Benin Economy



Benin is regarded as a poor country, the Benin Economydepending largely on agriculture. The agriculture sector employs 80% of the total work force in Benin.

Key indicators of the Benin economy:

  • The gross domestic product PPP in 2006 was USD8.931 billion.
  • The gross domestic product real growth rate in 2006 was 4%.
  • GDP per capita (purchasing power parity) in 2006 was USD1,100.

In 2006, GDP in different sectors in Benin’s economy was as follows:

Service-53.5%
Agriculture-32%
Industry-13.7%

Population below poverty line(2001)-33%.
Inflation rate at consumer prices was 3% in 2006.

Agricultural products include beans, cassava, corn, cotton, peanuts, yams, palm oil.

Textiles, processing food, cement, materials for construction are the industries thriving in Benin.

Benin Economic Performance GDP Inflation Graph 1990-2013

Benin Trade

Benin export:
The table below shows the export commodities as well as the export partners of Benin.

  • Export commodities
  • Export partners (2005)
  • Cocoa, cotton, crude oil, palm products
  • Thailand, Nigeria, China, Niger, China, India, Indonesia.

Benin import:
Benin import commodities and import partners are given in the table below;

Import commodities Import partners (2005)
Capital goods, food, petroleum products. Ghana, France, Belgium, United Kingdom, China, Cote d’Ivoire, Thailand, Togo, Nigeria.

External debt in Benin (2000) was USD$1.6 billion.

The currency of Benin is Communaute Financiere Africaine franc. It is represented by the symbol CFA franc. The currency code for the CFA franc is XOF. The banknotes are issued by the Central Bank of West African States.

Benin Economic Performance 1990-2013
Year GDP % Change Inflation % Change Year GDP % Change Inflation % Change
1990 8.98 1.11 2002 4.44 2.42
1991 4.23 2.1 2003 3.95 1.51
1992 2.96 5.9 2004 3.08 0.88
1993 5.84 0.45 2005 2.87 5.36
1994 2.02 38.54 2006 3.75 3.79
1995 6.05 14.46 2007 4.63 1.29
1996 4.32 4.92 2008 5.02 7.4
1997 5.74 3.8 2009 2.66 0.94
1998 3.96 5.76 2010 2.55 2.14
1999 5.34 0.35 2011 3.53 2.74
2000 4.86 4.2 2012 3.47 6.87
2001 6.2 3.98 2013 3.8 3.3

 

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Last Updated on : 5th August 2013