Economy of the African Union


Economy of the African Union

The combined states of the African Union (AU) 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 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 futuresFact|date=February 2007, 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 [cite news |url=http://news.bbc.co.uk/2/hi/africa/country_profiles/3870303.stm |title=Profile: African Union |date=2006-07-01 |accessdate=2006-07-10 |publisher=BBC News] .

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