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The economy of Africa consists of the trade, industry, and resources of the people of Africa. , approximately 922 million people were living in 54 different countries. Africa is by far the world's poorest inhabited continent. Though parts of the continent have made significant gains over the last few years, of the 175 countries reviewed in the United Nations' Human Development Report 2003, 25 African nations ranked lowest amongst the nations of the world. This is partly due to its turbulent history. The decolonization of Africa was fraught with instability aggravated by cold war conflict. Since the mid-20th century, the Cold War and increased corruption and despotism have also contributed to Africa's poor economy.

The biggest contrast in terms of development has been between Africa and the economy of Europe. The African Economic Outlook report specifically mentions that Africa’s trade with China has multiplied by 10 since 2001, reaching over USD 100 billion in 2008. The economies of China and India have grown rapidly, while Latin America has also experienced moderate growth, lifting millions above subsistence living. By contrast, much of Africa has stagnated and even regressed in terms of foreign trade, investment, per capita income, and other economic growth measures. Poverty has had widespread effects, including low life expectancy, violence, and instability, which in turn have perpetuated the continent's growth problems. Over the decades, there have been many unsuccessful attempts to improve the economies of individual African countries. However, in recent years this has begun to change in many countries. Data suggest some parts of the continent are now experiencing fast growth. The World Bank reports the economy of Sub-Saharan African countries grew at rates that match global rates. The economies of the fastest growing African nations experienced growth significantly above the global average rates. The top nations in 2007 include Mauritania with growth at 19.8%, Angola at 17.6%, Sudan at 9.6%, Mozambique at 7.9% and Malawi at 7.8%. Many international agencies are gaining increasing interest in emerging modernizing African economies, especially as Africa continues to maintain high economic growth despite current global economic recession.

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Boom-time for Kenya's property market - The Move Channel Tweet this news
The Move Channel--East -Africa's- biggest -economy-, Kenya, has been enticing both local and foreign investors to its property sector with impressive returns that have far ... - Date : Mon, 01 Nov 2010 21:21:22 GMT+00:00
Lord Boateng predicts bright future for Africa's economy - Vanguard Tweet this news
Vanguard--So this is a great conference and we are looking forward very much to do a serious work in order to make sure that the -economy of Africa- and its people ... - Date : Mon, 01 Nov 2010 18:38:47 GMT+00:00
ANALYSIS-Reshuffle could strengthen S. Africa's Zuma - Reuters Africa Tweet this news
Reuters Africa--Investors in -Africa's- biggest -economy- were pleased by his decision not to touch an economic policy team who have cut the deficit, curbed spending and ... - Date : Mon, 01 Nov 2010 13:21:59 GMT+00:00
S.Africa economy to grow 3.0 pct in '10, jobs a worry - Reuters Africa Tweet this news
Reuters Africa--CAPE TOWN (Reuters) - South -Africa's economy- is expected to grow by an estimated 3.0 percent in 2010, not nearly high enough to lead to ... - Date : Wed, 27 Oct 2010 12:14:25 GMT+00:00

Economy of Africa
During 2003 unless otherwise stated
Population: 922 million (14%)
GDP (PPP): US$ 2.200 trillion (2009)
GDP (Currency): US$1.184 trillion, -1.80 trillion (2009)
GDP/capita (PPP): US$1,968, -1,500 (2009)
GDP/capita (Currency): US$1,200, -1,000 (2009)
Annual growth in
per capita GDP:
5.16% (2004 2006)
Income of top 10%: 44.7%
Millionaires (US$): 100,000 (0.01%)
Population living
on under $1, -0.85 per day:
36.2%
External debt as
a percent of GDP
60.7% (1998)
25.5% (2007) IMF
External debt payments
a as percent of GDP
4.2%
3.0% (2007) IMF
Foreign aid revenue as
a percent of GDP
3.2% (2001)
Estimated female
income
51.8% of male
*Numbers from the UNDP and AfDB. Most numbers exclude some countries for lack of information. Since these tend to be the poorest nations, these numbers tend to have an bias. Numbers are mostly from 2002.
 
