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Benin Economy
Economy - overview:
The economy of Benin remains underdeveloped and dependent on subsistence agriculture, cotton production, and regional trade. Growth in real output has averaged a stable 5% in the past six years, but rapid population rise 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 speeded-up structural reforms.
GDP:
purchasing power parity - $7.742 billion (2003 est.)
GDP - real growth rate:
5.5% (2003 est.)
GDP - per capita:
purchasing power parity - $1,100 (2003 est.)
GDP - composition by sector:
agriculture: 36.4%
industry: 14.5%
services: 49.1% (2003 est.)
Investment (gross fixed):
19.3% of GDP (2003)
Population below poverty line:
37% (2001 est.)
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices):
1.5% (2003 est.)
Labor force:
NA (1996)
Unemployment rate:
NA
Budget:
revenues: $698.9 million
expenditures: $613.2 million, including capital expenditures of NA (2003)
Industries:
textiles, food processing, chemical production, construction materials (2001)
Industrial production growth rate:
8.3% (2001 est.)
Electricity - production:
274.3 million kWh (2001)
Electricity - production by source:
fossil fuel: 14.2%
hydro: 85.8%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
631.1 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
376 million kWh (2001)
Oil - production:
700 bbl/day (2001 est.)
Oil - consumption:
11,500 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Oil - proved reserves:
4.105 million bbl (1 January 2002)
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)
Current account balance:
$-112 million (2003)
Exports:
$485 million f.o.b. (2003 est.)
Exports - commodities:
cotton, crude oil, palm products, cocoa
Exports - partners:
China 18.4%, India 15.7%, Nigeria 11.9%, Thailand 5.9%, Ghana 5%, Pakistan 5% (2003 est.)
Imports:
$726 million f.o.b. (2003 est.)
Imports - commodities:
foodstuffs, capital goods, petroleum products
Imports - partners:
China 30%, France 15.1%, UK 4.8%, Cote d'Ivoire 4.8%, Thailand 4.7% (2003 est.)
Reserves of foreign exchange & gold:
$636 million (2003)
Debt - external:
$1.6 billion (2000)
Economic aid - recipient:
$342.6 million (2000)
Currency:
Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States
Currency code:
XOF
Exchange rates:
Communaute Financiere Africaine francs (XOF) per US dollar - 581.2 (2003), 696.988 (2002), 733.039 (2001), 711.976 (2000), 615.699 (1999)
Fiscal year:
calendar year
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