innovation. Success case: Rafaela, Santa Fe (Basso) is a leading world producer and exporter of valves. This document was produced by ProsperAr, Argentina´s Investment Development Agency. If you need further assistance contact us at [email protected] or use our website www.prosperar.gov.ar.
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Automotive Industry in ArgentinaDriven to meet global market needs
INVESTMENT OPPORTUNITIES
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Highlights
>> A STRONG LOCAL INDUSTRY IN A PROMISING CONTEXT The global automotive industry is currently registering record production levels,
mainly driven by an increasing demand and export dynamism in developing economies. A heavyweight in Argentina’s manufacturing sector, the automotive industry is a growth leader.
>> OUTSTANDING PRODUCTION AND EXPORT PERFORMANCE Rocketing exports and domestic sales are driving Argentina’s automotive
production, which has almost doubled since �00�. Automobile production grew almost �0% per year over a five year period, reaching a record high of 545,000 units in �007. Manufacturers’ decision to use Argentina as an export platform for some models gave a big push to exports, which grew ��% per year in the same five year period.
>> FIRST CLASS INTERNATIONAL PLAYERS International corporations with a historical presence in Argentina—like
Fiat, Ford, General Motors, Mercedes Benz, Peugeot-Citröen, Renault and Volkswagen—as well as more recent arrivals—like Toyota—are making substantial investments to expand production capacities and improve technological capabilities. This dynamic industry is at the forefront of Argentina’s manufacturing sector.
>> A BOOMING AUTO PARTS INDUSTRY The auto parts industry is booming. Auto parts manufacturers are seeing
increased demand as automakers roll out new models, increase production capacity and move to outsource more of their needs. Current trends signal an important opportunity for domestic auto part suppliers to upgrade their production by working closely with automobile manufacturers with global presence.
>> ATTRACTIVE AND PROFITABLE SEGMENTS Regional market growth, local skills and the country’s competitive exchange
rate have opened profitable investment opportunities in the automobile, truck and motorcycle manufacturing segments.
4
I. Why Invest in Automotive Industry in Argentina?
• FROM ARGENTINA TO MERCOSUR AND THE WORLD.
Domestic production in the automotive industry is
increasingly oriented towards both Mercosur and the
global market, apart from satisfying the expanding
domestic demand. Key global players in the sector have
chosen the country as an export platform to produce
specific models to supply the growing regional market
and, furthermore, to export automobiles from Argentina
to the rest of the world.
• PROFITABLE OPPORTUNITIES: AUTO PARTS
MANUFACTURING. In Argentina, auto part manufacturing
has mirrored the growth pattern in motor vehicle
production and investments in the sector have also led to
auto parts exports’ reaching unprecedented levels. Intense
competition has led auto parts manufacturers to focus on
certain elements of the value chain. Top performers in this
market have been able to incorporate modern production
technologies and best practices, and have concentrated
on high-tech segments of the market. Due to past and
projected investments, Argentina is well positioned to
compete successfully in this global market.
• ATTRACTIVE SEGMENTS: TRUCKS AND MOTORCYCLES.
Argentina’s strong economic growth has also encouraged
a rise in demand for trucks and motorcycles. Currently,
demand in these two markets is mainly met by imports.
Although domestic production has increased in response
to this trend, there is still a sizable opportunity for local
manufacturers to increase their market shares.
• PROMISING GLOBAL OUTLOOK. The global automotive
industry has reached record production levels. With
over 70 million motor vehicles produced in more than
40 countries, this industry has seen steady growth
over the past years. With global annual growth rates of
approximately 3%, performance has been diverse across
regions. The highly fragmented global auto parts and
equipment market is valued at over US$500 billion.
• A NEW ROLE FOR EMERGING ECONOMIES.
A remarkable trend of the last decades is the growing share
of emerging economies in global automotive production.
New corporate strategies oriented towards the global and
regional markets have sought to increase competitiveness,
reduce costs and expand the product mix. With a thriving
auto sector, the Asia-Pacific region doubled its production
in the last decade, while South American output grew 50%
during this period and Eastern Europe’s over 30%. With
a demand previously concentrated in fewer regions, the
auto parts and equipment market has also grown rapidly in
emerging countries.
• STRONG FOUNDATION FOR SUCCESS. In Argentina, the
automotive industry is highly dynamic and remains a
leader in the country’s overall manufacturing production.
