Economy Overview
The economy of Benin remains underdeveloped and dependent on subsistence agriculture, cotton production, and regional trade. Growth in real output has averaged around 5% in the past six years, but rapid population growth has 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, while pressing for more rapid structural reforms. Benin continues to be hurt by Nigerian trade protection that bans imports of a growing list of products from Benin and elsewhere. As a result, smuggling and criminality along the Benin-Nigeria border has been on the rise.
Agriculture Products
cotton, corn, cassava (tapioca), yams, beans, palm oil, peanuts, livestock (2001)
Industries
textiles, food processing, construction materials, cement (2001)
Industrial Production Growth Rate
8.3% (2001 est.)
Electricity production
285.2 million kWh (2002)
Electricity Consumption
565.2 million kWh (2002)
Electricity Exports
0 kWh (2002)
Electricity Imports
300 million kWh (2002)
Population Below Poverty Line
33% (2001 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: NA
Highest 10%: NA
Budget
Revenues: $869.4 million
Expenditures: $720.4 million, including capital expenditures of NA (2004 est.)
Commercial Bank Prime Lending Rate
Market Value of Publicly Traded Shares
Reserves of Foreign Exchange and Gold
$839.3 million (2004 est.)
Debt External
$1.6 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 - 528.29 (2004), 581.2 (2003), 696.99 (2002), 733.04 (2001), 711.98 (2000)
