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Benin Economy

Benin    Economy Top of Page
Economy - overview: The economy of Benin remains underdeveloped and dependent on subsistence agriculture, cotton production, and regional trade. Growth in real output averaged a sound 5% in 1996-99, but a rapid population rise offset much of this growth. Inflation has subsided over the past several years. Commercial and transport activities, which make up a large part of GDP, are vulnerable to developments in Nigeria, particularly fuel shortages. The Paris Club and bilateral creditors have eased the external debt situation in recent years. While high fuel prices constrained growth in 2000, increased cotton production - enabled by a major restructuring program - and an expansion of the Cotonou port, may lead to increased growth in 2001.
GDP: purchasing power parity - $6.6 billion (2000 est.)
GDP - real growth rate: 5% (2000 est.)
GDP - per capita: purchasing power parity - $1,030 (2000 est.)
GDP - composition by sector: agriculture:  37.9%

industry:  13.5%

services:  48.6% (1999)
Population below poverty line: 37.2% (1999 est.)
Household income or consumption by percentage share: lowest 10%:  NA%

highest 10%:  NA%
Inflation rate (consumer prices): 3% (2000 est.)
Labor force: NA
Unemployment rate: NA%
Budget: revenues:  $299 million

expenditures:  $445 million, including capital expenditures of $14 million (1995 est.)
Industries: textiles, cigarettes; beverages, food; construction materials, petroleum
Industrial production growth rate: 6.9% (2000 est.)
Electricity - production: 226 million kWh (1999)
Electricity - production by source: fossil fuel:  24.78%

hydro:  75.22%

nuclear:  0%

other:  0% (1999)
Electricity - consumption: 510.2 million kWh (1999)
Electricity - exports: 0 kWh (1999)
Electricity - imports: 300 million kWh (1999)
Agriculture - products: corn, sorghum, cassava (tapioca), yams, beans, rice, cotton, palm oil, peanuts; poultry, livestock
Exports: $396 million (f.o.b., 1999)
Exports - commodities: cotton, crude oil, palm products, cocoa
Exports - partners: Brazil 14%, Libya 5%, Indonesia 4%, Italy 4% (1999)
Imports: $566 million (c.i.f., 1999)
Imports - commodities: foodstuffs, tobacco, petroleum products, capital goods
Imports - partners: France 38%, China 16%, UK 9%, Cote d'Ivoire 5% (1999)
Debt - external: $1.6 billion (1998 est.)
Economic aid - recipient: $274.6 million (1997)
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 - 699.21 (January 2001), 711.98 (2000), 615.70 (1999), 589.95 (1998), 583.67 (1997), 511.55 (1996); 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


Countryfacts Information Courtesy: CIA Worldbook

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