unbekannter Gast

Benin: Economy#

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.

Economic Facts#

GDP (purchasing power parity)$16.65 billion (2013 est.)
$15.86 billion (2012 est.)
$15.04 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate5% (2013 est.)
5.4% (2012 est.)
3.5% (2011 est.)
GDP - per capita (PPP)$1,600 (2013 est.)
$1,600 (2012 est.)
$1,500 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 31.6%
industry: 12.9%
services: 55.6% (2013 est.)
Population below poverty line37.4% (2007 est.)
Household income or consumption by percentage sharelowest 10%: 3.1%
highest 10%: 29% (2003)
Exports - commoditiescotton, cashews, shea butter, textiles, palm products, seafood
Exports - partnersChina 25%, India 23.5%, Lebanon 18.7%, Niger 4.3%, Nigeria 4% (2012)
Agriculture - productscotton, corn, cassava (manioc, tapioca), yams, beans, palm oil, peanuts, cashews; livestock
Budgetrevenues: $1.712 billion
expenditures: $1.825 billion (2013 est.)
Imports - commoditiesfoodstuffs, capital goods, petroleum products
Imports - partnersChina 37.2%, US 8.9%, India 6.7%, France 5.6%, Malaysia 5.3% (2012)
Exchange ratesCommunaute Financiere Africaine francs (XOF) per US dollar -
500.7 (2013 est.)
510.53 (2012 est.)
495.28 (2010 est.)
472.19 (2009)
447.81 (2008)
Exports$1.108 billion (2013 est.)
$1.071 billion (2012 est.)
Debt - external$1.236 billion (31 December 2013 est.)
$1.123 billion (31 December 2012 est.)
Fiscal yearcalendar year
Imports$1.835 billion (2013 est.)
$1.755 billion (2012 est.)
Industrial production growth rate3.7% (2013 est.)
Industriestextiles, food processing, construction materials, cement
Inflation rate (consumer prices)2.4% (2013 est.)
6.8% (2012 est.)
Labor force3.662 million (2007 est.)
Unemployment rateNA%
Distribution of family income - Gini index36.5 (2003)
Public debt29.7% of GDP (2013 est.)
31.9% of GDP (2012 est.)
Current account balance-$699.3 million (2013 est.)
-$684.9 million (2012 est.)
Reserves of foreign exchange and gold$720.3 million (31 December 2013 est.)
$712.8 million (31 December 2012 est.)
GDP (official exchange rate)$8.359 billion (2013 est.)
Market value of publicly traded shares$NA
Central bank discount rate4.25% (31 December 2010 est.)
4.25% (31 December 2009 est.)
Commercial bank prime lending rateNA%
Stock of domestic credit$1.511 billion (31 December 2013 est.)
$1.529 billion (31 December 2012 est.)
Stock of narrow money$1.889 billion (31 December 2013 est.)
$1.755 billion (31 December 2012 est.)
Stock of broad money$3.06 billion (31 December 2013 est.)
$2.943 billion (31 December 2012 est.)
Taxes and other revenues20.5% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-1.3% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: NA cu m
government consumption: 12.7%
investment in fixed capital: 18.6%
investment in inventories: 0.2%
exports of goods and services: 13.2%
imports of goods and services: -26%
(2013 est.)
Gross national saving9.9% of GDP (2013 est.)
9% of GDP (2012 est.)
7.9% of GDP (2011 est.)