Overview: Benin is one of the least developed countries in the world because of limited natural resources and a poorly developed infrastructure. Agriculture accounts for almost 45% of GDP, employs about two-thirds of the labor force, and generates a major share of foreign exchange earnings. The industrial sector contributes only about 15% to GDP and employs 15% of the work force. Persistently low prices in recent years have limited hard currency earnings from Benin's major exports of agricultural products and crude oil.

GDP: $1.4 billion, per capita $340; real growth rate - 0.2% (1986)

Inflation rate (consumer prices): 3.6% (1986)

Unemployment: NA

Budget: revenues $168 million; expenditures $313 million, including capital expenditures of $79.2 million (1987)

Exports: $108 million (f.o.b., 1986); @m5commodities--crude oil, cotton, palm products, cocoa; @m5partners--FRG 36%, France 16%, Spain 14%, Italy 8%, UK 7%

Imports: $338 million (f.o.b., 1986); @m5commodities--foodstuffs, beverages, tobacco, petroleum products, intermediate goods, capital goods, light consumer goods; @m5partners--France 34%, Netherlands 10%, Japan 7%, Italy 6%, US 5%

External debt: 1.1 billion (December 1988)

Industrial production: growth rate - 10% (1986)

Electricity: 28,000 kW capacity; 24 million kWh produced, 5 kWh per capita (1988)

Industries: palm oil and palm kernel oil processing, textiles, beverages, petroleum

Agriculture: small farms produce 90% of agricultural output; production is dominated by food crops--corn, sorghum, cassava, beans, and rice; cash crops include cotton, palm oil, and peanuts; poultry and livestock output has not kept up with consumption

Aid: NA

Currency: Communaute Financiere Africaine franc (plural--francs); 1 CFA franc (CFAF) = 100 centimes

Exchange rates: Communaute Financiere Africaine francs (CFAF) per US$1--312.52 (January 1989), 297.85 (1988), 300.54 (1987), 346.30 (1986), 449.26 (1985)

Fiscal year: calendar year

NOTE: The information regarding Benin on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Benin Economy 1989 information contained here. All suggestions for corrections of any errors about Benin Economy 1989 should be addressed to the CIA.