Vehicle production has more than tripled since 2002 and
strong growth is expected to continue. Access to new
markets, large Foreign Direct Investment (FDI) inflows,
regional cooperation and the country’s competitive
exchange rate have increased the sector’s technological
know-how and driven growth.
5
II. Sector Structure and Performance
INDUSTRY STRUCTURE
Manufacturers. There are ten manufacturers present
in Argentina –Fiat, Ford, General Motors, Iveco, Mercedes
Benz, PSA Peugeot-Citroën, Renault, Scania, Toyota and
Volkswagen– producing a total of 18 different models. A
few of the models are commercial vehicles, however the
majority are passenger cars.
SECTOR PERFORMANCE
A key sector. The automotive industry is a key
contributor to manufacturing production and exports in
Argentina. In 2007, it represented 2.5% of GDP (including
automotive parts manufacturing), 8.5% of industrial
production and 10% of exports. The automotive industry
remains one of the principal engines of industrial growth
and technology transfer. A sustained expansion in both
domestic demand and exports has supported continued
fast growth in the sector: production expanded at an
average rate of 29% per year during 2002-07 and the
industry reached record high production numbers. As a
result, automotive production explained more than 30% of
growth in the country’s industrial production over the past
three years. Exports and employment also boomed steadily
since 2002: exports were up 22% per year in the last five
years (as some manufacturers have chosen Argentina as
an export platform for certain models) and employment
increased 55% between 2002 and 2007.
Vehicle Production by Company (2007)
Production and Exports of Vehicles (in thousands of units)
Peugeot ��%
Iveco1%
Mercedes Benz5%
VW 11%
Toyota 1�%Ford 1�%
GM �1%
Renault 1�%
0
100
�00
�00
400
500
�00
�000 �001 �00� �00� �004 �005 �00� �007
Production
Exports
Record production and export levels. A record-
high level of 545,000 units was produced in 2007 (64%
passenger cars, 36% commercial vehicles), comfortably
surpassing the previous peak of 1998. In 2007, 58% of
the vehicles produced were exported, reaching a new
exporting record of 316,000 units. Brazil accounted for
over one-half of Argentina’s vehicle exports. However, the
export base has diversified in recent years, reaching 84
different countries in 2007, with Mexico (13% of exports),
Venezuela (5%) and Chile (5%) becoming increasingly
important markets. Triggered by growing automotive
production, automotive parts sales also expanded
Production and sales. Regarding production, Peugeot
was the leader in 2007, followed by Ford and GM. Toyota
is one of the fastest-growing manufacturers in Argentina,
thanks to large investments since 2002. Honda has also
announced its establishment in the country in 2009.
In terms of sales, Volkswagen was the market leader in
2007, accounting for 22% of the market. General Motors is
the second-largest company in Argentina regarding sales,
with 16% in 2007. Ford and Peugeot-Citroën share the
third place with 14% market share each.
Auto parts. In addition to manufacturers’ activities,
Argentina has developed a large auto parts industry
comprised by more than 400 companies. This segment
creates 62,000 jobs, vis-à-vis less than 20,000 jobs at the
manufacturers. Most firms are located in the provinces of
Buenos Aires, Córdoba and Santa Fe.
Argentine Association of Automobile Manufacturers (ADEFA)
Argentine Association of Automobile Manufacturers (ADEFA)
�
significantly between 2002 and 2007 (at a compound
annual rate of 24%) and peaked at US$5.5 billion in 2007.
Auto parts exports have doubled in the last five years,
reaching an unprecedented level of US$2.2 billion in 2007.
Innovation. Large inflows of FDI expanded production
capacities and brought technological know-how for
process improvements. All automotive companies
currently operating in Argentina increased their
production levels to meet the rising local and external
demand. At the same time, the industry started playing
a more important role internationally when the
manufacturing of new models was set in the country: seven
new models were introduced between 2003 and 2007.
INDUSTRY SEGMENTS
Some new segments are gaining share in vehicle
production and represent attractive investment
opportunities. Car production accounted for 64.4% of total
production in the industry and light commercial vehicles
represented 34.6% in 2007. Heavy trucks, coaches and
buses represented the remaining 1%. Regarding sales, cars
accounted for the lion‘s share of the domestic market with
75% of the total, light commercial vehicles accounted for
20% of total sales, and heavy trucks, coaches and buses for
the remaining 5%.
