Economy Overview
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
4.4% (2016 est.)
Labor Force
3.662 million (2007 est.)
Unemployment Rate
1% (2014 est.)
Population Below Poverty Line
36.2% (2011 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: $1.321 billion
Expenditures: $1.832 billion (2016 est.)
Public Debt
42.4% of GDP (2015 est.)
Central Bank Discount Rate
4.25% (31 December 2009)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$2.172 billion (31 December 2015 est.)
Stock of Broad Money
$3.606 billion (31 December 2015 est.)
Stock of Domestic Credit
$1.631 billion (31 December 2015 est.)
Market Value of Publicly Traded Shares
$NA
Reserves of Foreign Exchange and Gold
$66.8 million (31 December 2015 est.)
Debt External
$2.179 billion (31 December 2015 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
510.53 (2012 est.)
