Between 1998 and 2002, Argentina experienced a massive economic depression. The depression was a result of the Russian and Brazilian financial crises. Unemployment, inflation and debt rates in Argentina skyrocketed. In comparison to the previous year, the inflation rate in Argentina in 2017 was estimated to surpass 26 percent, however, reliable figures for the years 2014 through 2016 are not available. The high inflation and fear of another economic depression have opened up a large black market for foreign currency, especially in the metropolises, such as Buenos Aires.
Since 2009, gross domestic product in Argentina has seen a rapid increase. In addition, it is estimated that GDP per capita in Argentina was over 14,600 U.S. dollars in 2015, the highest value of the decade so far - if 2019 does not surpass it. Argentina has been able to strengthen its economy since the depression ended in 2002, which is also underlined by a constant positive trade balance: In 2009, the country reported a record-high 16.9 billion U.S. dollars trade surplus, a figure the country could not repeat to this day - in fact, Argentina reported a trade deficit just recently in 2015. Still, all signs point to an economic upswing. The Argentine economy is prospering, but it's not out of the woods completely yet: National debt in relation to gross domestic product and the country's budget deficit are estimated to increase again until the end of the decade.