Economy Overview
Benin’s 2001 privatization policy continues in telecommunications, water, electricity, and agriculture. Benin has appealed for international assistance to mitigate piracy against commercial shipping in its territory. Though security remains a problem, the Port of Cotonou has made progress towards implementing the International Ship and Port Facility Security (ISPS) Code in an effort to remain competitive. Projects included in Benin's $307 million Millennium Challenge Corporation (MCC) compact (2006-2011) were designed to increase investment and private sector activity by improving key institutional and physical infrastructure. The four projects focused on access to land, access to financial services, access to justice, and access to markets (including modernization of the port). The Port of Cotonou is the largest component of Benin’s economy with revenues projected to account for more than 40% of Benin’s national budget. Realizing its economic potential requires further efforts to infrastructure upgrades, stemming corruption, and expanding access to foreign markets in Nigeria and neighboring landlocked countries. In September 2015, Benin signed a MCC second Compact for $375 million that is designed to strengthen the national utility service provider, attract private sector investment, fund infrastructure investments in electricity generation and distribution, and develop off-grid electrification for poor and unserved households. In order to raise growth, Benin plans to attract more foreign investment, place more emphasis on tourism, facilitate the development of new food processing systems and agricultural products, encourage new information and communication technology, and establish Independent Power Producers (IPP).
Agriculture Products
cotton, corn, cassava (manioc, tapioca), yams, beans, palm oil, peanuts, cashews; livestock
Industries
textiles, food processing, construction materials, cement
Industrial Production Growth Rate
6.8% (2015 est.)
Labor Force
3.662 million (2007 est.)
Population Below Poverty Line
37.4% (2007 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: 3.1%
Highest 10%: 29% (2003)
Distribution of Family Income Gini Index
36.5 (2003)
Budget
Revenues: $1.476 billion
Expenditures: $2.02 billion (2015 est.)
Public Debt
30.9% of GDP (2014 est.)
Central Bank Discount Rate
4.25% (31 December 2009)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$2.336 billion (31 December 2014 est.)
Stock of Broad Money
$3.61 billion (31 December 2013 est.)
Stock of Domestic Credit
$1.792 billion (31 December 2014 est.)
Market Value of Publicly Traded Shares
$NA
Reserves of Foreign Exchange and Gold
$726 million (31 December 2014 est.)
Debt External
$1.984 billion (31 December 2014 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
471.87 (2011 est.)
