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. 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$200 billion.
African Economic Community | |||||
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Pillar regional blocs (REC) |
Area (km²) |
Population | GDP (PPP) ($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.
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The AU has only 2% of the world's international trade. But because over 90% of international trade consists of currency futures, 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 2023.[1]
References
- "Profile: African Union". BBC News. 2006-07-01. Retrieved 2006-07-10.