|
The economy of Benin remains
dependent on subsistence agriculture, cotton production,
and regional trade. Growth in real output has averaged
around 5% in the past seven years. Inflation has
subsided over the past several years. In order to raise
growth still further, 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.
The 2001 privatization
policy continues in telecommunications, water,
electricity, and agriculture in spite of government
reluctance. |
|
GDP (purchasing power
parity) of Benin:
|
$12.18 billion (2007 est.)
|
|
GDP (official
exchange rate) of Benin:
|
$4.946 billion (2007 est.)
|
|
GDP - real growth
rate:
|
4.5% (2007 est.)
|
|
GDP - per capita
(PPP):
|
$1,500 (2007 est.)
|
|
GDP of Benin -
composition by sector:
|
agriculture:
33.2%
industry: 14.5%
services: 52.3% (2007 est.) |
|
Labor force:
|
3.211 million (1996)
|
|
Unemployment rate:
|
NA% |
|
Population below
poverty line in Benin:
|
33% (2001 est.) |
|
Household income or
consumption by percentage share:
|
lowest 10%:
3.1%
highest 10%: 29% (2003) |
|
Distribution of
family income - Gini index:
|
36.5 (2003) |
|
Inflation rate
(consumer prices) in Benin:
|
2.5% (2007 est.)
|
|
Investment (gross
fixed):
|
19.8% of GDP (2007 est.)
|
|
Budget of Benin:
|
revenues:
$936.9 million
expenditures: $1.226 billion (2007 est.)
|
|
Agriculture products
in Benin:
|
cotton, corn, cassava
(tapioca), yams, beans, palm oil, peanuts, cashews;
livestock |
|
Industries in Benin:
|
textiles, food processing,
construction materials, cement |
|
Industrial production
growth rate of Benin:
|
4.5% (2007 est.)
|
|
Electricity -
production:
|
105 million kWh (2005)
|
|
Electricity
production by source in Benin:
|
fossil fuel:
14.2%
hydro: 85.8%
nuclear: 0%
other: 0% (2001) |
|
Electricity -
consumption:
|
587 million kWh (2005)
|
|
Electricity -
exports:
|
0 kWh (2005) |
|
Electricity -
imports:
|
595 million kWh (2005)
|
|
Oil - production:
|
0 bbl/day (2005)
|
|
Oil - consumption:
|
16,000 bbl/day (2005 est.)
|
|
Oil - exports by
Benin:
|
8,981 bbl/day (2004)
|
|
Oil imports into
Benin:
|
26,180 bbl/day (2004)
|
|
Oil - proved
reserves:
|
8.21 million bbl (1 January
2006 est.) |
|
Natural gas -
production:
|
0 cu m (2005 est.)
|
|
Natural gas -
consumption:
|
0 cu m (2005 est.)
|
|
Natural gas -
exports:
|
0 cu m (2005 est.)
|
|
Natural gas -
imports:
|
0 cu m (2005) |
|
Natural gas proved
reserves in Benin:
|
1.086 billion cu m (1
January 2006 est.) |
|
Current account
balance:
|
-$278.8 million (2007 est.)
|
|
Exports from Benin:
|
$708.7 million f.o.b. (2007
est.) |
|
Exports -
commodities:
|
cotton, cashews, shea
butter, textiles, palm products, seafood |
|
Exports partners in
Benin:
|
China 20.9%, Indonesia 7.7%,
India 7%, Netherlands 6.2%, Niger 5.7%, Togo 4.6%,
Nigeria 4.3% (2006) |
|
Imports into Benin:
|
$976.3 million f.o.b. (2007
est.) |
|
Imports - partners:
|
China 46.6%, France 7.5%,
Thailand 6% (2006) |
|
Economic aid -
recipient:
|
$349.1 million (2005)
|
|
Reserves of foreign
exchange and gold:
|
$825 million (31 December
2007 est.) |
|
Debt - external:
|
$1.6 billion (2000)
|
|
Market value of
publicly traded shares:
|
$NA |
|
Currency (code) of
Benin:
|
Communaute Financiere
Africaine franc (XOF); note - responsible authority is
the Central Bank of the West African States |
|
Currency code:
|
XOF |
|
Exchange rates in
Benin:
|
Communaute Financiere
Africaine francs (XOF) per US dollar - 493.51 (2007),
522.59 (2006), 527.47 (2005), 528.29 (2004), 581.2
(2003) |
|
Fiscal year:
|
calendar year |
Facts
on Benin Economy