Economy
Economic overview:
The economy of Benin remains underdeveloped and dependent on subsistence agriculture, cotton production, and regional trade. Growth in real output, which had averaged a sound 4% in 1990-94, rose to 6% in 1995. Rapid population growth, now 3.3% per year, offset much of this growth in output. Inflation jumped to 55% in 1994 (compared to 3% in 1993) following the 50% currency devaluation in January 1994, but subsided gradually in 1995. Commercial and transport activities, which make up 37% of GDP, are extremely vulnerable to developments in Nigeria as evidenced by decreased reexport trade in 1994 due to a severe contraction in Nigerian demand. Support by the Paris Club and official bilateral creditors has eased the external debt situation in recent years. The government, still burdened with money-losing state enterprises and a bloated civil service, has been gradually implementing a World Bank supported structural adjustment program since 1991.
GDP:
purchasing power parity - $7.6 billion (1995 est.)
GDP real growth rate:
6% (1995 est.)
GDP per capita:
$1,380 (1995 est.)
GDP composition by sector:
agriculture:
36.8%
industry:
12.6%
services:
50.6% (1993)
Inflation rate (consumer prices):
55% (1994 est.)
Labor force:
1.9 million (1987)
by occupation:
agriculture 60%, transport, commerce, and public services 38%, industry less than 2%
Unemployment rate:
NA%
Budget:
revenues:
$272 million (1993 est.)
expenditures:
$375 million, including capital expenditures of $84 million (1993 est.)
Industries:
textiles, cigarettes; beverages, food; construction materials, petroleum
Industrial production growth rate:
NA%
Electricity:
capacity:
30,000 kW
production:
10 million kWh
consumption per capita:
25 kWh (1993)
Agriculture:
corn, sorghum, cassava (tapioca), yams, beans, rice, cotton, palm oil, peanuts; poultry, livestock
Illicit drugs:
transshipment point for narcotics associated with Nigerian trafficking organizations and most commonly destined for Western Europe and the US
Exports:
$310 million (f.o.b., 1994 est.)
commodities:
cotton, crude oil, palm products, cocoa
partners:
France, Morocco 37%, Portugal 14%, Spain, Italy, UK, US, Libya
Imports:
$439 million (c.i.f., 1994 est.)
commodities:
foodstuffs, beverages, tobacco, petroleum products, intermediate goods, capital goods, light consumer goods
partners:
France 24%, Thailand 12%, Netherlands 7%, US 5%, China, Hong Kong
External debt:
$1.5 billion (1993 est.)
Economic aid:
recipient:
ODA, $NA
Currency:
1 Communaute Financiere Africaine franc (CFAF) = 100 centimes
Exchange rates:
CFA francs (CFAF) per US$1 - 500.56 (January 1996), 499.15 (1995), 555.20 (1994), 283.16 (1993), 264.69 (1992), 282.11 (1991)
note:
beginning 12 January 1994 the CFA franc was devalued to CFAF 100 per French franc from CFAF 50 at which it had been fixed since 1948
Fiscal year:
calendar year
