Argentina economy at a glance

Latest figures for Argentina: inflation, growth, interest rates, jobs, bond yields, debt and taxes. Updated 6 November 2026. Open Argentina on the interactive map →

Key figures

Indicator	Latest	Period	Previous
Inflation (consumer prices, year on year)	33.4%	September 2026	33.5% August 2026
Core inflation (excluding food and energy)	31.6%	September 2026	31.9% August 2026
Real GDP growth (year on year)	2.0%	Q2 2026	2.3% Q1 2026
Unemployment rate	7.9%	June 2026	7.8% March 2026
Industrial production (year on year)	−3.2%	August 2026	−4.9% July 2026
Stock market (S&P Merval (ARS))	2,848,945	October 2026

Questions and answers

What is the inflation rate in Argentina?

Argentina's annual inflation rate was 33.4% in September 2026, down from 33.5% in August 2026.

How fast is Argentina's economy growing?

Argentina's real GDP grew 2.0% year on year in Q2 2026. The IMF's October 2026 World Economic Outlook forecasts growth of 2.1% in 2026 and 3.5% in 2027.

What is the unemployment rate in Argentina?

Argentina's unemployment rate was 7.9% in June 2026, up from 7.8% in March 2026.

How much government debt does Argentina have?

Argentina's government debt is about 80.1% of GDP (latest annual figure), with a budget surplus of 0.2% of GDP.

What is Argentina's credit rating?

Argentina's sovereign credit ratings: S&P B-, Moody's B3, Fitch B-.

What is the VAT rate in Argentina?

Argentina's standard VAT rate is 21% (2025 rules).

What is the corporate tax rate in Argentina?

Argentina's corporate income tax rate is 35.0% (2025 rules).

Who leads Argentina?

Argentina is led by President Javier Milei (head of state and government). Next election: General election (president and Congress), October 2027.

Outlook

The IMF's October 2026 WEO cut 2026 growth to 2.1% from 3.5% and projects 3.5% for 2027, with average inflation of 32.5% in 2026. The central bank's REM survey sees year-end 2026 inflation of about 30%. The upside is approval of the IMF review and a waiver, the Moody's positive outlook, energy and agri export growth and renewed market access. The downside is stalled disinflation (monthly CPI near 2%), weak activity (Q2 GDP -0.6% q/q), slow reserve accumulation, and election-year politics in 2027 that keep the sovereign spread above 600bp.

Why Argentina matters for the world economy

Argentina is the world's largest exporter of soybean meal and soybean oil and a major supplier of maize, wheat and beef, so its harvests move global oilseed and grain prices. Vaca Muerta shale is making it a growing net oil and gas exporter, and it is a rising lithium producer. Brazil is the most exposed economy, taking about 15% of Argentine exports, with a tightly integrated auto supply chain; China, the US and Chile follow. As the IMF's largest borrower, Argentina's programme compliance and sovereign spreads are a bellwether for frontier-market debt sentiment.

Politics

Milei's La Libertad Avanza took about 41% of the vote in the October 2025 midterms, which gave him a larger congressional bloc than most early-term Argentine presidents. His standing has weakened since: a Bloomberg survey in early August 2026 put approval at about 37%, activity is softening, and monthly inflation has stalled near 2%. On 27 October IMF staff agreed the third review of the US$20bn programme with Economy minister Luis Caputo (about US$900m), and the IMF board is expected to decide in early December. Worries about reserve accumulation, 2027 debt payments and the 2027 election have pushed the sovereign spread to 850bp, its highest in more than a year, and the Democratic sweep in the US midterms has raised doubts about further US financial support.

System: Federal presidential republic.

Economy and taxes

GDP: US$684 billion
Population: 46.4 million
Government debt: 80.1% of GDP
Budget balance: 0.2% of GDP
Exports: 15.6% of GDP
Main exports: Soybean meal and oil, soybeans, maize, wheat, beef, crude oil and gas (Vaca Muerta), vehicles, lithium, gold
Top export markets: Brazil (14.7%), China (11.2%), United States (9.6%), Chile (7.2%), India (6.3%)
IMF growth forecast: 2.1% in 2026, 3.5% in 2027
IMF inflation forecast: 32.5% in 2026, 21.2% in 2027
Currency: ARS
Freelancer tax: A self-employed person earning the average wage (ARS 22,373,889 a year) pays about 5.1% of it in income tax and social contributions (2025 rules)
Top income tax rate: 35.0%
Gold reserves: 61.7 tonnes (September 2026)
Energy self-sufficiency: 108% (2024)

Recent news

4 November 2026 Argentina's country risk climbs to 850bp as bonds miss the global rally El Cronista
The sovereign spread rose to 850 basis points, its highest in more than a year and up from 607 in early October, as dollar bonds fell even while Wall Street rallied on the US midterm result. Investors question whether US support will last and price more risk around the 2027 election.
4 November 2026 Trump's midterm defeat could make new US help for Milei harder Buenos Aires Times
The CEPA think tank said a Congress controlled by Democrats, who have filed a bill to suspend the US currency swap, could block or raise the political cost of fresh US financial support. Argentina faces about US$4bn of obligations next year.
27 October 2026 IMF staff back Milei's reforms and agree the third review of the US$20bn deal Buenos Aires Times
IMF staff reached agreement on the third review of Argentina's programme, which would release about US$900m once the board approves it in early December. Argentina commits to a 1.4%-of-GDP primary surplus in 2026 and 2027, and reserves beat the June target by about US$4bn.
26 October 2026 Argentina's country risk jumps to 765bp as Brazil's vote rattles the region El Cronista
The sovereign spread rose 8.2% in a day and more than 26% in October, while Global 2035 bonds fell almost 3% and Argentine shares in New York dropped as much as 8.5%. Analysts said Brazil's sell-off sped up a slide already driven by high US rates, weak activity and worries about 2027 debt payments.
23 October 2026 Milei's energy chief Daniel Gonzalez resigns Buenos Aires Times (Bloomberg)
The former YPF chief, who led subsidy cuts and the RIGI investment-incentive scheme, quit as RIGI applications worth tens of billions of dollars, including about US$70bn for oil wells, await review. Analysts warned of delays to Vaca Muerta projects that Milei is counting on before the 2027 election.
21 October 2026 Economic activity falls 1.7% year on year in August, the sharpest drop of 2026 Buenos Aires Times / INDEC
INDEC's activity index was 1.7% below August 2025, the steepest annual fall since September 2024, though it edged up 0.1% from July. Manufacturing and trade shrank and farming ended 12 months of growth, while mining grew 11%.

Headlines and summaries are compiled daily from the linked reports with AI assistance.