and growth of export industry In the 20th century, the development and fortunes of the Argentine wine industry were deeply influenced by the economic influences of the country. In the 1920s, Argentina was the eighth richest nation in the world with the domestic market feeding a strong wine industry. The ensuing global Great Depression dramatically reduced vital export revenues and foreign investment and led to a decline in the wine industry. There was a brief revival in the economy during the presidency of Juan Perón but the economy declined soon again under the military dictatorship of the 1960s and 1970s. During this time the wine industry was sustained by the domestic consumption of cheap vino de mesa. By the early 1970s, per capita consumption was nearly (i.e. around 120 standard 750 mL wine bottles) per year, significantly more than many other countries including the United Kingdom and United States which averaged around three liters (less than a gallon) per person during the same period. In the 1980s there was a period of hyperinflation, running at up to 12,000% per year in 1989. Foreign investment was mostly stagnant. Under the presidency of Carlos Menem, the country saw some economic stability. The favorable exchange rate on the Argentine peso during the convertibility period saw an influx of foreign investment. However this period also saw a dramatic drop in domestic consumption. Following the example of neighboring Chile, the Argentine wine industry started to more aggressively focus on the export market—particularly the lucrative British and American markets. The presence of Flying winemakers from France, California and Australia brought modern technical know-how for viticultural and winemaking techniques such as yield control, temperature control fermentation and the use of new oak barrels. By the end of the 1990s, Argentina was exporting more 3.3 million gallons (12.5 million liters) to the United States with exports to the UK also strong. Wine experts such as Karen MacNeil noted that up to this point the Argentine wine industry was considered a "sleeping giant" which by the end of the 20th century was waking up. Climate and geography The major wine regions of Argentina are located in the western part of the country among the foothills of the Andes Mountains between the Tropic of Capricorn to the north and the 40th parallel south. Most of the regions have a semi-arid desert-like climate with annual rainfall rarely exceeding more than a