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, soybeans, rice, pineapples, tomatoes, chillies/peppers (2023).
More about the economy of Benin
| Labor force | 6.397 million (2024 est.) |
|---|---|
| Industrial production growth rate | 9.7% (2024 est.) |
| Industries | textiles, food processing, construction materials, cement |
| Population below poverty line | 38.5% (2018 est.) |
| Taxes and other revenues | |
| Fiscal year | |
| Exchange rates | |
| Currency | Communaute Financiere Africaine francs (XOF) per US dollar - |
| Exchange rates 2024 | 606.345 (2024 est.) |
| 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.) |
| Debt - external | |
| Debt - external 2023 | $6.309 billion (2023 est.) |
| Current account balance | |
| Current account balance 2023 | -$1.609 billion (2023 est.) |
| Current account balance 2022 | -$991.005 million (2022 est.) |
| Current account balance 2021 | -$734.659 million (2021 est.) |
| Budget | |
| Revenues | $2.024 billion (2019 est.) |
| Expenditures | $2.101 billion (2019 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 1.7% of GDP (2023 est.) |
| Remittances 2022 | 1.4% of GDP (2022 est.) |
| Remittances 2021 | 1.3% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 3.1% (2021 est.) |
| Highest 10% | 27.2% (2021 est.) |
| Imports | |
| Imports 2023 | $6.189 billion (2023 est.) |
| Imports 2022 | $5.296 billion (2022 est.) |
| Imports 2021 | $4.925 billion (2021 est.) |
| Imports (partners) | China 21%, India 15%, USA 6%, France 6%, Nigeria 4% (2023) |
| Comodities Imports force | rice, refined petroleum, palm oil, poultry, cars (2023) |
| Exports | |
| Imports 2023 | $6.189 billion (2023 est.) |
| Imports 2022 | $5.296 billion (2022 est.) |
| Imports 2021 | $4.925 billion (2021 est.) |
| Exports (partners) | UAE 42%, Bangladesh 20%, India 11%, China 5%, Togo 3% (2023) |
| Comodities Exports force | gold, cotton, coconuts/brazil nuts/cashews, soybeans, wood (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $56.424 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $52.51 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $49.374 billion (2022 est.) |
| GDP (official exchange rate) | $21.483 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $3,900 (2024 est.) |
| Real GDP per capita 2023 | $3,700 (2023 est.) |
| Real GDP per capita 2022 | $3,600 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 24.2% (2024 est.) |
| Industry | 17.4% (2024 est.) |
| Services | 48.9% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 58.9% (2024 est.) |
| Government consumption | 9% (2024 est.) |
| Investment in fixed capital | 34.7% (2024 est.) |
| Investment in inventories | 0.4% (2024 est.) |
| Exports of goods and services | 18.8% (2024 est.) |
| Imports of goods and services | -21.8% (2024 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 1.8% (2024 est.) |
| Unemployment rate 2023 | 1.7% (2023 est.) |
| Unemployment rate 2022 | 1.7% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 3.3% (2024 est.) |
| Male | 3.6% (2024 est.) |
| Female | 2.9% (2024 est.) |
All Important Facts about Benin
Want to know more about Benin? Check all different factbooks for Benin below.
