In 1816, the United Provinces of the Rio Plata declared their independence from Spain. After Bolivia, Paraguay, and Uruguay went their separate ways, the area that remained became Argentina. Argentina benefits from rich natural resources, a highly literate population, an export-oriented agricultural sector, and a diversified industrial base. Although one of the world's wealthiest countries 100 years ago, Argentina suffered during most of the 20th century from recurring economic crises, persistent fiscal and current account deficits, high inflation, mounting external debt, and capital flight. A severe depression, growing public and external indebtedness, and a bank run culminated in 2001 in the most serious economic, social, and political crisis in the country's turbulent history. In 2002, the economy bottomed out, with real GDP 18% smaller than in 1998 and almost 60% of Argentines under the poverty line. However, Real GDP rebounded to grow by an average 9% annually over the subsequent five years, and the economic situation by 2006 was further improved. Although inflation, estimated at around 12 to 15% in 2006, has become an issue again, meanwhile income distribution is still considerably unequal.