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Overview
The economy of Africa consists of the trade, industry, agriculture, and human resources. As of 2012, approximately 1.07 billion people were living in 54 different countries. Africa is a resource-rich continent but many African people are poor. Recent growth has been due to growth in sales in commodities, services, and manufacturing.
Population GDP GDP growth GDP per capita Millionaires (US$) Income of top 10% People living less than US$1 per day External debt as a percent of GDP External debt payments a as percent of GDP Foreign aid revenue as a percent of GDP 1,100,000,000 (12%)(2012[1]) Currency: US$1.184 trillion, 1.80 trillion (2009) PPP: US$ 2.200 trillion(2009) Per capita: 5.16% (20042006) Currency: US$1,200, 1,000 (2009) PPP: US$1,968, 1,500 (2009) 100,000 (0.01%) 44.7% 36.2% 60.7% (1998) 25.5% (2007) IMF 4.2% 3.0% (2007) IMF 3.2% (2001)
Opportunities
Africa's opportunities, which range in risk from investing in emerging market funds or one of the listed multinationals active in Africa to trading with African partners, include: oil and gas (Angola and Libya); mining (West and Central Africa); privatizations (South Africa and Nigeria); international trade (oil producers and SADC); infrastructure (pipelines, roads, telecommunications); stock exchanges that are mushrooming in many countries using educated English and French speaking African nationals leisure (big game + beaches + golf + climate + satellite + Internet + cell + low cost structure = huge telecommuting opportunity)
Macroeconomic Prospects
After an initial rebound from the 2009 world economic crisis, Africas economy was undermined last year by the Arab uprisings. The continents growth fell back from 5% in 2010 to 3.4% in 2011. With the recovery of North African economies and sustained improvement in other regions, growth across the continent is expected to accelerate to 4.5% in 2012 and 4.8% in 2013. Short-term problems for the world economy remain as Europe confronts its debt crisis. Commodity prices -- crucial for Africa -- have declined from their peak due to weaker demand and increased supply, and some could fall further. But prices are expected to remain at levels favorable for African exporters, significantly above the average levels of the five years before the global 2009 crisis.
Overall, the 2012 African Economic Outlook presents an optimistic scenario for the continent. Africas impressive growth for more than a decade and its resilience to the deep global recession support such optimism. AEO Report
Africas domestic demand was boosted through higher private investment, public consumption, infrastructure investment and private consumption. Consumers have kept spending despite high food and fuel prices and this has been supported by higher wages and food and fuel subsidies. Africas growing middle class continues to boost consumption, residential construction and private investment. Inflows of remittances and Foreign Direct Investment (FDI) also supported domestic demand in many countries. The broadening growth pattern is also reflected on the supply side. In resource-rich countries, oil and mining continues to boost growth but non-resource sectors are also expanding, although from a low base.
However, none of these challenges is insurmountable; in fact, some entrepreneurs would contend that African risk is lower than that even of North America.