Economy of the African Union

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Life in the African Union
Flag of the African Union
Main articles: African Economic Community and Economy of Africa

The combined states of the African Union constitute the world's 17th largest economy with a nominal GDP of US$500 billion, ranking after the Netherlands. By measuring GDP by PPP, the African Union's economy totals 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. 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 aluminum. Africa is also a large market for American and European 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
Pillars
regional
blocs (REC)		 Area (km²) Population GDP (PPP) ($US) Member
states
in millions per capita
AEC 29,910,442 853,520,010 2,053,706 2,406 53
ECOWAS 5,112,903 251,646,263 342,519 1,361 15
ECCAS 6,667,421 121,245,958 175,928 1,451 11
SADC 9,882,959 233,944,179 737,335 3,152 14
EAC 1,763,777 97,865,428 104,239 1,065 3
COMESA 12,873,957 406,102,471 735,599 1,811 20
IGAD 5,233,604 187,969,775 225,049 1,197 7
Western
Sahara 3		 266,000 273,008  ?  ? N/A 4
Other
African
blocs		 Area (km²) Population GDP (PPP) ($US) Member
states
in millions per capita
CEMAC 1 3,020,142 34,970,529 85,136 2,435 6
SACU 1 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
Agadir 1,703,910 126,066,286 513,674 4,075 4
1 Economic bloc inside a pillar REC

2 Proposed for pillar REC, but objecting participation
3 The Sahrawi Arab Democratic Republic (SADR) is a
signatory to the AEC, but not participating in any bloc yet
4 Majority under military occupation by Morocco; some
territory administered by the SADR
     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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Most active regional blocs
Regional
bloc 1		 Area (km²) Population GDP (PPP) ($US) Member
states 1
in millions per capita
EU 4,325,675 496,198,605 12,025,415 24,235 27
SAARC 5,136,740 1,467,255,669 4,074,031 2,777 8
CSN 17,339,153 370,158,470 2,868,430 7,749 10
ASEAN 4,400,000 553,900,000 2,172,000 4,044 10
NAFTA 21,588,638 430,495,039 15,279,000 35,491 3
EurAsEC 20,789,100 208,067,618 1,689,137 8,118 6
ECOWAS 5,112,903 251,646,263 342,519 1,361 15
SACU 2,693,418 51,055,878 541,433 10,605 5
GCC 2,285,844 35,869,438 536,223 14,949 6
COMESA 3,779,427 118,950,321 141,962 1,193 5
Agadir 1,703,910 126,066,286 513,674 4,075 4
CEMAC 3,020,142 34,970,529 85,136 2,435 6
CARICOM 462,344 14,565,083 64,219 4,409 14+1 3
EAC 1,763,777 97,865,428 104,239 1,065 3
CACM 422,614 37,816,598 159,536 4,219 5
PARTA 528,151 7,810,905 23,074 2,954 12+2 3
EFTA 529,600 12,233,467 471,547 38,546 4
Reference
blocs and
countries 2		 Area (km²) Population GDP (PPP) ($US) Political
divisions
in millions per capita
UN 133,178,011 6,411,682,270 55,167,630 8,604 192
Germany 357,050 82,438,000 2,585,000 31,400 16
Japan 377,873 128,085,000 4,220,000 33,100 47
Canada 9,984,670 32,507,874 1,165,000 35,200 13
Indonesia 1,904,569 234,300,000 935,000 4,000 33
Brazil 8,514,877 187,560,000 1,616,000 8,600 27
Russia 17,075,200 143,782,338 1,723,000 12,100 89
India 3,287,590 1,102,600,000 4,042,000 3,700 35
China (PRC) 4 9,596,960 1,306,847,624 10,000,000 7,600 33
USA 9,631,418 300,000,000 12,980,000 43,500 50
1 Including data only for full and most active members

2 The first five states in the World by area, population and GDP (PPP)
3 Including non-sovereign autonomous entities of other states

4 Data for the People's Republic of China does not include Hong Kong, Macau and
regions administered by the Republic of China (Taiwan).

     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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