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Benin Economy 2017
https://theodora.com/wfbcurrent/benin/benin_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Benin Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
The free market economy of Benin remains underdeveloped and dependent on subsistence agriculture, cotton production, and regional trade. Cotton is a key export commodity; high prices supported export earnings. Growth in real output has averaged 6.5% since 2014. Inflation has subsided and remained 1% over the past several years.An insufficient electrical supply continues to hamper 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.Benin’s 2001 privatization policy continues in telecommunications, water, electricity, and agriculture. Benin has appealed for international assistance to mitigate piracy against commercial shipping in its territory. Though security remains a problem, the Port of Cotonou has made progress towards implementing the International Ship and Port Facility Security (ISPS) Code in an effort to remain competitive. Projects included in Benin's $307 million Millennium Challenge Corporation (MCC) compact (2006-2011) 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 the largest component of Benin’s economy with revenues projected to account for more than 40% of Benin’s national budget. Realizing its economic potential requires further efforts to infrastructure upgrades, stemming corruption, and expanding access to foreign markets in Nigeria and neighboring landlocked countries. In September 2015, Benin signed a MCC second Compact for $375 million that 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. 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, encourage new information and communication technology, and establish Independent Power Producers (IPP).

GDP (purchasing power parity):
$24.31 billion (2016 est.) $23.24 billion (2015 est.) $22.14 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 141
[see also: GDP country ranks ]

GDP (official exchange rate):
$8.93 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4.6% (2016 est.) 5% (2015 est.) 6.5% (2014 est.)
country comparison to the world: 47
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$2,200 (2016 est.) $2,100 (2015 est.) $2,100 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 202
[see also: GDP - per capita country ranks ]

Gross national saving:
16.3% of GDP (2016 est.) 16.7% of GDP (2015 est.) 16.3% of GDP (2014 est.)
country comparison to the world: 111
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 68%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 14.2%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 26.3%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.5%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 24.3%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -33.3% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 22.9%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 24.9%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 52.2% (2016 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:
4.2% (2016 est.)
country comparison to the world: 50
[see also: Industrial production growth rate country ranks ]

Labor force:
3.662 million (2007 est.)
country comparison to the world: 96
[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: 84
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $1.5 billion
[see also: Budget revenues country ranks ]
expenditures: $1.939 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
16.8% of GDP (2016 est.)
country comparison to the world: 175
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-4.9% of GDP (2016 est.)
country comparison to the world: 158
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
40.2% of GDP (2016 est.) 37.4% of GDP (2015 est.)
country comparison to the world: 118
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1% (2016 est.) 0.3% (2015 est.)
country comparison to the world: 66
[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: 96
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
NA%
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$2.215 billion (31 December 2016 est.) $2.172 billion (31 December 2015 est.)
country comparison to the world: 126
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$4.165 billion (31 December 2014 est.) $3.61 billion (31 December 2013 est.)
country comparison to the world: 137
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.639 billion (31 December 2016 est.) $1.631 billion (31 December 2015 est.)
country comparison to the world: 148
[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:
-$892 million (2016 est.) -$893 million (2015 est.)
country comparison to the world: 120
[see also: Current account balance country ranks ]

Exports:
$1.713 billion (2016 est.) $1.841 billion (2015 est.)
country comparison to the world: 139
[see also: Exports country ranks ]

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

Exports - partners:
India 24.2%, Gabon 14.6%, China 7.2%, Niger 6%, Bangladesh 5%, Nigeria 4.9%, Vietnam 4.2% (2015)

Imports:
$2.591 billion (2016 est.) $2.727 billion (2015 est.)
country comparison to the world: 150
[see also: Imports country ranks ]

Imports - commodities:
foodstuffs, capital goods, petroleum products

Imports - partners:
China 42.1%, US 8.9%, India 5.7%, Malaysia 4.8%, Thailand 4.3%, France 4% (2015)

Reserves of foreign exchange and gold:
$645.5 million (31 December 2016 est.) $731.6 million (31 December 2015 est.)
country comparison to the world: 136
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$2.34 billion (31 December 2016 est.) $2.115 billion (31 December 2015 est.)
country comparison to the world: 148
[see also: Debt - external country ranks ]

Exchange rates:
Communaute Financiere Africaine francs (XOF) per US dollar - 605.7 (2016 est.) 591.45 (2015 est.) 591.45 (2014 est.) 494.42 (2013 est.) 510.53 (2012 est.)


NOTE: The information regarding Benin on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Benin Economy 2017 information contained here. All suggestions for corrections of any errors about Benin Economy 2017 should be addressed to the CIA.




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