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Economy of Benin
Cotonou is the largest city and economic capital of Benin
Currency
West African CFA franc (XOF, CFA)
Fiscal year
Calendar year
Trade organisations
AU, AfCFTA (signed), ECOWAS, CEN-SAD, WTO
Country group
Least Developed[1]
Lower-middle income economy[2]
Statistics
Population
11,485,048 (2018)[3]
GDP
$14.374 billion (nominal, 2019 est.)[4]
$40.717 billion (PPP, 2019 est.)[4]
GDP rank
124th (nominal, 2019)
115th (PPP, 2019)
GDP growth
5.8% (2017) 6.7% (2018)
6.4% (2019e) 6.7% (2020f)[5]
GDP per capita
$1,217 (nominal, 2019 est.)[4]
$3,446 (PPP, 2019 est.)[4]
GDP per capita rank
157th (nominal, 2019)
153rd (PPP, 2019)
GDP by sector
agriculture: 26.1%
industry: 22.8%
services: 51.1%
(2017 est.)[6]
Inflation (CPI)
1.0% (2020 est.)[4]
Population below poverty line
36.2% (2011 est.)[6]
49.5% on less than $1.90/day (2015)[7]
Gini coefficient
47.8 high (2015)[8]
Human Development Index
0.520 low (2018)[9] (163rd)
0.327 IHDI (2018)[10]
Labour force
4,862,455 (2019)[11]
70.0% employment rate (2011)[12]
Unemployment
1% (2014 est.)[6]
Main industries
textiles, food processing, construction materials, cement
All values, unless otherwise stated, are in US dollars.
The economy of Benin remains underdeveloped and dependent on subsistence agriculture and cotton. Cotton accounts for 40% of Benin's GDP and roughly 80% of official export receipts. There is also production of textiles, palm products, and cocoa beans. Maize (corn), beans, rice, peanuts, cashews, pineapples, cassava, yams, and other various tubers are grown for local subsistence. Benin began producing a modest quantity of offshore oil in October 1982. Production ceased in recent years but exploration of new sites is ongoing.
A modest fishing fleet provides fish and shrimp for local subsistence and export to Europe. Formerly government-owned commercial activities are now privatized. A French brewer acquired the former state-run brewery. Smaller businesses are privately owned by Beninese citizens, but some firms are foreign owned, primarily French and Lebanese. The private commercial and agricultural sectors remain the principal contributors to growth.
^"World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
^"World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
^"Population, total - Benin". data.worldbank.org. World Bank. Retrieved 26 January 2020.
^ abcde"World Economic Outlook Database, October 2019". IMF.org. International Monetary Fund. Retrieved 17 November 2019.
^"Global Economic Prospects, January 2020 : Slow Growth, Policy Challenges" (PDF). openknowledge.worldbank.org. World Bank. p. 147. Retrieved 12 January 2020.
^ abcdefghijklmn"The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 1 February 2019.
^"Poverty headcount ratio at $1.90 a day (2011 PPP) (% of population) - Benin". data.worldbank.org. World Bank. Retrieved 25 January 2020.
^"GINI index (World Bank estimate)". data.worldbank.org. World Bank. Retrieved 28 May 2019.
^"Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 11 December 2019.
^"Inequality-adjusted Human Development Index (IHDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 11 December 2019.
^"Labor force, total - Benin". data.worldbank.org. World Bank. Retrieved 17 November 2019.
^"Employment to population ratio, 15+, total (%) (national estimate) - Benin". data.worldbank.org. World Bank. Retrieved 26 January 2020.
^"Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
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Global Information
11,485,048 (2018)[3]
−$1.024 billion (2017 est.)[6]
$2.804 billion (31 December 2017 est.)[6]
