Benin - Economy
How is the economy of Benin? Based on the information we have, Benin has a robust economic growth; slightly declining but still widespread poverty; strong trade relations with Nigeria; cotton exporter; COVID-19 has led to capital outflows and border closures; WAEMU member with currency pegged to the euro; recent fiscal deficit and debt reductions. Key agricultural products in this country include: cassava, yams, maize, oil palm fruit, cotton, rice, pineapples, soybeans, tomatoes, vegetables (2022).
More about the economy of Benin
| Labor force | 4.964 million (2023 est.) |
|---|---|
| Industrial production growth rate | 7.29% (2023 est.) |
| Industries | textiles, food processing, construction materials, cement |
| Population below poverty line | 38.5% (2019 est.) |
| Taxes and other revenues | 17.1% (of GDP) (2017 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Communaute Financiere Africaine francs (XOF) per US dollar - |
| Exchange rates 2023 | 606.655 (2023 est.) |
| Exchange rates 2022 | 622.912 (2022 est.) |
| Exchange rates 2021 | 554.608 (2021 est.) |
| Exchange rates 2020 | 574.295 (2020 est.) |
| Exchange rates 2019 | 585.951 (2019 est.) |
| Debt - external | |
| Debt - external 2022 | $5.328 billion (2022 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 31 December 2017 | $698.9 million (31 December 2017 est.) |
| Reserves of foreign exchange and gold 31 December 2016 | $57.5 million (31 December 2016 est.) |
| Current account balance | |
| Current account balance 2021 | -$734.659 million (2021 est.) |
| Current account balance 2020 | -$273.967 million (2020 est.) |
| Current account balance 2019 | -$575.593 million (2019 est.) |
| Public debt | |
| Public debt 2017 | 54.6% of GDP (2017 est.) |
| Budget | |
| Revenues | $2.024 billion (2019 est.) |
| Expenditures | $2.101 billion (2019 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 1.19% of GDP (2023 est.) |
| Remittances 2022 | 1.32% of GDP (2022 est.) |
| Remittances 2021 | 1.31% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 3.1% (2021 est.) |
| Highest 10% | 27.2% (2021 est.) |
| Imports | |
| Imports 2021 | $4.925 billion (2021 est.) |
| Imports 2020 | $3.942 billion (2020 est.) |
| Imports 2019 | $4.307 billion (2019 est.) |
| Imports (partners) | China 24%, India 14%, US 6%, UAE 6%, France 5% (2022) |
| Comodities Imports force | rice, refined petroleum, palm oil, cars, poultry (2022) |
| Exports | |
| Imports 2021 | $4.925 billion (2021 est.) |
| Imports 2020 | $3.942 billion (2020 est.) |
| Imports 2019 | $4.307 billion (2019 est.) |
| Exports (partners) | India 27%, Bangladesh 24%, UAE 23%, China 4%, Egypt 2% (2022) |
| Comodities Exports force | cotton, gold, coconuts/Brazil nuts/cashews, soybeans, oil seeds (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $52.51 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $49.374 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $46.468 billion (2021 est.) |
| GDP (official exchange rate) | $19.673 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $3,800 (2023 est.) |
| Real GDP per capita 2022 | $3,700 (2022 est.) |
| Real GDP per capita 2021 | $3,600 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 25.4% (2023 est.) |
| Industry | 17.3% (2023 est.) |
| Services | 47.7% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 59% (2023 est.) |
| Government consumption | 9.5% (2023 est.) |
| Investment in fixed capital | 40.1% (2023 est.) |
| Investment in inventories | 0.4% (2023 est.) |
| Exports of goods and services | 21.2% (2023 est.) |
| Imports of goods and services | -30.2% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 1.45% (2023 est.) |
| Unemployment rate 2022 | 1.47% (2022 est.) |
| Unemployment rate 2021 | 1.69% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 3.9% (2023 est.) |
| Male | 3.2% (2023 est.) |
| Female | 4.6% (2023 est.) |
All Important Facts about Benin
Want to know more about Benin? Check all different factbooks for Benin below.
