Economy of the African Union

Main articles: African Economic Community and Economy of Africa

African Economic Community
Pillar regional blocs (REC)	Area (km²)	Population	GDP (PPP) ($US)		Member states
			(millions)	(per capita)
EAC	5,449,717	343,328,958	737,420	2,149	8
ECOWAS/CEDEAO	5,112,903	349,154,000	1,322,452	3,788	15
IGAD	5,233,604	294,197,387	225,049	1,197	7
AMU/UMA ^a	6,046,441	106,919,526	1,299,173	12,628	5
ECCAS/CEEAC	6,667,421	218,261,591	175,928	1,451	11
SADC	9,882,959	394,845,175	737,392	3,152	15
COMESA	12,873,957	406,102,471	735,599	1,811	20
CEN-SAD ^a	14,680,111				29
Total AEC	29,910,442	853,520,010	2,053,706	2,406	54
Other regional blocs	Area (km²)	Population	GDP (PPP) ($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
AES	2,780,159	71,374,000	179,347		3
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 km^2 used for Morocco excludes all disputed territories, while 710,850 km^2 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 km^2 (8.8 sq mi) more claimed territory. This box: view talk edit

The combined states of the African Union (AU) constitute the world's 11th largest economy with a nominal gross domestic product (GDP) of US$1,155” Trillion.^{[citation needed]} By measuring GDP by purchasing power parity (PPP), the African Union's economy totals US$3,553”Trillion, ranking it 11th after European Union. At the same time, they have a combined total debt of US$180” Billion.

The AU has only 2% of the world's international trade. But a greater proportion 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: Americans, Chinese Economy, and Europeans plus it’s Industries.^{[citation needed]}

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

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