Economy - overview:
The economy of Benin remains underdeveloped and dependent on subsistence agriculture, cotton production, and regional trade. Growth in real output had averaged about 4% before the global recession, but fell to 2.5% 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. As result of these reforms, Benin has become the most competitive country in the West African Economic and Monetary Union, according to the World Economic Forum. 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.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): GDP - composition by sector: Labor force: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Investment (gross fixed): Budget: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Agriculture - products: Industries: Industrial production growth rate: Electricity - production: Electricity - consumption: Electricity - exports: Electricity - imports: Oil - production: Oil - consumption: Oil - exports: Oil - imports: Oil - proved reserves: Natural gas - production: Natural gas - consumption: Natural gas - exports: Natural gas - imports: Natural gas - proved reserves: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Exchange rates:
NOTE: The information regarding Benin on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Benin Economy 2011 information contained here. All suggestions for corrections of any errors about Benin Economy 2011 should be addressed to the CIA.
$14.2 billion (2010 est.)
country comparison to the world: 139
note:
data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]
$6.494 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]
3% (2010 est.)
country comparison to the world: 127
[see also: GDP - real growth rate country ranks ]
$1,600 (2010 est.)
country comparison to the world: 199
note:
data are in 2010 US dollars
[see also: GDP - per capita country ranks ]
agriculture: 33.2%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
14.5%
[see also: GDP - composition by sector - industry country ranks ]
services:
52.3% (2007 est.)
[see also: GDP - composition by sector - services country ranks ]
3.662 million (2007 est.)
country comparison to the world: 93
[see also: Labor force country ranks ]
NA%
[see also: Unemployment rate country ranks ]
37.4% (2007 est.)
[see also: Population below poverty line country ranks ]
lowest 10%: 3.1%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
29% (2003)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]
36.5 (2003)
country comparison to the world: 82
[see also: Distribution of family income - Gini index country ranks ]
18.5% of GDP (2009 est.)
country comparison to the world: 104
[see also: Investment (gross fixed) country ranks ]
revenues: $1.348 billion
[see also: Budget - revenues country ranks ]
expenditures:
$1.731 billion (2009 est.)
[see also: Budget - expenditures country ranks ]
1.6% (2010 est.)
country comparison to the world: 42
[see also: Inflation rate (consumer prices) country ranks ]
4.25% (31 December 2009)
country comparison to the world: 91
[see also: Central bank discount rate country ranks ]
NA% (31 December 2009 est.)
[see also: Commercial bank prime lending rate country ranks ]
$1.551 billion (31 December 2010 est)
[see also: Stock of narrow money country ranks ]
$2.424 billion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]
$1.222 billion (31 December 2010 est.)
country comparison to the world: 144
[see also: Stock of domestic credit country ranks ]
$NA
[see also: Market value of publicly traded shares country ranks ]
cotton, corn, cassava (tapioca), yams, beans, palm oil, peanuts, cashews; livestock
textiles, food processing, construction materials, cement
3% (2009 est.)
country comparison to the world: 105
[see also: Industrial production growth rate country ranks ]
124 million kWh (2007 est.)
country comparison to the world: 186
[see also: Electricity - production country ranks ]
597 million kWh (2007 est.)
country comparison to the world: 157
[see also: Electricity - consumption country ranks ]
0 kWh (2008 est.)
[see also: Electricity - exports country ranks ]
588 million kWh (2007 est.)
[see also: Electricity - imports country ranks ]
0 bbl/day (2009 est.)
country comparison to the world: 117
[see also: Oil - production country ranks ]
23,000 bbl/day (2009 est.)
country comparison to the world: 120
[see also: Oil - consumption country ranks ]
8,770 bbl/day (2007 est.)
country comparison to the world: 97
[see also: Oil - exports country ranks ]
28,900 bbl/day (2007 est.)
country comparison to the world: 101
[see also: Oil - imports country ranks ]
8 million bbl (1 January 2010 est.)
country comparison to the world: 92
[see also: Oil - proved reserves country ranks ]
0 cu m (2008 est.)
country comparison to the world: 204
[see also: Natural gas - production country ranks ]
0 cu m (2008 est.)
country comparison to the world: 113
[see also: Natural gas - consumption country ranks ]
0 cu m (2008 est.)
country comparison to the world: 55
[see also: Natural gas - exports country ranks ]
0 cu m (2008 est.)
country comparison to the world: 82
[see also: Natural gas - imports country ranks ]
1.133 billion cu m (1 January 2010 est.)
country comparison to the world: 97
[see also: Natural gas - proved reserves country ranks ]
-$582 million (2010 est.)
country comparison to the world: 121
[see also: Current account balance country ranks ]
$1.125 billion (2010 est.)
country comparison to the world: 151
[see also: Exports country ranks ]
cotton, cashews, shea butter, textiles, palm products, seafood
India 19.72%, China 13.18%, Niger 6.94%, Nigeria 6.56%, Indonesia 5.73%, Togo 5.63%, Namibia 4.17% (2009)
$1.812 billion (2010 est.)
country comparison to the world: 154
[see also: Imports country ranks ]
foodstuffs, capital goods, petroleum products
China 35.62%, US 7.51%, France 7.38%, Thailand 6.71%, Malaysia 6.13%, Netherlands 4.83%, Belgium 4.02% (2009)
$1.254 billion (31 December 2010 est.)
country comparison to the world: 107
[see also: Reserves of foreign exchange and gold country ranks ]
$2.894 billion (31 December 2009 est.)
country comparison to the world: 131
[see also: Debt - external country ranks ]
Communaute Financiere Africaine francs (XOF) per US dollar - 506.04 (2010), 472.19 (2009), 447.81 (2008), 493.51 (2007), 522.59 (2006)
This page was last modified 09-Feb-11