Benin

The economy of Benin remains underdeveloped and dependent on subsistence agriculture, cotton production, and regional trade. Growth in real output had averaged about 4% before the global recession, but fell to 2.5% in 2009 and 3% in 2010. Inflation has subsided over the past several years. In order to raise growth, 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. Specific projects to improve the business climate by reforms to the land tenure system, the commercial justice system, and the financial sector were included in Benin’s $307 million Millennium Challenge Account grant signed in February 2006. The 2001 privatization policy continues in telecommunications, water, electricity, and agriculture. As result of these reforms, Benin has become the most competitive country in the West African Economic and Monetary Union, according to the World Economic Forum. The Paris Club and bilateral creditors have eased the external debt situation, with Benin benefiting from a G-8 debt reduction announced in July 2005, while pressing for more rapid structural reforms. An insufficient electrical supply continues to adversely affect Benin’s economic growth though the government recently has taken steps to increase domestic power production.

$14.2 billion (2010 est.)

$13.79 billion (2009 est.)

$13.42 billion (2008 est.)

$6.494 billion (2010 est.)

3% (2010 est.)

2.7% (2009 est.)

5.1% (2008 est.)

$1,600 (2010 est.)

$1,600 (2009 est.)

$1,600 (2008 est.)

3.662 million (2007 est.)

NA%

37.4% (2007 est.)

36.5 (2003)

18.5% of GDP (2010 est.)

1.6% (2010 est.)

2.2% (2009 est.)

4.25% (31 December 2009)

4.75% (31 December 2008)

NA% (31 December 2009 est.)

NA% (31 December 2008 est.)

$1.551 billion (31 December 2010 est)

$1.619 billion (31 December 2009 est)

$2.424 billion (31 December 2010 est.)

$2.517 billion (31 December 2009 est.)

$1.222 billion (31 December 2010 est.)

$1.269 billion (31 December 2009 est.)

$NA

cotton, corn, cassava (tapioca), yams, beans, palm oil, peanuts, cashews; livestock

textiles, food processing, construction materials, cement

3% (2010 est.)

124 million kWh (2007 est.)

597 million kWh (2007 est.)

0 kWh (2008 est.)

588 million kWh (2007 est.)

0 bbl/day (2009 est.)

23,000 bbl/day (2009 est.)

8,770 bbl/day (2007 est.)

28,900 bbl/day (2007 est.)

8 million bbl (1 January 2010 est.)

0 cu m (2008 est.)

0 cu m (2008 est.)

0 cu m (2008 est.)

0 cu m (2008 est.)

1.133 billion cu m (1 January 2010 est.)

-$582 million (2010 est.)

-$644 million (2009 est.)

$1.125 billion (2010 est.)

$994 million (2009 est.)

cotton, cashews, shea butter, textiles, palm products, seafood

India 19.72%, China 13.18%, Niger 6.94%, Nigeria 6.56%, Indonesia 5.73%, Togo 5.63%, Namibia 4.17% (2009)

$1.812 billion (2010 est.)

$1.703 billion (2009 est.)

foodstuffs, capital goods, petroleum products

China 35.62%, US 7.51%, France 7.38%, Thailand 6.71%, Malaysia 6.13%, Netherlands 4.83%, Belgium 4.02% (2009)

$1.254 billion (31 December 2010 est.)

$1.23 billion (31 December 2009 est.)

$2.894 billion (31 December 2009 est.)

$986.2 million (31 December 2008 est.)

Communaute Financiere Africaine francs (XOF) per US dollar - 506.04 (2010), 472.19 (2009), 447.81 (2008), 493.51 (2007), 522.59 (2006)