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Africa's economy—with expanding trade, English language skills (official in many Sub-Saharan countries), improving literacy and education, availability of splendid resources and cheaper labour force—is expected to continue to perform better into the future. Trade between Africa and China stood at US$166 billion in 2011. [77]
Swahili cities were important trading ports for trade with the Middle East and Far East. [4] In the interior of Africa, trade was far more limited. Low population densities made profitable commerce difficult. The massive barrier of the Congo rainforests were more imposing than the Sahara, blocking trade through the center of the continent.
International trade is the exchange of capital, goods, and services across international borders or territories [1] because there is a need or want of goods or services. [2] See: World economy .) In most countries, such trade represents a significant share of gross domestic product (GDP).
PPP largely removes the exchange rate problem, but has its own drawbacks; it does not reflect the value of economic output in international trade, and it also requires more estimation than nominal GDP. [4] On the whole, PPP per capita figures are more narrowly spread than nominal GDP per capita figures. [5]
How the health of the economy is measured, and why the GDP calculation matters.
The Economy of East Africa is characterized by diverse sectors, with agriculture playing a pivotal role, employing the majority of the population and contributing significantly to GDP. Key crops include coffee, tea, and horticultural products.
Trade openness in 2017 [1]. The trade-to-GDP ratio is an indicator of the relative importance of international trade in the economy of a country. It is calculated by dividing the aggregate value of imports and exports over a period by the gross domestic product for the same period.
Africa is also a large market for: Americans, Chinese Economy, and Europeans plus it’s Industries. [citation needed] 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.