Benin Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

robust economic growth; slightly declining but still widespread poverty; strong trade relations with Nigeria; cotton exporter; COVID-19 has led to capital outflows and border closures; WAEMU member with currency pegged to the euro; recent fiscal deficit and debt reductions

Real GDP (purchasing power parity)

$43.17 billion (2021 est.)

$40.287 billion (2020 est.)

$38.794 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

7.16% (2021 est.)

3.85% (2020 est.)

6.87% (2019 est.)

Real GDP per capita

$3,300 (2021 est.)

$3,200 (2020 est.)

$3,200 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$10.315 billion (2018 est.)

Inflation rate (consumer prices)

1.73% (2021 est.)

3.02% (2020 est.)

-0.71% (2019 est.)

Credit ratings

Fitch rating: B (2019)

Moody's rating: B2 (2019)

Standard & Poors rating: B+ (2018)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 26.1% (2017 est.)

industry: 22.8% (2017 est.)

services: 51.1% (2017 est.)

GDP - composition, by end use

household consumption: 70.5% (2017 est.)

government consumption: 13.1% (2017 est.)

investment in fixed capital: 27.6% (2017 est.)

investment in inventories: 0% (2017 est.)

exports of goods and services: 31.6% (2017 est.)

imports of goods and services: -43% (2017 est.)

Agricultural products

cassava, yams, maize, cotton, oil palm fruit, rice, pineapples, tomatoes, vegetables, soybeans

Industries

textiles, food processing, construction materials, cement

Industrial production growth rate

9.12% (2021 est.)

Labor force

5.295 million (2021 est.)

Unemployment rate

1.57% (2021 est.)

1.58% (2020 est.)

1.47% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 3.9%

male: 3.1%

female: 4.6% (2021 est.)

Population below poverty line

38.5% (2019 est.)

Gini Index coefficient - distribution of family income

37.8 (2018 est.)

Household income or consumption by percentage share

lowest 10%: 3.1%

highest 10%: 29% (2003)

Budget

revenues: $2.024 billion (2019 est.)

expenditures: $2.101 billion (2019 est.)

Budget surplus (+) or deficit (-)

-6.2% (of GDP) (2017 est.)

Public debt

54.6% of GDP (2017 est.)

49.7% of GDP (2016 est.)

Taxes and other revenues

17.1% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

-$273.967 million (2020 est.)

-$575.593 million (2019 est.)

-$648.825 million (2018 est.)

Exports

$3.506 billion (2020 est.)

$3.585 billion (2019 est.)

$3.848 billion (2018 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

Nigeria 25%, Bangladesh 14%, United Arab Emirates 14%, India 13%, China 8%, Vietnam 5% (2019)

Exports - commodities

gold, cotton, cashews, refined petroleum, soybeans (2021)

Imports

$3.942 billion (2020 est.) note: data are in current year dollars

$4.307 billion (2019 est.) note: data are in current year dollars

$4.669 billion (2018 est.)

Imports - partners

China 28%, Thailand 9%, India 8%, Togo 6%, United States 5% (2019)

Imports - commodities

rice, cars, palm oil, electricity, cotton (2019)

Reserves of foreign exchange and gold

$698.9 million (31 December 2017 est.)

$57.5 million (31 December 2016 est.)

Debt - external

$2.804 billion (31 December 2017 est.)

$2.476 billion (31 December 2016 est.)

Exchange rates

Communaute Financiere Africaine francs (XOF) per US dollar -

554.608 (2021 est.)

574.295 (2020 est.)

585.951 (2019 est.)

555.446 (2018 est.)

580.657 (2017 est.)

NOTE: The information regarding Benin on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Benin 2023 information contained here. All suggestions for corrections of any errors about Benin 2023 should be addressed to the CIA or the source cited on each page.