Economy of the African Union
This article relies largely or entirely on a single source. (August 2011) |
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.
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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.
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[]
- ^ "Profile: African Union". BBC News. 2006-07-01. Retrieved 2006-07-10.
- Economy of the African Union