| Economy | Benin |
 = Fields  = World Records  = Dictionary  = Bar graph  = Distribution map  = Fields History  = Definitions |
Economy - overview:
|
The economy of Benin remains underdeveloped and dependent on subsistence agriculture, cotton production, and regional trade. Growth in real output had averaged almost 4% before the global recession, but fell to 2.7% in 2009 and 3% in 2010. Inflation has subsided over the past several years. 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, 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. The Paris Club and bilateral creditors have eased the external debt situation, with Benin benefiting from a G-8 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. Private foreign direct investment is small, and foreign aid accounts for the majority of investment in infrastructure projects. Cotton, a key export, suffered from flooding in 2010-11, but high prices supported export earnings. The government agreed to 25% increase in civil servant salaries in 2011, following a series of strikes, has increased pressure on the national budget. Benin has appealed for international assistance to mitigate piracy against commercial shipping in its territory. |
GDP (purchasing power parity):
|
$14.79 billion (2011 est.)
$14.18 billion (2010 est.)
$13.87 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$1,500 (2011 est.)
$1,500 (2010 est.)
$1,500 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$7.5 billion (2011 est.) |
GDP - real growth rate:
|
3.8% (2011 est.)
2.6% (2010 est.)
2.7% (2009 est.) |
GDP - composition by sector:
|
agriculture: 35.5%
industry: 6.1%
services: 58.4% (2010 est.) |
Investment (gross fixed):
|
22.1% of GDP (2011 est.) |
Population below poverty line:
|
37.4% (2007 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) |
Inflation rate (consumer prices):
|
3.3% (2011 est.)
2.3% (2010 est.) |
Central bank discount rate:
|
4.25% (31 December 2010 est.)
4.25% (31 December 2009 est.) |
Commercial bank prime lending rate:
|
NA%
NA% |
Stock of money:
|
$1.592 billion (31 December 2008)
$1.324 billion (31 December 2007) |
Stock of money - per capita:
|
171 USD per capita |
Stock of quasi money:
|
$742.8 million (31 December 2008)
$627.2 million (31 December 2007) |
Stock of quasi money - per capita:
|
80 USD per capita |
Stock of domestic credit:
|
$1.293 billion (31 December 2011 est.)
$1.204 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
|
139 USD per capita |
Stock of narrow money:
|
$1.678 billion (31 December 2011 est.)
$1.619 billion (31 December 2010 est.) |
Stock of broad money:
|
$2.565 billion (31 December 2011 est.)
$2.389 billion (31 December 2010 est.) |
Labor force:
|
3.662 million (2007 est.) |
Labor force participation rate:
|
39.27 % of population |
Labor force - by occupation:
|
void |
Unemployment rate:
|
NA% |
Unemployment, youth ages 15-24:
|
total: 0.8%
male: 1.1%
female: 0.6% (2002) |
Budget:
|
revenues: $1.381 billion
expenditures: $1.705 billion (2011 est.) |
Budget revenues per capita:
|
149 USD per capita |
Taxes and other revenues:
|
18.4% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
|
-4.3% of GDP (2011 est.) |
Public debt:
|
void |
Industries:
|
textiles, food processing, construction materials, cement |
Industrial production growth rate:
|
3% (2010 est.) |
Electricity - production:
|
128 million kWh (2008 est.) |
Electricity - production per capita:
|
14 kWh per capita |
Electricity - consumption:
|
653 million kWh (2008 est.) |
Electricity - consumption - per capita:
|
71 kWh per capita |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
|
651 million kWh (2008 est.) |
Oil - production:
|
0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
25,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
0.98 bbl/year per capita |
Oil - exports:
|
10,840 bbl/day (2009 est.) |
Oil - imports:
|
33,410 bbl/day (2009 est.) |
Oil - proved reserves:
|
8 million bbl (1 January 2011 est.) |
Natural gas - production:
|
0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
|
1.133 billion cu m (1 January 2011 est.) |
Agriculture - products:
|
cotton, corn, cassava (tapioca), yams, beans, palm oil, peanuts, cashews; livestock |
Current account balance:
|
-$559.5 million (2011 est.)
-$485.1 million (2010 est.) |
Current account balance - per capita:
|
-59 USD per capita |
Exports:
|
$1.459 billion (2011 est.)
$1.254 billion (2010 est.) |
Exports per capita:
|
157 USD per capita |
Exports - commodities:
|
cotton, cashews, shea butter, textiles, palm products, seafood |
Exports - partners:
|
India 26.4%, China 21.4%, Niger 6.5%, Nigeria 5.6%, Indonesia 4.4% (2010) |
Imports:
|
$2.13 billion (2011 est.)
$1.781 billion (2010 est.) |
Imports per capita:
|
229 USD per capita |
Imports - commodities:
|
foodstuffs, capital goods, petroleum products |
Imports - partners:
|
China 35.2%, France 8%, US 7.2%, Malaysia 5.9%, UK 4.8%, Netherlands 4.3%, India 4.1%, Thailand 4% (2010) |
Reserves of foreign exchange and gold:
|
$1.153 billion (31 December 2011 est.)
$953 million (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
124 USD per capita |
Debt - external:
|
$2.894 billion (31 December 2009 est.)
|
Debt - external - per capita:
|
311 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 |
Currency (code):
|
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 -
473.7 (2011 est.)
495.28 (2010 est.)
472.19 (2009)
447.81 (2008)
493.51 (2007) |
Fiscal year:
|
calendar year |
|
= Fields = World Records = Dictionary = Bar graph = Distribution map = Fields History = Definitions |
|
Home 
Geographic Names
Chiefs of State
Intl. Organizations
Intl. Environmental Agree.
Other References
