Economy of Africa
Economy of Africa
During 2003 unless otherwise stated
Population:
922 million (14%)
GDP (PPP):
US$ 1.635 trillion
US$ 2.572 trillion (2007)
GDP (Currency):
$558 billion
$1,150 billion (2007)
GDP/capita (PPP):
$1,968
$2,975 (2007) IMF
GDP/capita (Currency):
$671
Annual growth in
per capita GDP:
5.16% (2004-2006)
Income of top 10%:
44.7%
Millionaires:
0.1 million (0.01%)
Population living
on under $1 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 in-
formation. Since these tend to be the poorest nations, these numbers tend to have an up-
wards bias. Numbers are mostly from 2002.
See also: Economy of the world - Economy of Africa - Economy of Asia - Economy of Europe - Economy of
North America - Economy of Oceania - Economy of South America
The economy of Africa consists of the trade,
industry, and resources of the people of
Africa. As of 2006, approximately 922 million
people[1] were living in 54 different coun-
tries. Africa is 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 decol-
onization of Africa was fraught with instabil-
ity aggravated by cold war conflict. Since
mid-20th century the Cold War and increased
corruption and despotism have also contrib-
uted to Africa’s poor economy.
The biggest contrast in terms of develop-
ment has been between Africa and the eco-
nomy of East Asia. The economies of China
and India have grown rapidly, while Latin
America has also experienced moderate
growth, lifting millions above subsistence liv-
ing. By contrast, much of Afr