Benin:
Economy

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Other pages in this profile of Benin:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition The economy of Benin remains underdeveloped and dependent on subsistence agriculture, cotton production, and regional trade. Growth in real output has averaged around 5% in the past seven years, but rapid population growth has offset much of this increase. Inflation has subsided over the past several years. In order to raise growth still further, Benin plans to attract more foreign investment, place more emphasis on tourism, facilitate the development of new food processing systems and agricultural products, and encourage new information and communication technology. Specific projects to improve the business climate by reforms to the land tenure system, the commercial justice system, and the financial sector were included in Benin's $307 million Millennium Challenge Account grant signed in February 2006. The 2001 privatization policy continues in telecommunications, water, electricity, and agriculture though the government annulled the privatization of Benin's state cotton company in November 2007 after the discovery of irregularities in the bidding process. The Paris Club and bilateral creditors have eased the external debt situation, with Benin benefiting from a G8 debt reduction announced in July 2005, while pressing for more rapid structural reforms. An insufficient electrical supply continues to adversely affect Benin's economic growth though the government recently has taken steps to increase domestic power production.
GDP (purchasing power parity)	Definition - World rank and map $12.1 billion (2007 est.)
GDP (official exchange rate)	Definition $5.433 billion (2007 est.)
GDP - real growth rate	Definition - World rank and map 4.2% (2007 est.)
GDP - per capita	Definition - World rank and map $1,500 (2007 est.)
GDP - composition by sector	Definition agriculture: 33.2% industry: 14.5% services: 52.3% (2007 est.)
Labor force	Definition 5.38 million (2007 est.)
Unemployment rate	Definition - World rank and map NA%
Population below poverty line	Definition 37.4% (2007 est.)
Household income or consumption by percentage share	Definition lowest 10%: 3.1% highest 10%: 29% (2003)
Distribution of family income - Gini index	Definition - World rank and map 36.5 (2003)
Inflation rate (consumer prices)	Definition - World rank and map 2% (2007 est.)
Investment (gross fixed)	Definition - World rank and map 19.4% of GDP (2007 est.)
Budget	Definition revenues: $959.2 million expenditures: $1.211 billion (2007 est.)
Agriculture - products	Definition cotton, corn, cassava (tapioca), yams, beans, palm oil, peanuts, cashews; livestock
Industries	Definition textiles, food processing, construction materials, cement
Industrial production growth rate	Definition - World rank and map 4.5% (2007 est.)
Electricity - production	Definition - World rank and map 105 million kWh (2005)
Electricity - consumption	Definition - World rank and map 587 million kWh (2005)
Electricity - consumption per capita	Definition - World rank and map 70.8 kWh (2005)
Electricity - exports	Definition 0 kWh (2005)
Electricity - imports	Definition 595 million kWh (2005)
Oil - production	Definition - World rank and map 0 bbl/day (2007)
Oil - consumption	Definition - World rank and map 9,232 bbl/day (2007 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 1.1 bbl/day (2007 est.)
Oil - exports	Definition - World rank and map 0 bbl/day (2007)
Oil - imports	Definition - World rank and map 16,830 bbl/day (2007 est.)
Oil - proved reserves	Definition - World rank and map 8.21 million bbl (1 January 2006 est.)
Natural gas - production	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption per capita	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - exports	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - imports	Definition - World rank and map 0 cu m (2005)
Natural gas - proved reserves	Definition - World rank and map 1.086 billion cu m (1 January 2006 est.)
Current account balance	Definition - World rank and map -$310 million (2007 est.)
Exports	Definition - World rank and map $585 million f.o.b. (2007 est.)
Exports - commodities	Definition cotton, cashews, shea butter, textiles, palm products, seafood
Exports - partners	Definition China 23.1%, Indonesia 8.3%, India 7.2%, Niger 5.8%, Togo 4.7%, Nigeria 4.7%, Belgium 4% (2006)
Imports	Definition - World rank and map $1.095 billion f.o.b. (2007 est.)
Imports - commodities	Definition foodstuffs, capital goods, petroleum products
Imports - partners	Definition China 45.1%, France 8.2%, US 6.6%, Thailand 6.4%, Malaysia 4.8% (2006)
Reserves of foreign exchange and gold	Definition - World rank and map $1.209 billion (31 December 2007 est.)
Debt - external	Definition - World rank and map $1.2 billion (2007)
Market value of publicly traded shares	Definition $NA
Economic aid - recipient	Definition $374.7 million (2006)
Currency (code)	Definition Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States
Exchange rates	Definition Communaute Financiere Africaine francs (XOF) per US dollar - 493.51 (2007), 522.59 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003) note: since 1 January 1999, the XOF franc has been pegged to the euro at a rate of 655.957 XOF francs per euro
Fiscal year	Definition calendar year

Benin: Economy

Benin:
Economy