Economy of the African Union

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African Economic Community
Pillar regional
blocs (REC)
Area
(km²)
Population GDP (PPP) ($US) Member
states
(millions) (per capita)
EAC 4,810,363 312,362,653 833,622 3,286 7
ECOWAS/CEDEAO 5,112,903 349,154,000 1,322,452 3,788 15
IGAD 5,233,604 294,197,387 225,049 1,197 7
AMU/UMA a 6,046,441 106,919,526 1,299,173 12,628 5
ECCAS/CEEAC 6,667,421 218,261,591 175,928 1,451 11
SADC 9,882,959 394,845,175 737,392 3,152 15
COMESA 12,873,957 406,102,471 735,599 1,811 20
CEN-SAD a 14,680,111 29
Total AEC 29,910,442 853,520,010 2,053,706 2,406 54
Other regional
blocs
Area
(km²)
Population GDP (PPP) ($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: The 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 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[edit]

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