Economy of the African Union

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. 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, 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
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.