Benin Fact

Subsistence farming, regional trade and cotton production are some of the sectors, on which the economy of Benin is largely dependent. Benin fact highlights the various factors, which influence the economy and determines the overall economic structure of the country. Foreign investment is something Benin is looking forward to. Measures have also been taken to improve upon systems for food processing, encouraging tourism and improving the information technology sector. Monetary policy in Benin is governed by the Union Economique et Monetaire Ouest Africaine or UEMOA. Benin uses CFA as its currency, so it is a member country of African Franc Zone. The African Franc zone has on its rolls, all the countries using CFA as the official currency.

Benin fact indicating key factors of the economy:

Given below are the important components of the Benin economy:


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


Gross domestic product sectoral data of 2006:

Agriculture-32.8%
Service-53.5%
Industry-13.7%.

Population of Benin below poverty line was 33% in the year 2001.

Inflation rate -consumer prices in 2006 was 3%.

Facts about Benin industrial sector and agriculture sector: The industrial sector in Benin includes food processing, textiles, cement, materials for construction.

Agricultural products of Benin include tapioca, yams, peanuts, cotton, beans, corn, palm oil; livestock.

Facts about Benin trade:

Commodities(export)-cocoa, crude oil, cotton, palm products.

Export partners include India, Indonesia, China, Togo, Niger, Nigeria, Thailand(2005).

Import commodities in Benin include petroleum products, food, capital goods.

Import partners(2005) are Ghana, France, Belgium, China, UK, Cote d'Ivoire, Togo, Thailand, Nigeria.

External debt in 2000 was USD1.6 billion.

Currency of Benin is Communaute Financiere Africaine franc. The currency code is XOF. The Central Bank of West Africa is responsible for issuing banknotes as legal tender.