Benin Economy - 2024

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% (2021 est.)

male: 3.1%

female: 4.6%

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)

Remittances

1.31% of GDP (2020 est.)
1.51% of GDP (2019 est.)
1.39% of GDP (2018 est.)

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 -

Exchange rates:
554.608 (2021 est.)
574.295 (2020 est.)
585.951 (2019 est.)
555.446 (2018 est.)
580.657 (2017 est.)