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Benin Economy 2019

SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES











Benin Economy 2019
SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 08, 2019

Economy - overview:
The free market economy of Benin has grown consecutively for four years, though growth slowed in 2017, as its close trade links to Nigeria expose Benin to risks from volatile commodity prices. Cotton is a key export commodity, with export earnings significantly impacted by the price of cotton in the broader market. The economy began deflating in 2017, with the consumer price index falling 0.8%.

During the first two years of President TALON’s administration, which began in April 2016, the government has followed an ambitious action plan to kickstart development through investments in infrastructure, education, agriculture, and governance. Electricity generation, which has constrained Benin’s economic growth, has increased and blackouts have been considerably reduced. Private foreign direct investment is small, and foreign aid accounts for a large proportion of investment in infrastructure projects.

Benin has appealed for international assistance to mitigate piracy against commercial shipping in its territory, and has used equipment from donors effectively against such piracy. Pilferage has significantly dropped at the Port of Cotonou, though the port is still struggling with effective implementation of the International Ship and Port Facility Security (ISPS) Code. Projects included in Benin's $307 million Millennium Challenge Corporation (MCC) first compact (2006-11) were designed to increase investment and private sector activity by improving key institutional and physical infrastructure. The four projects focused on access to land, access to financial services, access to justice, and access to markets (including modernization of the port). The Port of Cotonou is a major contributor to Benin’s economy, with revenues projected to account for more than 40% of Benin’s national budget.

Benin will need further efforts to upgrade infrastructure, stem corruption, and expand access to foreign markets to achieve its potential. In September 2015, Benin signed a second MCC Compact for $375 million that entered into force in June 2017 and is designed to strengthen the national utility service provider, attract private sector investment, fund infrastructure investments in electricity generation and distribution, and develop off-grid electrification for poor and unserved households. As part of the Government of Benin’s action plan to spur growth, Benin passed public private partnership legislation in 2017 to attract more foreign investment, place more emphasis on tourism, facilitate the development of new food processing systems and agricultural products, encourage new information and communication technology, and establish Independent Power Producers. In April 2017, the IMF approved a three year $150.4 million Extended Credit Facility agreement to maintain debt sustainability and boost donor confidence.

GDP (purchasing power parity):
$25.39 billion (2017 est.)
$24.04 billion (2016 est.)
$23.12 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 141
[see also: GDP country ranks ]

GDP (official exchange rate):
$9.246 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
5.6% (2017 est.)
4% (2016 est.)
2.1% (2015 est.)
country comparison to the world: 38
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$2,300 (2017 est.)
$2,200 (2016 est.)
$2,200 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 201
[see also: GDP - per capita country ranks ]

Gross national saving:
17.3% of GDP (2017 est.)
15.2% of GDP (2016 est.)
16.6% of GDP (2015 est.)
country comparison to the world: 116
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 70.5% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 13.1% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 27.6% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 31.6% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -43% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 26.1% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 22.8% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 51.1% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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

Industries:
textiles, food processing, construction materials, cement

Industrial production growth rate:
3% (2017 est.)
country comparison to the world: 101
[see also: Industrial production growth rate country ranks ]

Labor force:
3.662 million (2007 est.)
country comparison to the world: 98
[see also: Labor force country ranks ]

Unemployment rate:
1% (2014 est.)
country comparison to the world: 7
[see also: Unemployment rate country ranks ]

Population below poverty line:
36.2% (2011 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: 88
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 1.578 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 2.152 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
17.1% (of GDP) (2017 est.)
country comparison to the world: 171
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-6.2% (of GDP) (2017 est.)
country comparison to the world: 186
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
54.6% of GDP (2017 est.)
49.7% of GDP (2016 est.)
country comparison to the world: 81
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
0.1% (2017 est.)
-0.8% (2016 est.)
country comparison to the world: 13
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
4.25% (31 December 2010)
4.25% (31 December 2009)
country comparison to the world: 87
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
5.3% (31 December 2017 est.)
5.3% (31 December 2016 est.)
country comparison to the world: 140
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$2.644 billion (31 December 2017 est.)
$2.189 billion (31 December 2016 est.)
country comparison to the world: 125
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$2.644 billion (31 December 2017 est.)
$2.189 billion (31 December 2016 est.)
country comparison to the world: 132
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.963 billion (31 December 2017 est.)
$1.553 billion (31 December 2016 est.)
country comparison to the world: 151
[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 ]

Current account balance:
-$1.024 billion (2017 est.)
-$808 million (2016 est.)
country comparison to the world: 144
[see also: Current account balance country ranks ]

Exports:
$1.974 billion (2017 est.)
$1.588 billion (2016 est.)
country comparison to the world: 141
[see also: Exports country ranks ]

Exports - partners:
Bangladesh 18.1%, India 10.7%, Ukraine 9%, Niger 8.1%, China 7.7%, Nigeria 7.2%, Turkey 4% (2017)

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

Imports:
$2.787 billion (2017 est.)
$2.443 billion (2016 est.)
country comparison to the world: 152
[see also: Imports country ranks ]

Imports - commodities:
foodstuffs, capital goods, petroleum products

Imports - partners:
Thailand 18.1%, India 15.9%, France 8.5%, China 7.5%, Togo 5.9%, Netherlands 4.3%, Belgium 4.3% (2017)

Reserves of foreign exchange and gold:
$698.9 million (31 December 2017 est.)
$57.5 million (31 December 2016 est.)
country comparison to the world: 141
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$2.804 billion (31 December 2017 est.)
$2.476 billion (31 December 2016 est.)
country comparison to the world: 145
[see also: Debt - external country ranks ]

Exchange rates:
Communaute Financiere Africaine francs (XOF) per US dollar -
605.3 (2017 est.)
593.01 (2016 est.)
593.01 (2015 est.)
591.45 (2014 est.)
494.42 (2013 est.)


NOTE: 1) The information regarding Benin on this page is re-published from the 2019 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Benin Economy 2019 information contained here. All suggestions for corrections of any errors about Benin Economy 2019 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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