Trucks. Demand for trucks has increased stimulated
by the economic growth over the past five years and
particularly by the agriculture boom. IVECO is the only
truck manufacturer in Argentina (5,100 units in 2007). The
domestic market is mostly supplied by imports. Production
has grown steadily since 2002 to meet the increasing
demand; however imports increased faster than
production. Currently imports are 3.5 times the level of
domestic production.
Motorcycles. Both world-class foreign companies
(Honda, Yamaha, Cagiva, BMW, Gilera, Jawa) and
domestic firms are players in the local motorcycle
industry. The most important motorcycle manufacturers
are located in the province of Buenos Aires. Additional
companies are located in the provinces of Córdoba, Santa
Fe, San Luis, San Juan and Catamarca. Demand remains
higher in the provinces than in the city of Buenos Aires.
The domestic market for motorcycles has boomed over
the past five years, reaching 680,000 units sold in 2007,
compared to 12,000 units sold in 2002. Production
increased significantly to keep up with rising demand,
peaking at over a quarter million units. Demand was
fostered as a result of the strong economic growth of the
past years, the recovery of purchasing power, employment,
consumption and the widening gap between prices of
automobiles and motorcycles. During this period, imports
(634,000 units in 2007) grew even faster than production
(at a compound annual growth rate of 128% between 2002
and 2007 vis-à-vis a rate of 121% for production during the
same period). Over 90% of imported models, mainly small
motorcycles, come from China.
INVESTMENT
The strong recovery of automotive production has
prompted strong investment commitments on behalf of
a number of manufacturers. According to the Argentine
Association of Automobile Manufacturers (ADEFA),
manufacturers have invested US$1.2 billion in facilities
since 2003 and estimate that investment will exceed US$3.5
billion between 2007 and 2010; over US$1.7 billion in 2007
alone. This would increase output to 800,000 units by 2010.
• Volkswagen announced a US$100 million investment
to expand current capacity for the production of
transmission gears; and another US$320.5 million to
manufacture its first pick-up truck, with an estimated
output of 90,000 units in 2009.
• Ford: will invest US$161 million for the production of
a new medium-sized model in 2008 and a new pick-
up truck in 2010. In 2006, the completion of previous
investment projects resulted in an increase in production
from 300 units per day to 340 units.
• PSA Peugeot-Citroën: announced a US$24 million
investment to expand current capacity and to increase
the integration of local parts in their domestic
production. ¤76 million were already invested to start
the production of the new Citroën C4.
• Toyota: announced an investment of US$41.5 million
to increase production of auto parts. Toyota has so far
invested US$ 1 billion in Argentina.
7
• Honda: is investing US$100 million in a new plant in the
city of Campana to produce a new medium-sized model.
The start of production of 30,000 units is projected for
2009, two-thirds of which is expected to be exported
to Brazil.
• Mercedes Benz: announced a US$50 million capital
investment to produce the NCV3, a new commercial
vehicle.
• General Motors: announced a US$200 million
investment for the production of a new model at the
company’s plant in Rosario.
• Fiat: following an agreement between Fiat and Tata
Motors, the Fiat plant in Ferreyra in the province of
Córdoba is expected to reopen to manufacture a new
medium-sized car model and a pick-up truck. In 2008,
the company will invest US$60 million to produce
50,000 units per year of the Siena model.
• Renault: announced a US$80 million investment for
the production of a new vehicle, and to increase the
production of the Kangoo and Clio models.
• Auto parts: auto parts companies of all sizes are also
investing to improve their productivity levels, broaden
their production capacity and develop new products.
Projected investment by car manufacturers will require a
120% increase in the production of auto parts, and might
generate up to 50,000 jobs. Investment announcements
are expected to reach US$460 million in 2008, twice the
amount of 2004.
Autoparts Trade Balance (in US$ millions)
Automotive Production Trade Balance (in thousands of units)
Exports Imports Trade Balance
�00� �004 �005 �00� �007
�,000
�,000
4,000
�,000
0
-�,000
-4,000
-�,000
PERSPECTIVES
Sustained growth expectations. According to
ADEFA, the sustained growth trend in the sector will
keep up in the foreseeable future. Nine new models are
expected to begin production in Argentina between 2008
and 2010. In total, forecasts estimate that between 2007
and 2013 production will increase 85%, exports will double
and domestic market will grow by 30%. As a result, it is
expected that the share of the whole industry in GDP will
double between 2007 and 2013.
