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Economy Overview

The economy of Benin remains underdeveloped and dependent on subsistence agriculture, cotton production, and regional trade. Growth in real output has averaged a sound 4% in 1990-95 and 5% in 1996-99. Rapid population growth has offset much of this growth in output. Inflation has subsided over the past three years. Commercial and transport activities, which make up a large part of GDP, are vulnerable to developments in Nigeria, particularly fuel shortages. The Paris Club and bilateral creditors have eased the external debt situation in recent years. The government, still burdened with money-losing state enterprises and a bloated civil service, has been gradually implementing a structural adjustment program since 1991.

Agriculture Products

corn, sorghum, cassava (tapioca), yams, beans, rice, cotton, palm oil, peanuts; poultry, livestock

Industries

textiles, cigarettes; beverages, food; construction materials, petroleum

Industrial Production Growth Rate

NA%

Labor Force

Electricity production

6 million kWh (1998)

Electricity production by source

Fossil fuel: 100%

Hydro: 0%

Nuclear: 0%

Other: 0% (1998)

Electricity Consumption

276 million kWh (1998)

Electricity Exports

0 kWh (1998)

Electricity Imports

270 million kWh (1998)

Currency

1 Communaute Financiere Africaine franc (CFAF) = 100 centimes

Unemployment Rate

NA%

Population Below Poverty Line

33% (1995 est.)

Household Income or Consumption by Percentage Share

Lowest 10%: NA%

Highest 10%: NA%

Budget

Revenues: $299 million

Expenditures: $445 million, including capital expenditures of $14 million (1995 est.)

Commercial Bank Prime Lending Rate

Stock of Narrow Money

Stock of Broad Money

Stock of Domestic Credit

Market Value of Publicly Traded Shares

Reserves of Foreign Exchange and Gold

Debt External

$1.6 billion (1997 est.)

Stock of Direct Foreign Investment at Home

Stock of Direct Foreign Investment Abroad

Exchange Rates

Note: from 1 January 1999, the CFAF is pegged to the euro at a rate of 655.957 CFA francs per euro

Year	2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000

Fiscal Year

calendar year

GDP Purchasing Power Parity

Purchasing power parity - $8.1 billion (1999 est.)

GDP Real Growth Rate

5% (1999 est.)

GDP Per Capital

Purchasing power parity - $1,300 (1999 est.)

Gross National Saving

GDP Composition by end Use

GDP Composition by Sector of Origin

Agriculture
34%
Industry
14%
Services
52% (1997)

Inflation Rate Consumer Prices

3% (1999 est.)

Current Account Balance

Exports

$396 million (f.o.b., 1999)

Exports Partners

Brazil
32%
Libya
Indonesia
Spain
(1998)

Exports Commodities

Cotton, crude oil, palm products, cocoa

Imports

$566 million (f.o.b., 1999)

Imports Partners

France
22%
China
16%
UK
Netherlands
(1998)

Imports Commodities

Foodstuffs, tobacco, petroleum products, capital goods

Benin