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Latest comment: 11 days ago1 comment1 person in discussion
The "D" in GDP stands for "Domestic". It means, the goods and services the country produces inside its borders.
However, the last years saw many Argentine companies start paying salaries in foreign banks. Employees usually leave a substancial amount of money in their foreign savings account, rather than bringing their money to Argentina.
This means that Argentina's GDP in this list is much lower than it is in reallity.
Why do Argentine companies pay salaries abroad? Because there are two exchange rates: the official one, and the "blue dollar" rate, which usually doubles the official rate. In my case, I earn 3,500 dollars a month. The company converts that amount using the official rate, and then substracts 11% for social security, 3.5% for prepaid medic care and 3.5% for physical risk assurance. 70% of the remaining 83% is then converted back into dollars, at the official rate, and deposited in a bank in the USA. The rest (30% of the remaining 83%) is deposited in the local currency in a domestic account. This way, the employee earns a higher salary, because he/she can bring their dollars anytime to Argentina and exchange them into pesos at the "blue dollar" rate. Additionally, the employer pays less taxes, because salaries are calculated at the official rate. It's a win-win situation where the State is the only loser. — Preceding unsigned comment added by 2800:810:446:8BDF:B1F8:B3A2:4EF1:825C (talk) 03:21, 4 September 2024 (UTC)Reply
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