TRADE PERFORMANCE
Rising imports. The surge in demand during the last
five years triggered production as well as imports in
the industry. While automotive exports expanded at a
compound rate of 22% in the period 2002-07, imports
doubled this expansion rate, reaching a record high
number of 330,000 imported vehicles in 2007. Brazil was
the source of over 75% of vehicle imports in 2007, followed
by Mexico (5%) and Germany (5%). The elevated amount
of imported units surpassed exports in 2004 originating
a trade deficit of 14,000 units in 2007. The auto parts
segment also exhibits a trade deficit, due to high-speed
imports’ expansion (at a compound rate of 38%) since 2003.
An opportunity. This trade deficit represents an
opportunity for both automobiles and auto parts
manufacturers to further develop local production and
increase the share of nationally produced components in
the automotive global value chain.
544,��1�
745
�1�
��5��� 1005
�1�,4�55
44�501
5���4� ���
�007 �00� �00� �010 �011 �01� �01�0
�00
400
�00
�00
1000
1�00 Production Exports
Growth Projections (in thousand of units)
Source: Association of Argentine Auto Parts Manufacturers (AFAC)
Argentine Association of Automobile Manufacturers (ADEFA)
Source: Argentine Association of Automobile Manufacturers (ADEFA)
Exports Imports Trade Balance
�000 �001 �00� �00� �004 �005 �00� �007
400
�00
�00
100
0
-100
�
III. Foundation for Success
ATTRACTIVE MARKET
Promising market potential. Vehicle penetration
in Argentina is elevated compared with Latin American
economies and other developing markets (146 vehicles per
1,000 population, vis-à-vis 149 in Mexico, 103 in Chile, 96
in Brazil and 81 in Venezuela), but still reduced compared
with developed markets. These figures entail room for
further sustaining the recent growth in sales, particularly
supported by a rising domestic purchasing power.
Mercosur. Argentina is a full member of Mercosur,
a common market also integrated by Brazil, Paraguay
and Uruguay. As such, Argentina has preferential
access to a regional market of 238 million inhabitants,
with a combined GDP of US$1,607 billion (2007). As
part of Mercosur, Argentina has concluded Economic
Complementation Agreements with Bolivia, Chile,
Colombia, Ecuador, Peru and Venezuela, enlarging the
potential market to 381 million consumers and a combined
GDP of US$2,346 billion.
LOCAL SKILLS AND TALENT
Industry expertise. Motor vehicle production has
been present in Argentina for more than six decades.
This tradition and experience in automotive production
is reflected in a highly qualified domestic labor force,
characterized by both well-built technical capabilities and
flexibility to adapt to a changing work environment.
Growing skills. This pool of high skilled workers
is permanently increased by professionals trained in
universities (including the National Technological
University) and technical schools (in some cases managed
by the own manufacturers, such as the case of the Henry
Ford School). Additionally, the National Network of
Professional Training in automotive mechanics was created
in 2004 jointly by the government, the Mechanics and
Automotives Transport Union (SMATA) and the Argentine
Federation of Auto-repair Shops (FAATRA). This network
is aimed at promoting professional education in the sector
at the national, provincial and municipal level.
�
CASE STUDY
MERCEDES BENZ a leading automotive company increasing export production in Argentina
Mercedes Benz, one of the world’s premier automobile
companies, has been in Argentina for the past 57 years.
Since its arrival, the company has been a strong industrial
presence in the country with a demonstrated export
bias. Its industrial center “Juan Manuel Fangio,” located
in La Matanza (Province of Buenos Aires) reflects the
firm’s early commitment to investing and producing in
the country, as it was the first center ever to be located
outside the company’s country of origin, Germany.
In Argentina, Mercedes Benz is a full-liner company and
commercializes trucks, buses, vans and premium vehicles.
The company’s industrial center currently operates �4
hours a day and has more than �,700 employees. This
high production rates prompted the addition of more
than 100 new skilled employees in �007 and �00�.
Since 1���, Mercedes Benz Argentina produces and
exports the Sprinter passenger van model to more than
5� countries. More than �5% of production is exported
to countries in Europe, Asia, the Middle East, Oceania and
the Western Hemisphere, making Sprinter the Argentine
vehicle with the highest number of global destinations.
This locally produced vehicle has the same characteristics
and quality standards than those produced at Mercedes
Benz’ German headquarters, a fact that accounts for the
outstanding level of local labor.
