Beninese Economy, Benin Economy
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Economy - overview: 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 six 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. The 2001 privatization policy should continue in telecommunications, water, electricity, and agriculture in spite of initial government reluctance. The Paris Club and bilateral creditors have eased the external debt situation, while pressing for more rapid structural reforms. Benin continues to be hurt by Nigerian trade protection that bans imports of a growing list of products from Benin and elsewhere. As a result, smuggling and criminality along the Benin-Nigeria border has been on the rise.
GDP: 2.4% (2004)
GDP - real growth rate: 5% (2004 est.)
GDP - per capita: Purchasing power parity - $1,200 (2004 est.)
GDP - composition by sector: Agriculture: 36.3% industry: 14.3% services: 49.4% (2004 est.)
Population below poverty line: 33% (2001 est.)
Household income or consumption by percentage share: Lowest 10%: NA highest 10%: NA
Distribution of family income - Gini index:
Inflation rate (consumer prices):
Labor force: NA (1996)
Labor force - by occupation:
Unemployment rate: NA
Budget: Revenues: $869.4 million expenditures: $720.4 million, including capital expenditures of NA (2004 est.)
Industries: Textiles, food processing, construction materials, cement (2001)
Industrial production growth rate: 8.3% (2001 est.)
Electricity - production: 285.2 million kWh (2002)
Electricity - production by source:
Electricity - consumption: 565.2 million kWh (2002)
Electricity - exports: 0 kWh (2002)
Electricity - imports: 300 million kWh (2002)
Oil - production: 700 bbl/day (2001 est.)
Oil - consumption: 11,500 bbl/day (2001 est.)
Oil - exports: NA
Oil - imports: NA
Oil - proved reserves: 4.105 million bbl (1 January 2002)
Natural gas - production:
Natural gas - consumption:
Natural gas - exports:
Natural gas - imports:
Natural gas - proved reserves: 608.8 million cu m (1 January 2002)
Agriculture - products: Cotton, corn, cassava (tapioca), yams, beans, palm oil, peanuts, livestock (2001)
Exports: $720.9 million f.o.b. (2004 est.)
Exports - commodities: Cotton, crude oil, palm products, cocoa
Exports - partners: China 28.7%, India 18.4%, Ghana 6.3%, Thailand 6%, Niger 5.8%, Indonesia 4.2%, Nigeria 4.2% (2004)
Imports: $934.5 million f.o.b. (2004 est.)
Imports - commodities: Foodstuffs, capital goods, petroleum products
Imports - partners: China 32.2%, France 13%, Thailand 6.7%, Cote d'Ivoire 5.3% (2004)
Debt - external: $1.6 billion (2000)
Economic aid - recipient: $342.6 million (2000)
Currency:
Currency code:
Exchange rates: Communaute Financiere Africaine francs (XOF) per US dollar - 528.29 (2004), 581.2 (2003), 696.99 (2002), 733.04 (2001), 711.98 (2000)
Fiscal year: Calendar year
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The information here has been derived from Public Domain Sources such as the CIA World Factbook. No liability can be taken for any inaccuracies.
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