Benin Economy 1997

Economy - overview The economy of Benin remains underdeveloped and dependent on subsistenceagriculture, cotton production, and regional trade. Growth in real output,which had averaged a sound 4% in 1990-95, rose to 5.5% in 1996. Rapid populationgrowth offset much of this growth in output. Inflation jumped to 55% in 1994(compared to 3% in 1993) following the 50% currency devaluation in January1994, but has subsided gradually over the past two years, with 14.5% inflationin 1995 and a target of 4.5% inflation in 1996. Commercial and transport activities,which make up a large part of GDP, are extremely vulnerable to developmentsin Nigeria as evidenced by decreased reexport trade in 1994 due to a severecontraction in Nigerian demand. Support by the Paris Club and official bilateralcreditors 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 adjustmentprogram since 1991.

GDP purchasing power parity - $8.2 billion (1996 est.)

GDP - real growth rate 5.5% (1996 est.)

GDP - per capita purchasing power parity - $1,440 (1996 est.)

GDP - composition by sector
agriculture: 36.8%
industry: 12.6%
services : 50.6% (1993)

Inflation rate - consumer price index 14.5% (1995)

Labor force NA

Unemployment rate NA%

Budget
revenues: $272 million (1993 est.)
expenditures: $375 million, including capital expenditures of $84 million (1993 est.)

Industries textiles, cigarettes; beverages, food; construction materials, petroleum

Industrial production growth rate NA%

Electricity - capacity 28,000 kW (1992)

Electricity - production 10 million kWh (1994)

Electricity - consumption per capita 45 kWh (1994 est.)

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

Exports
total value : $300 million (f.o.b., 1995)
commodities: cotton, crude oil, palm products, cocoa
partners: Brazil 18%, Portugal 14%, Morocco, Libya, France

Imports
total value: $380 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 $1.6 billion (1994 est.)

Economic aid
recipient : ODA, $NA

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

Exchange rates CFA francs (CFAF) per US$1 - 541.69 (January 1997), 511.55 (1996), 499.15(1995), 555.20 (1994), 283.16 (1993), 264.69 (1992)
note: beginning 12 January 1994 the CFA franc was devalued to CFAF 100 perFrench 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 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Benin Economy 1997 information contained here. All suggestions for corrections of any errors about Benin Economy 1997 should be addressed to the CIA.