Mercedes Benz Argentina has just concluded investments
for more than €�5 million in the creation of a new
assembly line and production platform in Argentina. The
passenger car built on this site is 100% destined to the
external market. The company is also working with a
number of local providers to develop national production
of auto parts for its vehicles and is investing more than
€1� million in this process. In addition, production of a
new chassis for urban buses (OF 141�) has just begun
and has been added to the production of the OH 1�15,
already made in Argentina.
INDUSTRY NETWORKING
ADEFA. Founded in 1961, ADEFA represents all the
automotive manufacturers in Argentina. The association’s
main purposes are to boost the local production of
vehicles, to foster investment in the automotive sector
and to promote the industry entrepreneurship and
competitiveness. Of particular importance among the
numerous activities carried out by ADEFA are those
intended to promote the specialization of the automotive
sector and a complementary symmetric system within the
Mercosur. Furthermore, ADEFA permanently seeks the
penetration of new markets for vehicles made in Argentina
and throughout Mercosur.
AFAC. Auto parts manufacturers are represented in
the Association of Argentine Auto Parts Manufacturers
(AFAC), an association founded in 1939 whose task is
the promotion of auto parts and all those necessary
components for the manufacturing and repair of
automobiles in the country. AFAC aims to improve and
strengthen the development of the auto parts business,
promote the development of the Argentine automobile
industry as a whole and promote exports.
10
IV. Policy Initiatives
INCENTIVES
Local integration. Additionally, other policy initiatives
have been put in place to promote the auto parts sector,
including reimbursements to automobile manufacturers,
trade negotiations conducted by the national government
and a specific regime. A cash reimbursement fiscal benefit
is in place for vehicles produced domestically and that
have imported parts whose value do not exceed 30% of
the wholesale price of the final good (Decree 774/05).
Specifically, a company manufacturing vehicles in
Argentina receives a cash reimbursement equivalent to 6%
of the value of the locally produced parts being purchased.
In addition, a Domestic Auto Parts Promotion Law was
enacted in June 2008. The initiative projects a production
level of 500,000 engines and no less than 700,000
motorcycles by 2011, via the support of investment and
setting of new tax benefits. This includes reimbursement
of 8% over the total domestic auto parts acquired by
manufacturers during the first year. The reimbursement
levels will be progressively reduced to 7% for the second
year and 6% for the third. In relation to local components
used for engines and transmission gears, reimbursement
percentages are 10% for the first year and are then
progressively reduced to 6% on the fifth year (total period
covered by the initiative).
REGIONAL TRADE
Special trade regime with Brazil. The automotive
sector enjoys significant government support, benefiting
from a special trade regime with Brazil and various
incentives for manufacturers. As part of Mercosur, both
Argentina and Brazil share a common external tariff
(CET) of 35% for finished products (with an inferior
tariff in Argentina for trucks and buses) and of 14-18% for
non-locally produced parts. In 1994, the two countries
signed a bilateral trade agreement, providing for duty-free
trade both in automobiles and auto parts, subject to the
requirements of national regimes. Currently, zero-rate
tariffs for bilateral trade are in place, subject to (decreasing)
balanced trade requirements and regional and national
content requirements. Bilateral trade with Brazil is tariff-
exempt within a “flex” mechanism, which determines the
level of Brazilian imports in relation to Argentine exports
(tariffs apply if this level is exceeded). This mechanism is
aimed at protecting the domestic industry as it gains global
competitiveness. Currently, an asymmetric “flex” is in place,
favouring Argentine exports within Mercosur (Argentina
can export US$2.50 for every US$1.95 imported). This
new system encourages investment plans by setting a
predictable framework for the next five years and looks to
foster the share of domestic auto parts in bilateral trade .
Trade with Mexico. In 2006, Argentina and Mexico
eliminated all bilateral trade barriers in automobile trade
and in June 2006 numerous tariffs were abolished in the
auto parts sector.
11
1�
V. Main Challenges
Industry players and government agencies face key
challenges to sustain growth and consolidate the sector’s
competitiveness. In themselves, these challenges present
attractive opportunities for the industry and Argentina.
• Improve the local industry’s insertion in the
global value chain: encourage more investment in
training and R&D, in order to increase the industry’s
capacity to migrate towards higher value-added
activities.
• Pursue a balanced development of the sector’s
local value chain: the surge in automobile
manufacturing should serve as a basis for a strong
increase in domestic auto parts production. A closer
integration between manufacturers and local auto
parts suppliers has the potential to increase the sector’s
competitiveness and encourage technological advances.
