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Africa-EU: economic indicators, trade and investment
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GDP in Africa increased at a fairly high rate between 2003 and 2008. Expressed ‘at current prices’, i.e. valued at the prices prevailing at the time indicated and taking 2000 as the starting point, GDP in Africa stood 67% higher in 2008 than it did in 2000. The average annual growth rate (AAGR) between 2000 and 2008 amounted to 13.0%. The corresponding AAGR (nominal growth) for the EU-27 was 3.9%, with GDP standing 36% higher in 2008 than in 2000. If the crisis year 2009 is included (with a 5.7% decrease
in GDP between 2008 and 2009), AAGR (nominal growth) in the EU-27 drops to 2.8%. This trend is also reflected in the per capita figures (Fig.1). Between 2007 and 2008, GDP per capita in Africa increased by 6.6%, while in the EU-27 it rose by only 0.4%. Between 2008 and 2009, Africa’s per capita GDP decreased by 2.9%, whereas that of the EU-27 dropped by 6.0%. This should however be balanced against the fact that consumer prices have been increasing considerably faster in Africa.