Table 4 Argentina: Hacroeconom;c Indicators. 1980-1988

||1Q80|1981|1982|1983|1984|1985|19t8|1987|1988|
|---|---|---|---|---|---|---|---|---|---|
|1. Inflation.<br>Doealuatiron<br>andInt.eoat<br>(Percent<br>in annual<br>terms)||||||||||
|<br><br>**a.**CPI Inflation|100.8|104 5|164 8|343.8|626 7|672.1|90.1|131.3|343.0|
|b. Official<br>Devaluation<br> <br>|39.5<br>|139.7<br>|488.8<br>|306.2<br>|542 4<br>|78906|56.7|227.6|308.0|
|c. Interest<br>Rate on Loans|98.6|207.1|213.8|682.4|748.0|512.3|117 8|227.8|407.8|
|d. CPI Inflation<br>(Dec. to Dec.)|87.6|131.3|209.7|433.7|688.0|385.4|81.9|174.8|387.7|
|<br>e. Offic.oi<br>0evaluation<br>(Dec.<br>to DOc.)|80.5|296.2|484.8|364.6|652.3|398.0|51.4|190.4|271.3|
|2.MonotaryStatistics<br>(PercentageChango)||||||||||
|<br>**a.**Ml-Pere nt ofCDP|8.2|4.9|_4.7_|3.8|3.4|3.6|4.9|5.2|3.8|
|b. N4- Percent<br>ofCDP|24.7|25.4|20.7|13.5|13.2|12.7|15.4|17.2|15.4|
|c. Seigniorage-<br>MI|4.8|3.5|7.8|8.6|7.1|6.5|3.4|4.0|7.1|
|<br>d. Rate of Change in<br>I|119.5|_51.6_|165.9|281.4|550.6|683.7|158.3|107.1|327.8|
|<br>*.Rate of Change in It4|123.3|95.3|124.7|216.0|603.2|603.5|132.0|131.3|452.3|
|f.<br>ConsolidateAd<br>Monetary SyateDometic<br>Cre.4t|111.3|209.3|224.0|400.8|538.0|n.e.|n.e.|n.a.|n.s.|
|**g. The**Central<br>Sank Doestic<br>Credit|371.8|268.4|557.8|400.8|501.2|n.a.|n.e.|n.a.|n.s.|
|3. A4regate<br>D_nand**_(Percent_**ofCDPat constant<br>prices|)|||||||||
|**a. Total**<br>**Conaumption**|63.2|85.4|80.3|81.0|83.7|82.1|83.8|83.1|80.6|
|<br>b.<br>Inveetment|23.7|19.4|16.4|14.3|12.4|10.3|11.6|<br>13.2|12.5|
|e. Eaporte|11.4|12.9|14.1|14.7|14.3|16.8|14.8|14.4|16.6|
|4. Economic Activity<br>(Percent<br>**Change**in Real Terso,||||||||||
|**a.**CDPGrowth|2.4|-6.8|-4.6|2.8|2.6|-4.5|5.7|**4.1**|-5.2|
|b. Un_eloym_nt|n.e.|4.8|5.3|4.7|4.6|6.1|5.2|5.9|6.3|
|c. Total<br>Conu_ption|7.7|-4.3|-10.7|3.8|5.9|-6.2|7.7|2.0|-6.8|
|d. Inw<br>t_mnt|9.2|-23.4|-19.7|-10.7|-11.1|-20.0|19.2|16.1|-8.2|
|*. Esports|-5.1|5.6|3.5|7.8|-0.7|12.5|-7.0|-6.4|12.1|
|5.Relative PriceO (1960.100)||||||||||
|**a.**Real Wa|100.0|112.6|115.9|175.4|180.7|140.0|113.0|143.1|136.2|
|4<br>b. Rel Exchange Rat|100.0|110.5|217.6|219.8|187.8|216.1|197.4|<br>211.2|450.1|
|.0<br>c.**Torso**of Trade|100.0|106.7|89.1|86.6|93.4|81.2|69.0|65.2|na|
|6. External<br>Sector(Hilliona<br>of US.Dollars)||||||||||
|<br><br>a.Trade Balance|-2519.2|-267.0|2285.9|3331.8|<br>3522.7|4551.9|2127.9|556.0|3629.0|
|(i) Exports|8021.4|9143.0|7623.1|7838.0|8107.4|8396.1|6851.?|6356.0|8952.0|
|(;;)<br>*_orte|10540.6|9430.0|5337.2|4504.1|4584.7|3844.2|4723.8|5800.0|5323.0|
|6. Current<br>Account<br>_Balance_|-4768.0|-4714.0|-2358.0|-2461.0|-2391.0|-953.0|-2859.0|-4238.0|-1615.0|
|c. Current<br>Account-<br>Percent<br>ofGOP|-3.1|-3.8|-4.1|-3.6|-3.2|-1.5|-3.6|-2.5|-2.2|
|d.<br>International<br>ReAerves Change|-2493.0|-3559.0|-6186.O|-2572.0|-1744.0|-556.0|-2075.0|-4100.0|-P381.0|
|?<br>Public<br>Sector<br>(on Cash Basis,<br>Prcent<br>ofCDP)||||||||||
|<br><br>S. Total<br>Eapnditure|na|na|**na**|29.3|26.0|25.4|23.5|24.9|23.5|
|b.Total<br>Revenue|na|na|no|20.5|18.0|21.0|21.5|20.6|18.6|
|**c.**Operational<br>Deficit|**na**|**na**|no|**-8.8**|**-8.0**|-4.4|-2.0|-4.3|-4.9|
|d.**The**Central<br>BankDeficit|no|no|na|-11.0|8.6|4.7|3.2|5.0|5.0|
|**a.**Total<br>Deficit|no|na|na|-19.6|-16.6|-9.1|-5.2|-9.3|-9.9|

- Note: 1. Seigniorago. F l(t)-l(t-1)/00(t)

2. Real exchange rate

- in 1986-87 is obtained by interpolation.

- S. Coneolidated monetary **systm** dometic credit i line 32 in IFS. Th. Central ak'e Domestic Credit is total clai; on gornment and prioate aector l-ea government deposit.

4. Operational Deficit **a** Revenue - Eaponditure Total Deficit **a** Operational Deficit * Central Sank Deficit.

Sources: 1(wb). 2(f.g). 3(c.d). end 6(d) from IFS 2(a.b.d4.). 4(a.b). and 5(a) from De Pablo. e"Mcroeonomic Policy Cris 1(c). (3). 4(c.d.o). 5(c). 6(*-d) end 7(a-d) from **The** Central Sank of Argentina 4(b) from Fundacion **Nditerrones** 5(b) from Hyde (1989). OR&*l E.change Rate Trends. 1960-1987'.