Economy Overview
The economy of Benin remains underdeveloped and dependent on subsistence agriculture, cotton production, and regional trade. Growth in real output averaged a stable 5% in the past five years, but rapid population rise offset much of this increase. Inflation has subsided over the past several years. In order to raise growth still further, Benin plans to attract more foreign investment, place more emphasis on tourism, facilitate the development of new food processing systems and agricultural products, and encourage new information and communication technology. The 2001 privatization policy should continue in telecommunications, water, electricity, and agriculture in spite of initial government reluctance. The Paris Club and bilateral creditors have eased the external debt situation.
Agriculture Products
cotton, corn, cassava (tapioca), yams, beans, palm oil, peanuts, livestock (2001)
Industries
textiles, food processing, chemical production, construction materials (2001)
Industrial Production Growth Rate
8.3% (2001 est.)
Electricity production
240 million kWh (2000)
Electricity production by source
Fossil fuel: 17%
Hydro: 83%
Other: 0% (2000)
Nuclear: 0%
Electricity Consumption
523.2 million kWh (2000)
Electricity Exports
0 kWh (2000)
Electricity Imports
300 million kWh (2000)
Currency
Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States
Population Below Poverty Line
37% (2001 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: NA%
Highest 10%: NA%
Budget
Revenues: $377.4 million
Expenditures: $561.8 million, including capital expenditures of $NA (2001)
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
Debt External
$1.18 billion (2000)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
Communaute Financiere Africaine francs (XOF) per US dollar - 742.79 (January 2002), 733.04 (2001), 711.98 (2000), 615.70 (1999), 589.95 (1998), 583.67 (1997); note - from 1 January 1999, the XOF is pegged to the euro at a rate of 655.957 XOF per euro
