1 argentina macroeconomic report economic section us embassy buenos aires april 2003 2 contents i overview 3 ii gross domestic product gdp 5 iii monthly index of industrial activity emi 7 iv vehicles 9 v construction 11 vi retail sales 13 vii tourism 15 viii fiscal performance the national government 17 ix public debt 18 x money markets peso m2 19 xi consumer price cpi 21 xii exchange rates 23 xiii credit from financial entities 25 xiv interest 27 xv international reserves 29 xvi balance payments 31 xvii exports 32 xviii imports 34 xix foreign direct investment fdi 36 xx unemployment employment and 38 argentine economy suffered four years deep recession 1999 to 2002 declined an estimated 10 percent in due combined impact political instability freezing bank accounts default asymmetric pesification debts devaluation that took place at end 2001 beginning ministry increased its earlier estimate 0 growth for 4 as achieving this rate
