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Benin Economy 2011
https://theodora.com/wfb2011/benin/benin_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 12, 2011

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):
$14.2 billion (2010 est.)
country comparison to the world: 139

$13.79 billion (2009 est.)
$13.42 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$6.494 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3% (2010 est.)
country comparison to the world: 127

2.7% (2009 est.)
5.1% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$1,600 (2010 est.)
country comparison to the world: 199

$1,600 (2009 est.)
$1,600 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
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 ]

Labor force:
3.662 million (2007 est.)
country comparison to the world: 93
[see also: Labor force country ranks ]

Unemployment rate:
NA%
[see also: Unemployment rate country ranks ]

Population below poverty line:
37.4% (2007 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
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 ]

Distribution of family income - Gini index:
36.5 (2003)
country comparison to the world: 82
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
18.5% of GDP (2009 est.)
country comparison to the world: 104
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $1.348 billion
[see also: Budget - revenues country ranks ]
expenditures: $1.731 billion (2009 est.)
[see also: Budget - expenditures country ranks ]

Inflation rate (consumer prices):
1.6% (2010 est.)
country comparison to the world: 42

2.2% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
4.25% (31 December 2009)
country comparison to the world: 91

4.75% (31 December 2008)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
NA% (31 December 2009 est.)

NA% (31 December 2008 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.551 billion (31 December 2010 est)

$1.619 billion (31 December 2009 est)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$2.424 billion (31 December 2010 est.)

$2.517 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.222 billion (31 December 2010 est.)
country comparison to the world: 144

$1.269 billion (31 December 2009 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Agriculture - products:
cotton, corn, cassava (tapioca), yams, beans, palm oil, peanuts, cashews; livestock

Industries:
textiles, food processing, construction materials, cement

Industrial production growth rate:
3% (2009 est.)
country comparison to the world: 105
[see also: Industrial production growth rate country ranks ]

Electricity - production:
124 million kWh (2007 est.)
country comparison to the world: 186
[see also: Electricity - production country ranks ]

Electricity - consumption:
597 million kWh (2007 est.)
country comparison to the world: 157
[see also: Electricity - consumption country ranks ]

Electricity - exports:
0 kWh (2008 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
588 million kWh (2007 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
0 bbl/day (2009 est.)
country comparison to the world: 117
[see also: Oil - production country ranks ]

Oil - consumption:
23,000 bbl/day (2009 est.)
country comparison to the world: 120
[see also: Oil - consumption country ranks ]

Oil - exports:
8,770 bbl/day (2007 est.)
country comparison to the world: 97
[see also: Oil - exports country ranks ]

Oil - imports:
28,900 bbl/day (2007 est.)
country comparison to the world: 101
[see also: Oil - imports country ranks ]

Oil - proved reserves:
8 million bbl (1 January 2010 est.)
country comparison to the world: 92
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
0 cu m (2008 est.)
country comparison to the world: 204
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
0 cu m (2008 est.)
country comparison to the world: 113
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2008 est.)
country comparison to the world: 55
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
0 cu m (2008 est.)
country comparison to the world: 82
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
1.133 billion cu m (1 January 2010 est.)
country comparison to the world: 97
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
-$582 million (2010 est.)
country comparison to the world: 121

-$644 million (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$1.125 billion (2010 est.)
country comparison to the world: 151

$994 million (2009 est.)
[see also: Exports country ranks ]

Exports - commodities:
cotton, cashews, shea butter, textiles, palm products, seafood

Exports - partners:
India 19.72%, China 13.18%, Niger 6.94%, Nigeria 6.56%, Indonesia 5.73%, Togo 5.63%, Namibia 4.17% (2009)

Imports:
$1.812 billion (2010 est.)
country comparison to the world: 154

$1.703 billion (2009 est.)
[see also: Imports country ranks ]

Imports - commodities:
foodstuffs, capital goods, petroleum products

Imports - partners:
China 35.62%, US 7.51%, France 7.38%, Thailand 6.71%, Malaysia 6.13%, Netherlands 4.83%, Belgium 4.02% (2009)

Reserves of foreign exchange and gold:
$1.254 billion (31 December 2010 est.)
country comparison to the world: 107

$1.23 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$2.894 billion (31 December 2009 est.)
country comparison to the world: 131

$986.2 million (31 December 2008 est.)
[see also: Debt - external country ranks ]

Exchange rates:
Communaute Financiere Africaine francs (XOF) per US dollar - 506.04 (2010), 472.19 (2009), 447.81 (2008), 493.51 (2007), 522.59 (2006)


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.



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This page was last modified 09-Feb-11
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