[   edit]

Country Total GDP (nominal) in 2006
(billion US$)
GDP (PPP) per capita in 2005
(US$)
HDI in 2005
Algeria 114.73 5985 0.733
Angola 44.03 3533 0.446
Benin 4.78 1390 0.437
Botswana 10.33 12057 0.654
Burkina Faso 6.21 1140 0.370
Burundi 0.81 699 0.413
Cameroon 18.32 1995 0.532
Cape Verde 1.14 2831 0.736
Central African Republic 1.49 675 0.384
Chad 6.54 1749 0.388
Comoros 0.40 1063 0.561
Democratic Republic of the Congo 8.54 264 0.411
Republic of the Congo 7.39 3621 0.548
Côte d'Ivoire 17.48 1575 0.432
Djibouti 0.76 1964 0.516
Egypt 107.48 5051 0.708
Equatorial Guinea 8.56 11999 0.642
Eritrea 1.09 689 0.483
Ethiopia 99.792 591 0.328
Gabon 9.55 12742 0.677
Gambia 0.51 726 0.502
Ghana 12.91 1225 0.553
Guinea 3.32 946 0.456
Guinea-Bissau 0.30 569 0.374
Kenya 21.19 1359 0.521
Lesotho 1.48 1415 0.549
Liberia 0.63 383 0.? N/A
Libya 50.32 10727 0.818
Madagascar 5.50 988 0.533
Malawi 2.23 691 0.437
Mali 5.93 1027 0.380
Mauritania 2.66 1691 0.550
Mauritius 6.45 10155 0.804
Morocco 72.85 4800 0.646
Mozambique 7.61 743 0.384
Namibia 6.37 4547 0.650
Niger 3.54 613 0.374
Nigeria 254.99 8477 0.674
Réunion (France) 15.98 19233 (nominal) 0.850 (in 2003)
Rwanda 2.49 813 0.452
Sao Tome and Principe 0.12 1460 0.654
Senegal 8.94 1676 0.499
Seychelles 0.75 13887 0.843
Sierra Leone 1.44 790 0.336
Somalia 0.06 199 0.? N/A
South Africa 254.99 8477 0.674
Sudan 37.57 2249 0.526
Swaziland 2.65 4384 0.547
Tanzania 12.78 1018 0.467
Togo 2.21 888 0.512
Tunisia 30.30 6461 0.766
Uganda 9.32 991 0.505
Zambia 10.91 1175 0.434
Zimbabwe 5.01 538 0.513

Oil production by country
(with other key actors of African or oil economy)
Mining and drilling :
Rank Area bb/day Year Like...
_ W: World 85540000 2007 est.
01 E: Russia 9980000 2007 est.
02 Ar: Saudi Arb 9200000 2008 est.
05 As: China 3725000 2008 est. Iran
10 Af: Nigeria/Africa 2352000 2011 est. Norway
15 Af: Algeria 2173000 2007 est.
16 Af: Angola 1910000 2008 est.
17 Af: Libya 1845000 2007 est.
27 Af: Egypt 664000 2007 est. Australia
31 Af: Sudan 466100 2007 est. Ecuador
33 Af: Eq.Guinea 368500 2007 est. Vietnam
38 Af: DR Congo 261000 2008 est.
39 Af: Gabon 243900 2007 est.
40 Af: Sth Africa 199100 2007 est.
45 Af: Chad 156000 2008 est. Germany
53 Af: Cameroon 87400 2008 est. France
56 E: France 71400 2007
60 Af: Ivory Coast 54400 2008 est.
_ Af: Africa 10780400 2011 Russia
Source: CIA.gov, World Facts Book > Oil exporters.

African Economic Community
Pillars
regional
blocs (REC)
1
Area (km²) Population GDP (PPP) ($US) Member
states
in millions per capita
AEC 29,910,442 853,520,010 2,053,706 2,406 53
ECOWAS 5,112,903 251,646,263 342,519 1,361 15
ECCAS 6,667,421 121,245,958 175,928 1,451 11
SADC 9,882,959 233,944,179 737,335 3,152 15
EAC 1,817,945 124,858,568 104,239 1,065 5
COMESA 12,873,957 406,102,471 735,599 1,811 20
IGAD 5,233,604 187,969,775 225,049 1,197 7
Other
African
blocs
Area (km²) Population GDP (PPP) ($US) Member
states
in millions per capita
CEMAC 2 3,020,142 34,970,529 85,136 2,435 6
SACU 2 2,693,418 51,055,878 541,433 10,605 5
UEMOA 2 3,505,375 80,865,222 101,640 1,257 8
UMA 3 5,782,140 84,185,073 491,276 5,836 5
GAFTA 4 5,876,960 166,259,603 635,450 3,822 5
1 The Sahrawi Arab Democratic Republic (SADR) is a signatory to the AEC, but not participating in any bloc yet


Africa topics

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HistoryColonisation (European exploration * African slave trade * Atlantic slave trade * Scramble for Africa) * Decolonization * Economic history * Empires * Military history (List of conflicts)
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Years2004 in Africa * 2005 in Africa * 2006 in Africa * 2007 in Africa * 2008 in Africa * 2009 in Africa * 2010 in Africa * 2011 in Africa * 2012 in Africa



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