Economy of the African Union
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The combined states of the African Union (AU) constitute the world's 17th largest economy with a nominal gross domestic product (GDP) of US$500 billion, ranking after the Netherlands.[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$200 billion.
The AU has only 2% of the world's international trade. Because over 90% of international trade consists of currency futures[citation needed], Africa's 2%, however, actually makes up the bulk of real commodity traded worldwide, including about 70% of the world's strategic minerals, including gold and aluminium. Africa is also a large market for American, European and Chinese industry.
The AU future confederation's goals include the creation of a free trade area, a customs union, a single market, a central bank, and a common currency, thereby establishing economic and monetary union. The current plan is to establish an African Economic Community with a single currency by 2023.[1]
African Economic Community
| African Economic Community |
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|---|---|---|---|---|---|
| Pillars regional blocs (REC)1 |
Area (km²) | Population | GDP (PPP) ($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 | 1,817,945 | 124,858,568 | 104,239 | 1,065 | 5 |
| 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 smallest value among the blocs compared
largest value among the blocs compared
During 2004. Source: CIA World Factbook 2005, IMF WEO Database |
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References
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