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Buenos Aires is the powerhouse of Argentina's economy, making up 37% of the country's GDP in 2016. Its economic power lies in industrial, commercial and business activities. However, Buenos Aires' economic growth is plagued by Argentina's political instability and stagflation. Buenos Aires is in the race to become a start-up and technology hub of Latin America. At the same time, the capital is undergoing massive urban development, with the aim of boosting urban and social integration.
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Once regarded as the most productive major Latin American city, Buenos Aires' gross value added (GVA) per employee fell by 4.4% in constant value terms over 2011-2016. In 2016, its GVA per employee was USD27,300, and lagged behind that of other key cities in the region, such as Santiago (USD33,900), Montevideo (USD32,400), San Jose (USD28,800) and Mexico City (28,300).
A higher employment rate than elsewhere in Argentina (70% versus 57% in 2016) and a greater emphasis on higher value-added industries explains the 9.6% higher disposable income per household in Buenos Aires compared with the rest of the country in 2016.
Consumer expenditure per household (excluding housing and transport) in Buenos Aires surpassed the average for the rest of the country by 12% in 2016. Higher incomes allow the city's consumers to spend notably more on areas such as hotels and restaurants (+49% per household spending in 2016), and education (+40).
Combined expenditure on transport and housing was 4.2% higher in Buenos Aires compared with the rest of the country in 2016. Transport costs are pushed up by the high level of traffic in the city.
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