ContableIA: Understanding Argentina's Economics

RESOURCES:

Main data resources come from Central Bank Of Argentina - BCRA and the National Institute of Statistics and Censuses - INDEC, taking into account these considerations:

  • Due to the intervention of the government in the INDEC and the manipulation of data from 2003 to 2016 to hide real statistics, the only reliable available data on CPI is from December 2016, onwards.
  • Normally, data on CPI related to a month is released by INDEC at the middle of the next month.

The IMF Lifted the Declaration of Censorship Imposed on Argentina:

09/11/2016: The National Institute of Statistics and Censuses (INDEC) informs that the Executive Board of the International Monetary Fund announced its decision to lift the declaration of censorship that weighed on Argentina since February 1, 2013 for the breach of its obligation before the international organization -established in the Constitutive Agreement- to provide truthful information on the evolution of the economy.

Read more IMF Press Release N° 16/497

CPI Data Released by INDEC is Used to Calculate Cumulative Inflation and Restatement Indices:

By definition, consumer price index (CPI) measures the monthly change in prices paid by Argentinian consumers. The INDEC calculates the CPI as a weighted average of prices for a basket of goods and services representative of aggregate consumer spending.

Read more about how CPI is calculated in Argentina
Source: Access to CPI historical time series

HISTORIC GRAPHS:

Access historical information graphs with data since December 2016, up to today:

EVOLUTION OF CONSUMER PRICE INDEX

Source: INDEC - National Institute of Statistics and Censuses. CPI published monthly click here

EVOLUTION OF EXPANDED MONEY SUPPLY (M3)

Source: BCRA - Central Bank of Argentina. Data published monthly click here

Note: The M3 monetary aggregate represents the broadest measure of a country's money supply. In Argentina, this indicator is compiled by the Central Bank of the Argentine Republic (BCRA). M3 includes cash held by the public, demand deposits in pesos, time deposits in pesos, special accounts in pesos, and foreign currency deposits expressed in pesos. The BCRA publishes daily monetary statistics that track the evolution of key variables such as M3, international reserves, deposits, loans, interest rates, and its own financial instruments.

EVOLUTION OF EXPANDED MONEY SUPPLY (M3) AND CONSUMER PRICE INDEX

CONSUMER PRICE INDEX AND EXCHANGE RATES COMPARISON (BLUE AND OFFICIAL DOLLAR VS PESO)

Note: CPI (monthly) vs Official/Blue Dollar exchange rates (daily). CPI shown on left axis, exchange rates on right axis.

EVOLUTION OF EXCHANGE RATE PESO/USD

Note: Use the zoom tool to check for daily data on the graph.

EVOLUTION OF BCRA's INTERNATIONAL RESERVES IN USD

Source: BCRA. International Reserves published daily click here

EVOLUTION OF TRADE BALANCE

Source: INDEC - National Institute of Statistics and Censuses. Balance of exports and imports published monthly click here

EVOLUTION OF GROSS DOMESTIC PRODUCT AT CURRENT PRICES

Source: INDEC - National Institute of Statistics and Censuses. GDP published quarterly click here

EVOLUTION OF GROSS DOMESTIC PRODUCT PRICES YEAR BASE 2004

Source: INDEC - National Institute of Statistics and Censuses. GDP published quarterly click here

Note: The gross domestic product has not grown in real terms since 2016

MONTHLY ESTIMATOR OF ECONOMIC ACTIVITY

Source: INDEC - National Institute of Statistics and Censuses. Monthly Estimator of Economic Activity monthly published click here

Note: The EMAE (Monthly Estimator of Economic Activity) published by Argentina's INDEC is measured as a monthly index, not in monetary units like pesos or dollars. It uses a base year of 2004, set to 100, and reflects changes in economic activity relative to that baseline. Among its three formats (original, seasonally adjusted, and trend cycle), the graph focus on the trend cycle series, which smooths out short term fluctuations and offers a clearer view of Argentina's medium and long term economic trajectory. While it doesn't replace GDP data, this series provides a more stable and frequent snapshot of the country's underlying economic performance.