Overview: Benin is one of the least developed countries in the world because of limited natural resources and a poorly developed infrastructure. Agriculture accounts for about 35% of GDP, employs about 60% of the labor force, and generates a major share of foreign exchange earnings. The industrial sector contributes only about 10% to GDP and employs 2% of the work force. Low prices in recent years have kept down hard currency earnings from Benin's major exports of agricultural products, primarily cotton. A World Bank supported structural adjustment program begun in 1989 has helped strengthen the economy through such measures as trimming the government payroll, reforming the tax system, and encouraging private investment, both domestic and foreign. Benin has experienced 3 consecutive years of moderate growth as a result.

National product: GDP - purchasing power equivalent - $6.2 billion (1993 est.)

National product real growth rate: 3% (1991)

National product per capita: $1,200 (1993 est.)

Inflation rate (consumer prices): 3.4% (1990)

Unemployment rate: NA%

Budget:
revenues: $218 million
expenditures: $355 million, including capital expenditures of $100 million (1991 est.)

Exports: $328.8 million (f.o.b., 1991 est.)
commodities: crude oil, cotton, palm products, cocoa
partners: FRG 36%, France 16%, Spain 14%, Italy 8%, UK 4%

Imports: $482.3 million (f.o.b., 1991 est.)
commodities: foodstuffs, beverages, tobacco, petroleum products, intermediate goods, capital goods, light consumer goods
partners: France 20%, Thailand 8%, Netherlands 7%, US 5%

External debt: $1 billion (December 1990 est.)

Industrial production: growth rate -0.7% (1988); accounts for 10% of GDP

Electricity:
capacity: 30,000 kW
production: 25 million kWh
consumption per capita: 5 kWh (1991)

Industries: textiles, cigarettes, construction materials, beverages, food production, petroleum

Agriculture: accounts for 35% of GDP; small farms produce 90% of agricultural output; production is dominated by food crops - corn, sorghum, cassava, beans, rice; cash crops include cotton, palm oil, peanuts; poultry and livestock output has not kept up with consumption

Economic aid:
recipient: US commitments, including Ex-Im (FY70-89), $46 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $1.3 billion; OPEC bilateral aid (1979-89), $19 million; Communist countries (1970-89), $101 million

Currency: 1 CFA franc (CFAF) = 100 centimes
Exchange rates: Communaute Financiere Africaine francs (CFAF) per US$1 - 592.05 (January 1994), 283.16 (1993), 264.69 (1992), 282.11 (1991), 272.26 (1990), 319.01 (1989)
note: beginning 12 January 1994 the CFA franc was devalued to CFAF 100 per French franc from CFAF 50 at which it had been fixed since 1948

Fiscal year: calendar year

NOTE: The information regarding Benin on this page is re-published from the 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Benin Economy 1995 information contained here. All suggestions for corrections of any errors about Benin Economy 1995 should be addressed to the CIA.