Benin Economy
Economy - overviewThe economy of Benin remains underdeveloped and dependent on subsistence agriculture, cotton production, and regional trade. Growth in real output has averaged a stable 5% in the past six years, but rapid population rise 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 speeded-up structural reforms.
GDP
purchasing power parity - $7.742 billion (2003 est.)
GDP - real growth rate
5.5% (2003 est.)
GDP - per capita
purchasing power parity - $1,100 (2003 est.)
GDP - composition by sector
agriculture: 36.4%
industry: 14.5%
services: 49.1% (2003 est.)
Investment
19.3% of GDP (2003)
Population below poverty line
37% (2001 est.)
Household income or consumption by percentage share
lowest 10%: NA
highest 10%: NA
Inflation rate
1.5% (2003 est.)
Labor force
NA (1996)
Unemployment rate
NA
Budget
revenues: $698.9 million
expenditures: $613.2 million, including capital expenditures of NA (2003)
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
274.3 million kWh (2001)
Electricity - consumption
631.1 million kWh (2001)
Electricity - exports
0 kWh (2001)
Electricity - imports
376 million kWh (2001)
Oil - production
700 bbl/day (2001 est.)
Oil - consumption
11,500 bbl/day (2001 est.)
Oil - exports
NA (2001)
Oil - imports
NA (2001)
Oil - proved reserves
4.105 million bbl (1 January 2002)
Natural gas - proved reserves
608.8 million cu m (1 January 2002)
Current account balance
$-112 million (2003)
Exports
$485 million f.o.b. (2003 est.)
Exports - commodities
cotton, crude oil, palm products, cocoa
Exports - partners
China 21.1%, India 18%, Thailand 6.8%, Ghana 5.8%, Niger 4.4%, Indonesia 4.1% (2003)
Imports
$726 million f.o.b. (2003 est.)
Imports - commodities
foodstuffs, capital goods, petroleum products
Imports - partners
China 29.5%, France 14.9%, UK 4.7%, Cote d'Ivoire 4.7%, Thailand 4.6% (2003)
Reserves of foreign exchange & gold
$636 million (2003)
Debt - external
$1.6 billion (2000)
Currency
Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States
Currency code
XOF
Exchange rates
Communaute Financiere Africaine francs (XOF) per US dollar - 581.2 (2003), 696.988 (2002), 733.039 (2001), 711.976 (2000), 615.699 (1999)
