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Benin Economy 2016
https://allcountries.org/world_fact_book_2016/benin/benin_economy.html
SOURCE: 2016 CIA WORLD FACTBOOK AND OTHER SOURCES











Benin Economy 2016
SOURCE: 2016 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 11, 2016

Economy - overview:
The economy of Benin remains underdeveloped and dependent on subsistence agriculture, cotton production, and regional trade. Cotton, a key export, suffered from flooding in 2010-11, but high prices supported export earnings. Growth in real output had averaged almost 4% before the global recession, and it has averaged 5.5% since 2012. Inflation has subsided over the past several years.An insufficient electrical supply continues to hamper 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.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. Benin has appealed for international assistance to mitigate piracy against commercial shipping in its territory. The 2001 privatization policy continues in telecommunications, water, electricity, and agriculture. 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. In 2015, Benin signed a second Compact under the Millennium Challenge Corporation.

GDP (purchasing power parity):
$21.16 billion (2015 est.) $20.06 billion (2014 est.) $19.03 billion (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 142
[see also: GDP country ranks ]

GDP (official exchange rate):
$7.701 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
5.5% (2015 est.) 5.4% (2014 est.) 5.6% (2013 est.)
country comparison to the world: 31
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$2,000 (2015 est.) $1,900 (2014 est.) $1,800 (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 205
[see also: GDP - per capita country ranks ]

Gross national saving:
13.2% of GDP (2015 est.) 10.4% of GDP (2014 est.) 13.2% of GDP (2013 est.)
country comparison to the world: 130
[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%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 27.8%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.6%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 20.1%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -38% (2015 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 36.3%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 13.5%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 50.2% (2015 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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

Industries:
textiles, food processing, construction materials, cement

Industrial production growth rate:
3.2% (2015 est.)
country comparison to the world: 78
[see also: Industrial production growth rate country ranks ]

Labor force:
3.662 million (2007 est.)
country comparison to the world: 97
[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)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

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: $1.762 billion
[see also: Budget revenues country ranks ]
expenditures: $1.895 billion (2015 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
22.9% of GDP (2015 est.)
country comparison to the world: 138
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.7% of GDP (2015 est.)
country comparison to the world: 63
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
35% of GDP (2015 est.) 33.8% of GDP (2014 est.)
country comparison to the world: 125
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1.6% (2015 est.) -1.1% (2014 est.)
country comparison to the world: 93
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
4.25% (31 December 2010) 4.25% (31 December 2009)
country comparison to the world: 92
[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:
$2.388 billion (31 December 2015 est.) $2.336 billion (31 December 2014 est.)
country comparison to the world: 121
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$4.165 billion (31 December 2014 est.) $3.61 billion (31 December 2013 est.)
country comparison to the world: 140
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.697 billion (31 December 2015 est.) $1.792 billion (31 December 2014 est.)
country comparison to the world: 143
[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:
-$719 million (2015 est.) -$695 million (2014 est.)
country comparison to the world: 110
[see also: Current account balance country ranks ]

Exports:
$2.047 billion (2015 est.) $2.147 billion (2014 est.)
country comparison to the world: 138
[see also: Exports country ranks ]

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

Exports - partners:
China 27%, India 21.7%, Lebanon 8.4%, Niger 5%, Nigeria 4.5% (2014)

Imports:
$2.646 billion (2015 est.) $2.736 billion (2014 est.)
country comparison to the world: 152
[see also: Imports country ranks ]

Imports - commodities:
foodstuffs, capital goods, petroleum products

Imports - partners:
China 30.2%, Algeria 25.1%, US 6.8%, India 4.6%, Thailand 4.4%, Malaysia 4.3% (2014)

Reserves of foreign exchange and gold:
$808.5 million (31 December 2015 est.) $726 million (31 December 2014 est.)
country comparison to the world: 139
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$2.635 billion (31 December 2014 est.) $2.367 billion (31 December 2013 est.)
country comparison to the world: 146
[see also: Debt - external country ranks ]

Exchange rates:
Communaute Financiere Africaine francs (XOF) per US dollar - 580.5 (2015 est.) 494.42 (2014 est.) 494.42 (2013 est.) 510.53 (2012 est.) 471.87 (2011 est.)


NOTE: The information regarding Benin on this page is re-published from the 2016 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Benin Economy 2016 information contained here. All suggestions for corrections of any errors about Benin Economy 2016 should be addressed to the CIA.




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