| COUNTRIES | GEOGRAPHIC NAMES | GEOLOGY | USA STATS | CHINA STATS | COUNTRY CODES | AIRPORTS | RELIGION | JOBS |

Benin Economy 2014
http://www.theodora.com/wfbcurrent/benin/benin_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















GEOGRAPHICAL NAMES Spanish Simplified Chinese French German Russian Hindi Arabic Portuguese



Page last updated on January 28, 2014

Economy - overview:
The economy of Benin remains underdeveloped and dependent on subsistence agriculture, cotton production, and regional trade. Growth in real output had averaged almost 4% before the global recession and it has returned to roughly that level in 2011-12. Inflation has subsided over the past several years. 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, and encourage new information and communication technology. Specific projects to improve the business climate by reforms to the land tenure system, the commercial justice system, and the financial sector were included in Benin's $307 million Millennium Challenge Account grant signed in February 2006. The 2001 privatization policy continues in telecommunications, water, electricity, and agriculture. The Paris Club and bilateral creditors have eased the external debt situation with Benin benefiting from a G-8 debt reduction announced in July 2005, while pressing for more rapid structural reforms. An insufficient electrical supply continues to adversely affect 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. Cotton, a key export, suffered from flooding in 2010-11, but high prices supported export earnings. The government agreed to a 25% increase in civil servant salaries in 2011, following a series of strikes, increasing pressure on the national budget. Benin has appealed for international assistance to mitigate piracy against commercial shipping in its territory.

GDP (purchasing power parity):
$15.64 billion (2012 est.)
country comparison to the world: 140

$14.84 billion (2011 est.)
$14.34 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$7.463 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
5.4% (2012 est.)
country comparison to the world: 54

3.5% (2011 est.)
2.6% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$1,600 (2012 est.)
country comparison to the world: 200

$1,500 (2011 est.)
$1,500 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
9% of GDP (2012 est.)
country comparison to the world: 130

7.9% of GDP (2011 est.)
11.6% of GDP (2010 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 77.9%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 11.6%
investment in fixed capital: 17.8%
investment in inventories: 0.2%
exports of goods and services: 19.5%
imports of goods and services: -27%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 32%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 13%
services: 55% (2012 est.)

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

Industries:
textiles, food processing, construction materials, cement

Industrial production growth rate:
3.5% (2012 est.)
country comparison to the world: 79
[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)

Distribution of family income - Gini index:
36.5 (2003)
country comparison to the world: 83
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $1.562 billion
[see also: Budget revenues country ranks ]
expenditures: $1.598 billion (2012 est.)

Taxes and other revenues:
20.9% of GDP (2012 est.)
country comparison to the world: 159
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-0.5% of GDP (2012 est.)
country comparison to the world: 57
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
31.9% of GDP (2012 est.)
country comparison to the world: 112

31.2% of GDP (2011 est.)
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
6.8% (2012 est.)
country comparison to the world: 175

2.7% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
4.25% (31 December 2010 est.)
country comparison to the world: 85

4.25% (31 December 2009 est.)
[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:
$1.755 billion (31 December 2012 est.)
country comparison to the world: 128

$1.715 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$2.95 billion (31 December 2012 est.)
country comparison to the world: 145

$2.716 billion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.529 billion (31 December 2012 est.)
country comparison to the world: 140

$1.475 billion (31 December 2011 est.)
[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:
$-684.9 million (2012 est.)
country comparison to the world: 110

$-707.5 million (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$1.071 billion (2012 est.)
country comparison to the world: 153

$1.144 billion (2011 est.)
[see also: Exports country ranks ]

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

Exports - partners:
China 25%, India 23.5%, Lebanon 18.7%, Niger 4.3%, Nigeria 4% (2012)

Imports:
$1.755 billion (2012 est.)
country comparison to the world: 168

$1.825 billion (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
foodstuffs, capital goods, petroleum products

Imports - partners:
China 37.2%, US 8.9%, India 6.7%, France 5.6%, Malaysia 5.3% (2012)

Reserves of foreign exchange and gold:
$712.8 million (31 December 2012 est.)
country comparison to the world: 144

$887.4 million (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$1.123 billion (31 December 2012 est.)
country comparison to the world: 158

$1.035 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Exchange rates:
Communaute Financiere Africaine francs (XOF) per US dollar -

510.53 (2012 est.)
471.87 (2011 est.)
495.28 (2010 est.)
472.19 (2009)
447.81 (2008)


NOTE: The information regarding Benin on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Benin Economy 2014 information contained here. All suggestions for corrections of any errors about Benin Economy 2014 should be addressed to the CIA.



- Please bookmark this page (add it to your favorites).
- If you wish to link to this page, you can do so by referring to the URL address below this line.

http://www.theodora.com/wfbcurrent/benin/benin_economy.html

This page was last modified 06-Nov-14
Copyright © 1995-2014 ITA all rights reserved.

    . Feedback