Economy Overview
The economy of Benin remains underdeveloped and dependent on subsistence agriculture, cotton production, and regional trade. Growth in real output averaged a sound 5% in 1996-99, but a rapid population rise offset much of this growth. Inflation has subsided over the past several 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. While high fuel prices constrained growth in 2000, increased cotton production - enabled by a major restructuring program - and an expansion of the Cotonou port, may lead to increased growth in 2001.
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
6.9% (2000 est.)
Electricity production
226 million kWh (1999)
Electricity production by source
Fossil fuel: 24.78%
Hydro: 75.22%
Nuclear: 0%
Other: 0% (1999)
Electricity Consumption
510.2 million kWh (1999)
Electricity Exports
0 kWh (1999)
Electricity Imports
300 million kWh (1999)
Currency
Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States
Population Below Poverty Line
37.2% (1999 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
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
Debt External
$1.6 billion (1998 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Communaute Financiere Africaine francs (XOF) per US dollar - 699.21 (January 2001), 711.98 (2000), 615.70 (1999), 589.95 (1998), 583.67 (1997), 511.55 (1996); note - from 1 January 1999, the XOF is pegged to the euro at a rate of 655.957 XOF per euro
