| Economy | Benin |
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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 seven 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. Specific projects to improve the business climate by reforms to the land tenure system, the commercial justice system, and the financial sector were included in Benin's $307 million Millennium Challenge Account grant signed in February 2006. The 2001 privatization policy continues in telecommunications, water, electricity, and agriculture though the government annulled the privatization of Benin's state cotton company in November 2007 after the discovery of irregularities in the bidding process. The Paris Club and bilateral creditors have eased the external debt situation, with Benin benefiting from a G8 debt reduction announced in July 2005, while pressing for more rapid structural reforms. An insufficient electrical supply continues to adversely affect Benin's economic growth though the government recently has taken steps to increase domestic power production. |
GDP (purchasing power parity):
|
$12.84 billion (2008 est.)
$12.25 billion (2007)
$11.72 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
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$1,500 (2008 est.)
$1,500 (2007 est.)
$1,500 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$6.94 billion (2008 est.) |
GDP - real growth rate:
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4.8% (2008 est.)
4.5% (2007 est.)
3.8% (2006 est.) |
GDP - composition by sector:
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agriculture: 33.2%
industry: 14.5%
services: 52.3% (2007 est.) |
Investment (gross fixed):
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19.5% of GDP (2008 est.) |
Population below poverty line:
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37.4% (2007 est.) |
Household income or consumption by percentage share:
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lowest 10%: 3.1%
highest 10%: 29% (2003) |
Distribution of family income - Gini index:
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36.5 (2003) |
Inflation rate (consumer prices):
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5.2% (2008 est.) |
Central bank discount rate:
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4.25% (31 December 2007) |
Commercial bank prime lending rate:
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NA |
Stock of money:
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$1.324 billion (31 December 2007) |
Stock of money - per capita:
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151 USD per capita |
Stock of quasi money:
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$627.2 million (31 December 2007) |
Stock of quasi money - per capita:
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72 USD per capita |
Stock of domestic credit:
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$520.6 million (31 December 2007) |
Stock of domestic credit - per capita:
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60 USD per capita |
Labor force:
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5.38 million (2007 est.) |
Labor force participation rate:
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61.19 % of population |
Labor force - by occupation:
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void |
Unemployment rate:
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NA% |
Budget:
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revenues: $1.436 billion
expenditures: $1.729 billion (2008 est.) |
Budget revenues per capita:
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164 USD per capita |
Public debt:
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void |
Industries:
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textiles, food processing, construction materials, cement |
Industrial production growth rate:
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5.5% (2008 est.) |
Electricity - production:
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120 million kWh (2006 est.) |
Electricity - production per capita:
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14 kWh per capita |
Electricity - consumption:
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595 million kWh (2006 est.) |
Electricity - consumption - per capita:
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68 kWh per capita |
Electricity - exports:
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0 kWh (2007 est.) |
Electricity - imports:
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590 million kWh (2006 est.) |
Oil - production:
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0 bbl/day (2007 est.) |
Oil - production per capita:
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void |
Oil - consumption:
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9,232 bbl/day (2007 est.) |
Oil - consumption - per capita:
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0.38 bbl/year per capita |
Oil - exports:
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6,484 bbl/day (2005) |
Oil - imports:
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16,830 bbl/day (2007 est.) |
Oil - proved reserves:
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8 million bbl (1 January 2008 est.) |
Natural gas - production:
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0 cu m (2007 est.) |
Natural gas - production per capita:
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void |
Natural gas - consumption:
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0 cu m (2007 est.) |
Natural gas - consumption - per capita:
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void |
Natural gas - exports:
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0 cu m (2007 est.) |
Natural gas - imports:
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0 cu m (2007 est.) |
Natural gas - proved reserves:
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1.133 billion cu m (1 January 2008 est.) |
Agriculture - products:
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cotton, corn, cassava (tapioca), yams, beans, palm oil, peanuts, cashews; livestock |
Current account balance:
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-$485 million (2008 est.) |
Current account balance - per capita:
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-55 USD per capita |
Exports:
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$776 million f.o.b. (2008 est.) |
Exports per capita:
|
89 USD per capita |
Exports - commodities:
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cotton, cashews, shea butter, textiles, palm products, seafood |
Exports - partners:
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China 24.7%, India 8.2%, Niger 6.6%, Togo 5.4%, Nigeria 5.3%, Belgium 4.6% (2007) |
Imports:
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$1.355 billion f.o.b. (2008 est.) |
Imports per capita:
|
155 USD per capita |
Imports - commodities:
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foodstuffs, capital goods, petroleum products |
Imports - partners:
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China 44.5%, France 8.2%, US 6.5%, Thailand 6.3%, Malaysia 4.8% (2007) |
Reserves of foreign exchange and gold:
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$1.292 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
147 USD per capita |
Debt - external:
|
$1.2 billion (2007) |
Debt - external - per capita:
|
137 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$NA |
Market value of publicly traded shares - per capita:
|
void |
Economic aid - donor:
|
void |
Economic aid - recipient:
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$374.7 million (2006) |
Economic aid - recipient per capita:
|
43 USD per capita |
Currency (code):
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Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States |
Exchange rates:
|
Communaute Financiere Africaine francs (XOF) per US dollar - 447.81 (2008 est.), 493.51 (2007), 522.59 (2006), 527.47 (2005), 528.29 (2004)
note: since 1 January 1999, the West African CFA franc (XOF) has been pegged to the euro at a rate of 655.957 CFA francs per euro; West African CFA franc (XOF) coins and banknotes are not accepted in countries using Central African CFA francs (XAF), and vice versa, even though the two currencies trade at par |
Fiscal year:
|
calendar year |
|
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