Buenos Aires Province - Economy

Economy

The province's economy has long been the largest in Argentina, estimated in 2006 to have been US$107.6 billion (more than a third of the national total, which was around US$160 billion in 2011 according to Argentina's economical growing. Its per capita income of $7,780 (around $10,300 in 2011), though, was somewhat below the national average and it's still slightly below the average nowadays. The province is the nation's chief exporter, generating nearly $25 billion in exports in 2008 (37% of the nation's total).

Agriculture in the province is renowned around the world for its productivity. The province is Argentina's chief agricultural producer, and accounted for at least $6 billion in export earnings in 2006. This sector adds about 5% to the province's highly diversified economy, however.The province's ranching sector is diversified, and though cattle historically provided the main animal husbandry activity, Buenos Aires is also the top producer of sheep, pork, and chicken meat of the country. Equally important is the dairy industry. Crop harvests are the most diverse in the nation, and have grown to record levels in recent decades. The most important crops include soybean, maize, wheat, sunflower and other oilseeds, like flax. More recently, premium wines have been produced in the Buenos Aires wine region in the south of the province.

Manufacturing accounts for a fourth of the province's output and is about 40% of the entire nation's. The industry of the province is diverse: chemical, pharmaceutical, metallurgic, motor vehicles, machinery, textiles and the food industry are the most notable. Excluding processed agricultural items, the province was responsible for over $10 billion of industrial exports in 2006 and accounted for a third of all Argentine exports.

The province's services sector is well-diversified and differs little from national trends. The largest local bank is the public Bank of the Province of Buenos Aires. The institution, the second-largest in Argentina, holds nearly a tenth of the nation's bank deposits.

Read more about this topic:  Buenos Aires Province

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