Economy of the African Union

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The combined states of the African Union (AU) constitute the world's 7th 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 billion, ranking it 11th after Russia. At the same time, they have a combined total debt of US$200 billion.

The AU has only 2% of the world's international trade. Because over 90% of international trade consists of currency futures[citation needed], Africa's 2%, however, actually makes up the bulk of real commodity traded worldwide, including 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 by 2023.[1]

African Economic Community

African Economic Community
Pillars
regional
blocs (REC)
1
Area (km²) Population GDP (PPP) ($US) Member
states
in millions per capita
AEC 29,910,442 853,520,010 2,053,706 2,406 54
ECOWAS 5,112,903 300,000,000 1,322,452 3,888 15
ECCAS 6,667,421 121,245,958 175,928 1,451 11
SADC 9,882,959 233,944,179 737,335 3,152 15
EAC 2,440,409 169,519,847 411,813 2,429 6
COMESA 12,873,957 406,102,471 735,599 1,811 20
IGAD 5,233,604 187,969,775 225,049 1,197 7
Other
African
blocs
Area (km²) Population GDP (PPP) ($US) Member
states
in millions per capita
CEMAC 2 3,020,142 34,970,529 85,136 2,435 6
SACU 2,693,418 51,055,878 541,433 10,605 5
UEMOA 1 3,505,375 80,865,222 101,640 1,257 8
UMA 2 5,782,140 84,185,073 491,276 5,836 5
GAFTA 3 5,876,960 166,259,603 635,450 3,822 5
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

  smallest value among the blocs compared
  largest value among the blocs compared

During 2004. Source: CIA World Factbook 2005, IMF WEO Database

References

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