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    Benin Index 2005

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    Benin Economy - 2005
    http://www.allcountries.org/wfb2005/benin/benin_economy.html
    SOURCE: 2005 CIA WORLD FACTBOOK

      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:
      purchasing power parity - $8.338 billion (2004 est.)

      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.)

      Labor force:
      NA (1996)

      Unemployment rate:
      NA

      Population below poverty line:
      33% (2001 est.)

      Household income or consumption by percentage share:
      lowest 10%: NA
      highest 10%: NA

      Inflation rate (consumer prices):
      2.8% (2004 est.)

      Investment (gross fixed):
      19.3% of GDP (2004 est.)

      Budget:
      revenues: $869.4 million
      expenditures: $720.4 million, including capital expenditures of NA (2004 est.)

      Agriculture - products:
      cotton, corn, cassava (tapioca), yams, beans, palm oil, peanuts, livestock (2001)

      Industries:
      textiles, food processing, construction materials, cement (2001)

      Industrial production growth rate:
      8.3% (2001 est.)

      Electricity - production:
      285.2 million kWh (2002)

      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 - proved reserves:
      608.8 million cu m (1 January 2002)

      Current account balance:
      $-159.9 million (2004 est.)

      Exports:
      $720.9 million f.o.b. (2004 est.)

      Exports - commodities:
      cotton, crude oil, palm products, cocoa

      Exports - partners:
      China 30.2%, India 15.6%, Thailand 6%, Ghana 5.9%, Niger 4.5% (2004)

      Imports:
      $934.5 million f.o.b. (2004 est.)

      Imports - commodities:
      foodstuffs, capital goods, petroleum products

      Imports - partners:
      China 29.7%, France 13.8%, Thailand 7.2%, Cote d'Ivoire 4.6% (2004)

      Reserves of foreign exchange and gold:
      $839.3 million (2004 est.)

      Debt - external:
      $1.6 billion (2000)

      Economic aid - recipient:
      $342.6 million (2000)

      Currency (code):
      Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States

      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


      NOTE: The information regarding Benin on this page is re-published from the 2005 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Benin Economy 2005 information contained here. All suggestions for corrections of any errors about Benin Economy 2005 should be addressed to the CIA.







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    http://www.allcountries.org/wfb2005/benin/benin_economy.html

    Revised 16-Feb-06
    Copyright © 2005 Photius Coutsoukis (all rights reserved)


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