• Take full advantage from a demanding domestic
and regional market: the advanced level of
development of the domestic and regional markets
presents an attractive opportunity for the sale of models
adapted to regional consumer demands.
• Continue to strengthen the sector’s public-
private partnership: a sustained increase of the
industry’s competitiveness will require a coordinated
effort by public and private players, among other actions
promoting Argentina as an increasingly attractive option
for international manufacturers to locate production
facilities.
OUR CHALLENGES ARE YOUR OPPORTUNITIES.
SOURCES: The trends, data and figures included in this material were elaborated by ProsperAr on the basis of: National Institute of Statistics and Census; CEP; ADEFA; AFAC; López, A. (coord.), “Complementación Productiva en la Industria Automotriz en el Mercosur”, (�007); The International Organization of Motor Vehicle Manufacturers; Automotive Forecast, The Economist Intelligence Unit, January �00�; and Auto Report �00�/�007, International Metalworker’s Federation.
1�
The information provided through this brochure does not constitute legal or professional advice whatsoever. ProsperAr (Agencia Nacional de Desarrollo de Inversiones) reserves the right to revise, amend, alter or delete the information provided herein at any time, but shall not be responsible for or liable in respect of any such revisions, amendments, alterations or deletions.Photos: courtesy of Basso, Stock Exchange and Flickr under Creative Commons license.
14
Argentina at a glance
Country profile
Official name República Argentina
Capital city Buenos Aires
Main cities Córdoba, La Plata, Mar del Plata, Mendoza, Rosario
Surface area �.7 million square kilometers
Population 40.� million inhabitants
Population growth 1.0% per year
Adult literacy rate ��%
Life expectancy at birth 75 years
GDP per capita (PPP) US$ 14,41�
Currency Argentine peso ($)
Form of government Federal Presidential Republic
Political division �� autonomous provinces and the Autonomous City of Buenos Aires
Time zone GMT-0�:00
Official language Spanish
�00� �004 �005 �00� �007 �00�
GDP growth rate (annual %) �.�% �.0% �.�% �.5% �.7% 7.0%
GDP (PPP) (millions of US$) ���,��� �7�,041 41�,5�� 4��,750 5�4,140 57�,��0
GDP (millions of US$) 1��,07� 15�,15� 1�1,��7 �1�,��� ��0,��� ���,50�
Exports of goods and services (millions of US$) �4,4�� ��,��4 47,0�4 54,547 ��,0�� ��,�0�
Imports of goods and services (millions of US$) 1�,��7 �7,��0 �4,��� 41,1�0 5�,�5� �7,4��
Balance of trade of goods and services (millions of US$) 15,�1� 11,��4 1�,0�5 1�,4�7 1�,7�5 15,115
Trade surplus (% of GDP) 1�.�% 7.�% �.�% �.�% 4.�% 4.�%
Current account surplus (% of GDP) �.4% �.1% �.�% �.�% �.7% �.�%
Primary fiscal surplus (% of GDP) �.�% �.�% �.7% �.5% �.�% �.1%
Gross capital formation (% of GDP, constant prices) 14.�% 17.7% 1�.�% �1.�% ��.�% ��.0%
Gross national savings (% of GDP, current prices) 1�.�% �0.�% ��.7% ��.4% ��.�% ��.7%E
Foreign direct investment (millions of US$) 1,�5� 4,1�5 5,��5 5,5�7 �,47� 7,�7�
Exchange rate ($/US$) �.�5 �.�4 �.�� �.07 �.1� �.1�
Foreign reserves (millions of US$) 14,11� 1�,�4� ��,077 ��,0�7 4�,17� 4�,���
Unemployment rate (% of EAP) 17.�% 1�.�% 11.�% 10.�% �.5% 7.�%
Source: ProsperAr based on data provided by the Argentine National Institute of Statistics and Census, the Central Bank’s Market Expectations Survey (REM), the International Monetary Fund and the United Nations Conference on Trade and Development (as of April �0, �00�).
Main Economic Indicators
15
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>> Help identify investment and innovation opportunities in strategic sectors.>> Troubleshoot red tape and obstacles; facilitate the investment process and doing
business in Argentina.>> Assist in building partnerships between foreign investors and local companies.
To learn more about how investing in AUTOMOTIVE INDUSTRY in Argentina can benefit you, please contact us:
[email protected]+54 11 4328 9510