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Benin Economy 2010
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SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Benin Economy 2010
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 15, 2010

Economy - overview:
The economy of Benin remains underdeveloped and dependent on subsistence agriculture, cotton production, and regional trade. Growth in real output has averaged around 4% in the past three years, but rapid population growth has offset much of this increase. 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 though the government annulled the privatization of Benin's state cotton company in November 2007 after the discovery of irregularities in the bidding process. The Paris Club and bilateral creditors have eased the external debt situation, with Benin benefiting from a G8 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.

GDP (purchasing power parity):
$13.44 billion (2009 est.)

$13.02 billion (2008 est.)
$12.42 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$6.401 billion (2009 est.)

GDP - real growth rate:
3.2% (2009 est.)

4.8% (2008 est.)
4.5% (2007 est.)

GDP - per capita (PPP):
$1,500 (2009 est.)

$1,500 (2008 est.)
$1,500 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 33.2%
industry: 14.5%
services: 52.3% (2007 est.)

Labor force:
3.662 million (2007 est.)

Unemployment rate:
NA% est.)

Population below poverty line:
37.4% (2007 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)

Investment (gross fixed):
18.2% of GDP (2009 est.)

Budget:
revenues: $1.244 billion
expenditures: $1.634 billion (2009 est.)

Inflation rate (consumer prices):
4% (2009 est.)

7.9% (2008 est.)

Central bank discount rate:
4.75% (31 December 2008)

4.25% (31 December 2007)

Commercial bank prime lending rate:
NA% (31 December 2008) NA% (31 December 2008)

Stock of money:
$NA (31 December 2008)

$1.324 billion (31 December 2007)

Stock of quasi money:
$NA (31 December 2008)

$627.2 million (31 December 2007)

Stock of domestic credit:
$NA (31 December 2008)

$520.6 million (31 December 2007)

Market value of publicly traded shares:
$NA

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

Industries:
textiles, food processing, construction materials, cement

Industrial production growth rate:
2.8% (2009 est.)

Electricity - production:
124 million kWh (2007 est.)

Electricity - consumption:
597 million kWh (2007 est.)

Electricity - exports:
0 kWh (2008 est.)

Electricity - imports:
588 million kWh (2007 est.)

Oil - production:
0 bbl/day (2008 est.)

Oil - consumption:
21,000 bbl/day (2008 est.)

Oil - exports:
8,770 bbl/day (2007 est.)

Oil - imports:
28,900 bbl/day (2007 est.)

Oil - proved reserves:
8 million bbl (1 January 2009 est.)

Natural gas - production:
0 cu m (2008 est.)

Natural gas - consumption:
0 cu m (2008 est.)

Natural gas - exports:
0 cu m (2008 est.)

Natural gas - imports:
0 cu m (2008 est.)

Natural gas - proved reserves:
1.133 billion cu m (1 January 2009 est.)

Current account balance:
$-514 million (2009 est.)

$-735 million (2008 est.)

Exports:
$1.024 billion (2009 est.)

$1.127 billion (2008 est.)

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

Exports - partners:
China 15.6%, India 12%, Japan 8.5%, Niger 4.9%, US 4.6%, Nigeria 4.3% (2008)

Imports:
$1.543 billion (2009 est.)

$1.843 billion (2008 est.)

Imports - commodities:
foodstuffs, capital goods, petroleum products

Imports - partners:
China 35.9%, US 13.2%, Thailand 6.5%, France 6.5%, Malaysia 6.2%, India 4.4% (2008)

Reserves of foreign exchange and gold:
$1.061 billion (31 December 2009 est.)

$1.261 billion (31 December 2008 est.)

Debt - external:
$1.2 billion (2007 est.)

Exchange rates:
Communaute Financiere Africaine francs (XOF) per US dollar - 481.35 (2009), 447.81 (2008), 493.51 (2007), 522.59 (2006), 527.47 (2005)
note: since 1 January 1999, the West African CFA franc (XOF) has been pegged to the euro at a rate of 655.957 CFA francs per euro; West African CFA franc (XOF) coins and banknotes are not accepted in countries using Central African CFA francs (XAF), and vice versa, even though the two currencies trade at par


NOTE: The information regarding Benin on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Benin Economy 2010 information contained here. All suggestions for corrections of any errors about Benin Economy 2010 should be addressed to the CIA.






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