Economy - overview The economy of Benin remains underdeveloped and dependent on subsistence agriculture, cotton production, and regional trade. Growth in real output averaged a stable 5% in the past five years, but rapid population rise offset much of this increase. 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 should continue in telecommunications, water, electricity, and agriculture in spite of initial government reluctance. The Paris Club and bilateral creditors have eased the external debt situation.

GDP purchasing power parity - $6.8 billion (2001 est.)

GDP - real growth rate 5.4% (2001 est.)

GDP - per capita purchasing power parity - $1,040 (2001 est.)

GDP - composition by sector
agriculture: 36%
industry: 14%
services: 50% (2001 est.)

Population below poverty line 37% (2001 est.)

Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices) 3% (2001 est.)

Labor force NA

Unemployment rate NA%

Budget
revenues: $377.4 million
expenditures: $561.8 million, including capital expenditures of $NA (2001)

Industries textiles, food processing, chemical production, construction materials (2001)

Industrial production growth rate 8.3% (2001 est.)

Electricity - production 240 million kWh (2000)

Electricity - production by source
fossil fuel: 16.67%
hydro: 83.33%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 523.2 million kWh (2000)

Electricity - exports 0 kWh (2000)

Electricity - imports 300 million kWh (2000)

Agriculture - products cotton, corn, cassava (tapioca), yams, beans, palm oil, peanuts, livestock (2001)

Exports $35.3 million (f.o.b., 2000)

Exports - commodities cotton, crude oil, palm products, cocoa

Exports - partners Brazil, France, Indonesia, Thailand, Morocco, Portugal, Cote d'Ivoire (2001)

Imports $437.6 million (c.i.f., 2000)

Imports - commodities foodstuffs, capital goods, petroleum products

Imports - partners France, US, China, Cote d'Ivoire, Netherlands, Japan (2001)

Debt - external $1.18 billion (2000)

Economic aid - recipient $342.6 million (2000)

Currency Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States

Currency code XOF

Exchange rates Communaute Financiere Africaine francs (XOF) per US dollar - 742.79 (January 2002), 733.04 (2001), 711.98 (2000), 615.70 (1999), 589.95 (1998), 583.67 (1997); note - from 1 January 1999, the XOF is pegged to the euro at a rate of 655.957 XOF per euro

Fiscal year calendar year

NOTE: The information regarding Benin on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Benin Economy 2002 information contained here. All suggestions for corrections of any errors about Benin Economy 2002 should be addressed to the CIA.