Africa

africaThe economy of Africa consists of the trade, industry, and resources of the people of Africa. As of 2006, approximately 922 million people were living in 54 different countries. 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.

Over the decades, there have been many unsuccessful attempts to improve the economies of individual African countries. However, recent data suggest some parts of the continent are experiencing faster 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.

 

Economy of Africa during 2003 (unless otherwise stated):

Population: 922 million (14% of world)
GDP (PPP): USD 2.572 trillion (2007)
GDP (Currency): USD 1,150 billion (2007)
GDP/capita (PPP): USD 2,975 (2007, IMF)
GDP/capita (Currency): USD 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 USD 1 per day: 36.2%
External debt as a percent of GDP: 25.5% (2007, IMF)
External debt payments a as percent of GDP: 3.0% (2007) IMF

(Numbers from the UNDP and AfDB)

 

Transoverseas Trade main African trading activities are spread via West- and North-/East-African countries. We are providing reliable logistic services, warehousing and distribution solutions and our long term experience in the region supports our customers and suppliers in their individual risk management and marketing activities.


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