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![]() ![]() Benin Economy
Economyoverview: The economy of Benin remains underdeveloped and dependent on subsistence agriculture, cotton production, and regional trade. Growth in real output has averaged a sound 4% in 1990-95 and 5% in 1996-98. Rapid population growth has offset much of this growth in output. Inflation has subsided over the past three years. Commercial and transport activities, which make up a large part of GDP, are 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$7.6 billion (1998 est.) GDPreal growth rate: 4.4% (1998 est.) GDPper capita: purchasing power parity$1,300 (1998 est.)
GDPcomposition by sector:
Population below poverty line: 33% (1995 est.)
Household income or consumption by percentage share:
Inflation rate (consumer prices): 5.6% (1998 est.) Labor force: NA Unemployment rate: NA%
Budget:
Industries: textiles, cigarettes; beverages, food; construction materials, petroleum Industrial production growth rate: NA% Electricityproduction: 6 million kWh (1996)
Electricityproduction by source:
Electricityconsumption: 251 million kWh (1996) Electricityexports: 0 kWh (1996) Electricityimports: 245 million kWh (1996) Agricultureproducts: corn, sorghum, cassava (tapioca), yams, beans, rice, cotton, palm oil, peanuts; poultry, livestock Exports: $250 million (f.o.b., 1998) Exportscommodities: cotton, crude oil, palm products, cocoa Exportspartners: Brazil 18%, Portugal 11%, Morocco 10%, Libya 6%, France (1997) Imports: $314 million (f.o.b., 1998) Importscommodities: foodstuffs, beverages, tobacco, petroleum products, intermediate goods, capital goods, light consumer goods Importspartners: France 21%, UK 9%, Thailand 9%, Hong Kong 8%, China (1997) Debtexternal: $1.6 billion (1996 est.) Economic aidrecipient: $281.2 million (1995) Currency: 1 Communaute Financiere Africaine franc (CFAF) = 100 centimes Exchange rates: CFA francs (CFAF) per US$1566.36 (January 1999), 589.95 (1998), 583.67 (1997), 511.55 (1996), 499.15 (1995), 555.20 (1994) Fiscal year: calendar year
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