Economy - overview The economy of Benin remains underdeveloped and dependent on subsistence agriculture, cotton production, and regional trade. Growth in real output, which had averaged a sound 4% during 1990-95, rose to 5.5% in 1996 and was targeted at 4.8% for 1997. Rapid population growth offset much of this growth in output. Inflation jumped to 55% in 1994 (compared to 3% in 1993) following the 50% currency devaluation in January 1994, but has subsided over the past three years, with a target of 3.5% inflation in 1997. Commercial and transport activities, which make up a large part of GDP, are extremely vulnerable to developments in Nigeria, particularly fuel shortages. Support by the Paris Club and official bilateral creditors has eased the external debt situation in recent years. The government, still burdened with money-losing state enterprises and a bloated civil service, has been gradually implementing a World Bank supported structural adjustment program since 1991.

GDP purchasing power parity - $11.3 billion (1997 est.)

GDP - real growth rate 5.8% (1997 est.)

GDP - per capita purchasing power parity - $1,900 (1997 est.)

GDP - composition by sector
agriculture: 34%
industry: 14%
services: 52% (1995)

Inflation rate - consumer price index 3.5% (1997 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 NA%

Electricity - capacity 15,000 kW (1995)

Electricity - production 6 million kWh (1995)

Electricity - consumption per capita 45 kWh (1995)

Agriculture - products corn, sorghum, cassava (tapioca), yams, beans, rice, cotton, palm oil, peanuts; poultry, livestock

Exports
total value: $192 million (f.o.b., 1995)
commodities: cotton, crude oil, palm products, cocoa
partners: Brazil 18%, Portugal 14%, Morocco, Libya, France

Imports
total value: $693 million (c.i.f., 1995)
commodities: foodstuffs, beverages, tobacco, petroleum products, intermediate goods, capital goods, light consumer goods
partners: France 27%, Thailand 9%, China, Hong Kong

Debt - external $1.7 billion (1995 est.)

Economic aid
recipient: ODA, $NA

Currency 1 Communaute Financiere Africaine franc (CFAF) = 100 centimes

Exchange rates CFA francs (CFAF) per US$1 - 608.36 (January 1998), 583.67 (1997), 511.55 (1996), 499.15 (1995), 555.20 (1994), 283.16 (1993)
note: beginning 12 January 1994 the CFA franc was devalued to CFAF 100 per French franc from CFAF 50 at which it had been fixed since 1948

Fiscal year calendar year

NOTE: The information regarding Benin on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Benin Economy 1998 information contained here. All suggestions for corrections of any errors about Benin Economy 1998 should be addressed to the CIA.