e banking system, and to restore
economic growth proved inadequate in the face of the mounting
economic problems. The peso's peg to the dollar was abandoned in
January 2002, and the peso was floated in February; the exchange
rate plunged and inflation picked up rapidly, but by mid-2002 the
economy had stabilized, albeit at a lower level. Strong demand for
the peso compelled the Central Bank to intervene in foreign exchange
markets to curb its appreciation in 2003. Led by record exports, the
economy began to recover with output up 8% in 2003, unemployment
falling, and inflation reduced to under 4% at year-end.

GDP:
purchasing power parity - $435.5 billion (2003 est.)

GDP - real growth rate:
8.7% (2003 est.)

GDP - per capita:
purchasing power parity - $11,200 (2003 est.)

GDP - composition by sector:
agriculture: 11.1%
industry: 34.8%
services: 54.1% (2003 est.)

Investment (gross fixed):
15.1% of GDP (2003)

Population below poverty line:
51.7% (May 2003)

Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA

Inflation rate (consumer prices):
13.4% (2003)

Labor force:
14.92 million (2003)

Labor force - by occupation:
agriculture NA, industry NA, services NA

Unemployment rate:
17.3% (2003)

Budget:
revenues: $26.62 billion
expenditures: $26 billion, including capital expenditures of NA
(2003 est.)

Public debt:
65.7% of GDP (2003 est.)

Agriculture - products:
sunflower seeds, lemons, soybeans, grapes, corn, tobacco, peanuts,
tea, wheat; livestock

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

Industrial production growth rate:
16.2% (2003 est.)

Electricity - production:
97.17 billion kWh (2001)

Electricity - consumption:
92.12 billion kWh (2001)

Electricity - exports:
5.662 billion kWh (2001)

Electricity - imports:
7.417 billion kWh (2001)

Oil - production:
828,600 bbl/day (2001 est.)

Oil - consumption:
486,000 bbl/day (2001 est.)

Oil - exports:
NA (2001)

Oil - imports:
NA (2001)

Oil - proved reserves:
2.927 billion bbl (1 January 2002)

Natural gas - production:
37.15 billion cu m (2001 est.)

Natural gas - consumption:
31.1 billion cu m (2001 est.)

Natural gas - exports:
6.05 billion cu m (2001 est.)

Natural gas - imports:
0 cu m (20