| People | 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):
|
$12.18 billion (2007 est.) |
GDP (official exchange rate):
|
$5.425 billion (2007 est.) |
GDP - real growth rate:
|
4.5% (2007 est.) |
GDP - per capita (PPP):
|
$1,500 (2007 est.) |
GDP - composition by sector:
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agriculture: 33.2%
industry: 14.5%
services: 52.3% (2007 est.) |
Investment (gross fixed):
|
19.8% of GDP (2007 est.) |
Population below poverty line:
|
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):
|
2.5% (2007 est.) |
Labor force:
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5.38 million (2007 est.) |
Labor force participation rate:
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64.86 % of population |
Labor force - by occupation:
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void |
Unemployment rate:
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NA% |
Budget:
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revenues: $936.9 million
expenditures: $1.226 billion (2007 est.) |
Budget revenues per capita:
|
113 USD per capita |
Public debt:
|
void |
Industries:
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textiles, food processing, construction materials, cement |
Industrial production growth rate:
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4.5% (2007 est.) |
Electricity - production:
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105 million kWh (2005) |
Electricity - production per capita:
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13 kWh per capita |
Electricity - consumption:
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587 million kWh (2005) |
Electricity - consumption - per capita:
|
71 kWh per capita |
Electricity - exports:
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0 kWh (2005) |
Electricity - imports:
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595 million kWh (2005) |
Oil - production:
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0 bbl/day (2007) |
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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0.41 bbl/year per capita |
Oil - exports:
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0 bbl/day (2007) |
Oil - imports:
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16,830 bbl/day (2007 est.) |
Oil - proved reserves:
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8.21 million bbl (1 January 2006 est.) |
Natural gas - production:
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0 cu m (2005 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2005 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
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0 cu m (2005 est.) |
Natural gas - imports:
|
0 cu m (2005) |
Natural gas - proved reserves:
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1.086 billion cu m (1 January 2006 est.) |
Agriculture - products:
|
cotton, corn, cassava (tapioca), yams, beans, palm oil, peanuts, cashews; livestock |
Current account balance:
|
-$278.8 million (2007 est.) |
Current account balance - per capita:
|
-33 USD per capita |
Exports:
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$708.7 million f.o.b. (2007 est.) |
Exports per capita:
|
86 USD per capita |
Exports - commodities:
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cotton, cashews, shea butter, textiles, palm products, seafood |
Exports - partners:
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China 20.9%, Indonesia 7.7%, India 7%, Netherlands 6.2%, Niger 5.7%, Togo 4.6%, Nigeria 4.3% (2006) |
Imports:
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$976.3 million f.o.b. (2007 est.) |
Imports per capita:
|
118 USD per capita |
Imports - commodities:
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foodstuffs, capital goods, petroleum products |
Imports - partners:
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China 46.6%, France 7.5%, Thailand 6% (2006) |
Reserves of foreign exchange and gold:
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$825 million (31 December 2007 est.) |
Reserves of foreign exchange and gold - per capita:
|
100 USD per capita |
Debt - external:
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$1.2 billion (2007) |
Debt - external - per capita:
|
145 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Market value of publicly traded shares:
|
$NA |
Economic aid - donor:
|
void |
Economic aid - recipient:
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$374.7 million (2006) |
Economic aid - recipient per capita:
|
46 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 - 493.51 (2007), 522.59 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003)
note: since 1 January 1999, the XOF franc has been pegged to the euro at a rate of 655.957 XOF francs per euro |
Fiscal year:
|
calendar year |
|
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