Economy of the African Union


The combined states of the African Union (AU) constitute the world's 11th largest economy with a nominal gross domestic product (GDP) of US$2263 billion.[citation needed] By measuring GDP by purchasing power parity (PPP), the African Union's economy totals US$1.515 trillion, ranking it 11th after Russia. At the same time, they have a combined total debt of US$200 billion.

African Economic Community
Pillar
regional
blocs (REC)
Area
(km²)
Population GDP (PPP) ($US) Member
states
(millions) (per capita)
EAC 2,440,409 169,519,847 411,813 2,429 6
ECOWAS/CEDEAO 5,112,903 349,154,000 1,322,452 3,788 15
IGAD 5,233,604 187,969,775 225,049 1,197 7
AMU/UMA a 6,046,441 102,877,547 1,299,173 12,628 5
ECCAS/CEEAC 6,667,421 121,245,958 175,928 1,451 11
SADC 9,882,959 233,944,179 737,392 3,152 15
COMESA 12,873,957 406,102,471 735,599 1,811 20
CEN-SAD a 14,680,111 29
Total AEC 29,910,442 853,520,010 2,053,706 2,406 54
Other
regional
blocs
Area
(km²)
Population GDP (PPP) ($US) Member
states
(millions) (per capita)
WAMZ 1 1,602,991 264,456,910 1,551,516 5,867 6
SACU 1 2,693,418 51,055,878 541,433 10,605 5
CEMAC 2 3,020,142 34,970,529 85,136 2,435 6
UEMOA 1 3,505,375 80,865,222 101,640 1,257 8
UMA 2 a 5,782,140 84,185,073 491,276 5,836 5
GAFTA 3 a 5,876,960 1,662,596 6,355 3,822 5
During 2004. Sources: CIA World Factbook 2005, IMF WEO Database.
  Smallest value among the blocs compared.
  Largest value among the blocs compared.
1: Economic bloc inside a pillar REC.
2: Proposed for pillar REC, but objecting participation.
3: Non-African members of GAFTA are excluded from figures.
a: The area 446,550 km² used for Morocco excludes all disputed territories, while 710,850 km² would include the Moroccan-claimed and partially-controlled parts of Western Sahara (claimed as the Sahrawi Arab Democratic Republic by the Polisario Front). Morocco also claims Ceuta and Melilla, making up about 22.8 km² (8.8 sq mi) more claimed territory.

The AU has only 2% of the world's international trade. But because over 90% of international trade consists of currency futures,[citation needed] Africa's 2% actually makes up the bulk of real commodity traded worldwide to include about 70% of the world's strategic minerals, including gold and aluminium. Africa is also a large market for European, American and Chinese industry.

The AU future confederation's goals include the creation of a free trade area, a customs union, a single market, a central bank, and a common currency, thereby establishing economic and monetary union. The current plan is to establish an African Economic Community with a single currency (afro) by 2030*.*[1]

References


  1. "Profile: African Union". BBC News. 2006-07-01. Retrieved 2006-07-10.