Economy - overview:
The free market economy of Benin has grown consecutively for three years, averaging about 5% annually since 2014, but its close trade links to Nigeria expose Benin to risks from volatile commodity prices. Cotton is a key export commodity; high prices supported export earnings, but prices have fallen. Inflation had subsided, but probably accelerated in 2017.During the first 6 months of President TALON’s administration, electrical supply, which has hampered Benin’s economic growth, increased and blackouts have been reduced. Private foreign direct investment is small, and foreign aid accounts for the majority of investment in infrastructure projects.Benin’s 2001 privatization policy continues in telecommunications, water, electricity, and agriculture. Benin has appealed for international assistance to mitigate piracy against commercial shipping in its territory. Pilferage has significantly dropped as the Port of Cotonou is still making progress towards implementing the International Ship and Port Facility Security (ISPS) Code in an effort to remain competitive. Projects included in Benin's $307 million Millennium Challenge Corporation (MCC) compact (2006-11) were designed to increase investment and private sector activity by improving key institutional and physical infrastructure. The four projects focused on access to land, access to financial services, access to justice, and access to markets (including modernization of the port). The Port of Cotonou is the largest component of Benin’s economy with revenues projected to account for more than 40% of Benin’s national budget.Realizing its economic potential requires further efforts to infrastructure upgrades, stemming corruption, and expanding access to foreign markets in Nigeria and neighboring landlocked countries. In September 2015, Benin signed a MCC second Compact for $375 million that is designed to strengthen the national utility service provider, attract private sector investment, fund infrastructure investments in electricity generation and distribution, and develop off-grid electrification for poor and unserved households. 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, encourage new information and communication technology, and establish Independent Power Producers (IPP). In April 2017, the IMF approved a three year $150.4 million Extended Credit Facility agreement to maintain debt sustainability and boost donor confidence.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use: GDP - composition, by sector of origin: Agriculture - products: Industries: Industrial production growth rate: Labor force: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Exchange rates:
$25.29 billion (2017 est.)
$23.99 billion (2016 est.)
$23.06 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 142
$9.41 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]
5.4% (2017 est.)
4% (2016 est.)
2.1% (2015 est.)
country comparison to the world: 30
[see also: GDP - real growth rate country ranks ]
$2,200 (2017 est.)
$2,200 (2016 est.)
$2,100 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 204
20% of GDP (2017 est.)
17.4% of GDP (2016 est.)
17.6% of GDP (2015 est.)
country comparison to the world: 89
[see also: Gross national saving country ranks ]
household consumption: 69%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 17%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 26.5%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -0.1%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 27.1%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -39.6% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]
agriculture: 25.6%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 23.1%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 51.3% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]
cotton, corn, cassava (manioc, tapioca), yams, beans, palm oil, peanuts, cashews; livestock
textiles, food processing, construction materials, cement
5% (2017 est.)
country comparison to the world: 47
[see also: Industrial production growth rate country ranks ]
3.662 million (2007 est.)
country comparison to the world: 100
[see also: Labor force country ranks ]
1% (2014 est.)
country comparison to the world: 7
[see also: Unemployment rate country ranks ]
36.2% (2011 est.)
[see also: Population below poverty line country ranks ]
lowest 10%: 3.1%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 29% (2003)
36.5 (2003)
country comparison to the world: 86
[see also: Distribution of family income - Gini index country ranks ]
revenues: $1.372 billion
[see also: Budget - revenues country ranks ]
expenditures: $2.261 billion (2017 est.)
[see also: Budget - expenditures country ranks ]
14.6% of GDP (2017 est.)
country comparison to the world: 195
[see also: Taxes and other revenues country ranks ]
-9.4% of GDP (2017 est.)
country comparison to the world: 203
[see also: Budget surplus (+) or deficit (-) country ranks ]
56.4% of GDP (2017 est.)
50.4% of GDP (2016 est.)
country comparison to the world: 84
[see also: Public debt country ranks ]
calendar year
2% (2017 est.)
-0.8% (2016 est.)
country comparison to the world: 87
[see also: Inflation rate (consumer prices) country ranks ]
4.25% (31 December 2010)
4.25% (31 December 2009)
country comparison to the world: 90
[see also: Central bank discount rate country ranks ]
5.3% (31 December 2015 )
country comparison to the world: 141
[see also: Commercial bank prime lending rate country ranks ]
$2.41 billion (31 December 2017 est.)
$2.182 billion (31 December 2016 est.)
country comparison to the world: 127
[see also: Stock of narrow money country ranks ]
$3.958 billion (31 December 2017 est.)
$3.609 billion (31 December 2016 est.)
country comparison to the world: 136
[see also: Stock of broad money country ranks ]
$1.822 billion (31 December 2017 est.)
$1.661 billion (31 December 2016 est.)
country comparison to the world: 154
[see also: Stock of domestic credit country ranks ]
$NA
[see also: Market value of publicly traded shares country ranks ]
-$822 million (2017 est.)
-$615 million (2016 est.)
country comparison to the world: 126
[see also: Current account balance country ranks ]
$1.76 billion (2017 est.)
$1.588 billion (2016 est.)
country comparison to the world: 146
[see also: Exports country ranks ]
cotton, cashews, shea butter, textiles, palm products, seafood
India 14.3%, Malaysia 12.2%, Bangladesh 9.5%, Belarus 7.4%, China 6.2%, Nigeria 6.1%, Niger 5.6% (2016)
$2.448 billion (2017 est.)
$2.209 billion (2016 est.)
country comparison to the world: 153
[see also: Imports country ranks ]
foodstuffs, capital goods, petroleum products
India 14.9%, Thailand 12.4%, France 10.1%, China 8.4%, Togo 7.3%, Netherlands 4.8%, Belgium 4.7% (2016)
$60.2 million (31 December 2017 est.)
$57.5 million (31 December 2016 est.)
country comparison to the world: 170
[see also: Reserves of foreign exchange and gold country ranks ]
$2.716 billion (31 December 2017 est.)
$2.476 billion (31 December 2016 est.)
country comparison to the world: 146
[see also: Debt - external country ranks ]
Communaute Financiere Africaine francs (XOF) per US dollar -
605.3 (2017 est.)
593.01 (2016 est.)
593.01 (2015 est.)
591.45 (2014 est.)
494.42 (2013 est.)