Benin Economy: from the All Country Info reference guide to country facts

Benin Economy

Benin Economy: A summary of information about Benin Economy, from government research data as well as independent research and other sources.

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Benin: Economy

Economy - overview
The economy of Benin remains underdeveloped and
dependent on subsistence agriculture, cotton production, and regional
trade. Growth in real output has averaged a sound 4% in 1990-95 and 5%
in 1996-99. Rapid population growth has offset much of this growth in
output. Inflation has subsided over the past three 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. The government, still burdened with
money-losing state enterprises and a bloated civil service, has been
gradually implementing a structural adjustment program since 1991.
GDP
purchasing power parity - $8.1 billion (1999 est.)
GDP - real growth rate
5% (1999 est.)
GDP - per capita
purchasing power parity - $1,300 (1999 est.)
GDP - composition by sector
agriculture: 34%
industry: 14%
services: 52% (1997)
Population below poverty line
33% (1995 est.)
Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
3% (1999 est.)
Labor force
NA
Unemployment rate
NA%
Budget
revenues: $299 million
expenditures: $445 million, including capital expenditures of $14
million (1995 est.)
Industries
textiles, cigarettes; beverages, food; construction
materials, petroleum
Industrial production growth rate
NA%
Electricity - production
6 million kWh (1998)
Electricity - production by source
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998)
Electricity - consumption
276 million kWh (1998)
Electricity - exports
0 kWh (1998)
Electricity - imports
270 million kWh (1998)
Agriculture - products
corn, sorghum, cassava (tapioca), yams, beans,
rice, cotton, palm oil, peanuts; poultry, livestock
Exports
$396 million (f.o.b., 1999)
Exports - commodities
cotton, crude oil, palm products, cocoa
Exports - partners
Brazil 32%, Libya, Indonesia, Spain (1998)
Imports
$566 million (f.o.b., 1999)
Imports - commodities
foodstuffs, tobacco, petroleum products,
capital goods
Imports - partners
France 22%, China 16%, UK, Netherlands (1998)
Debt - external
$1.6 billion (1997 est.)
Economic aid - recipient
$281.2 million (1995)
Currency
1 Communaute Financiere Africaine franc (CFAF) = 100
centimes
Exchange rates
CFA francs (CFAF) per US$1 - 647.25 (January 2000),
615.70 (1999), 589.95 (1998), 583.67 (1997), 511.55 (1996), 499.15
(1995)
note: from 1 January 1999, the CFAF is pegged to the euro at a rate of
655.957 CFA francs per euro
Fiscal year
calendar year
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