Economy - overview: 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.
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:
NOTE: 1) The information regarding Benin on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Benin Economy 2014 information contained here. All suggestions for corrections of any errors about Benin Economy 2014 should be addressed to the CIA.
$15.64 billion (2012 est.)
country comparison to the world: 140
note:
data are in 2012 US dollars
[see also: GDP country ranks ]
$7.463 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]
5.4% (2012 est.)
country comparison to the world: 54
[see also: GDP - real growth rate country ranks ]
$1,600 (2012 est.)
country comparison to the world: 200
note:
data are in 2012 US dollars
[see also: GDP - per capita country ranks ]
9% of GDP (2012 est.)
country comparison to the world: 130
[see also: Gross national saving country ranks ]
household consumption: 77.9%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption:
11.6%
investment in fixed capital:
17.8%
investment in inventories:
0.2%
exports of goods and services:
19.5%
imports of goods and services:
-27%
agriculture: 32%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry:
13%
services:
55% (2012 est.)
cotton, corn, cassava (manioc), yams, beans, palm oil, peanuts, cashews; livestock
textiles, food processing, construction materials, cement
3.5% (2012 est.)
country comparison to the world: 79
[see also: Industrial production growth rate country ranks ]
3.662 million (2007 est.)
country comparison to the world: 96
[see also: Labor force country ranks ]
NA%
[see also: Unemployment rate country ranks ]
37.4% (2007 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: 83
[see also: Distribution of family income - Gini index country ranks ]
revenues: $1.562 billion
[see also: Budget revenues country ranks ]
expenditures:
$1.598 billion (2012 est.)
20.9% of GDP (2012 est.)
country comparison to the world: 159
[see also: Taxes and other revenues country ranks ]
-0.5% of GDP (2012 est.)
country comparison to the world: 57
[see also: Budget surplus (+) or deficit (-) country ranks ]
31.9% of GDP (2012 est.)
country comparison to the world: 112
[see also: Public debt country ranks ]
calendar year
6.8% (2012 est.)
country comparison to the world: 175
[see also: Inflation rate (consumer prices) country ranks ]
4.25% (31 December 2010 est.)
country comparison to the world: 85
[see also: Central bank discount rate country ranks ]
NA%
[see also: Commercial bank prime lending rate country ranks ]
$1.755 billion (31 December 2012 est.)
country comparison to the world: 128
[see also: Stock of narrow money country ranks ]
$2.95 billion (31 December 2012 est.)
country comparison to the world: 145
[see also: Stock of broad money country ranks ]
$1.529 billion (31 December 2012 est.)
country comparison to the world: 140
[see also: Stock of domestic credit country ranks ]
$NA
[see also: Market value of publicly traded shares country ranks ]
$-684.9 million (2012 est.)
country comparison to the world: 110
[see also: Current account balance country ranks ]
$1.071 billion (2012 est.)
country comparison to the world: 153
[see also: Exports country ranks ]
cotton, cashews, shea butter, textiles, palm products, seafood
China 25%, India 23.5%, Lebanon 18.7%, Niger 4.3%, Nigeria 4% (2012)
$1.755 billion (2012 est.)
country comparison to the world: 168
[see also: Imports country ranks ]
foodstuffs, capital goods, petroleum products
China 37.2%, US 8.9%, India 6.7%, France 5.6%, Malaysia 5.3% (2012)
$712.8 million (31 December 2012 est.)
country comparison to the world: 144
[see also: Reserves of foreign exchange and gold country ranks ]
$1.123 billion (31 December 2012 est.)
country comparison to the world: 158
[see also: Debt - external country ranks ]
Communaute Financiere Africaine francs (XOF) per US dollar -
2) The rank that you see is the CIA reported rank, which may habe the following issues:
a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order
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This page was last modified 06-Nov-14