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 km2 used for Morocco excludes all disputed territories, while 710,850 km2 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 km2 (8.8 sq mi) more claimed territory.

The combined states of the African Union (AU) constitute the world's 11th largest economy with a nominal gross domestic product (GDP) of US$2263 billion. By measuring GDP by purchasing power parity (PPP), the African Union's economy totals US$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. But because over 90% of international trade consists of currency futures, Africa's 2% actually makes up the bulk 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 European, American 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 (afro) by 2023.