Economy of the African Union
|Life in 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.
African Economic Community
- "Profile: African Union". BBC News. 2006-07-01. Retrieved 2006-07-10.