Jump to content

Economy of Benin: Difference between revisions

From Wikipedia, the free encyclopedia
Browse history interactively
← Previous edit
Content deleted Content added
VisualWikitext
Updated labor force.
→External links: WP:ELDEAD - domain is for sale
 
(31 intermediate revisions by 18 users not shown)
Line 1: Line 1:
{{Short description|none}}
{{Use dmy dates|date=July 2012}}
{{refimprove|date=June 2014}}
{{Use dmy dates|date=September 2021}}
{{more citations needed|date=June 2014}}

{{Infobox economy
{{Infobox economy
|country = Benin
|country = Benin
|image = Cotonouskyline.jpg
|image = Cotonouskyline.jpg
|image_size = 300px
|image_size = 310px
|caption = [[Cotonou]] is the largest city and economic capital of [[Benin]]
|caption = [[Cotonou]] is the largest city and economic capital of [[Benin]]
|currency = [[West African CFA franc]] (XOF)
|currency = [[West African CFA franc]] (XOF, CFA)
|year = Calendar year
|year = Calendar year
|organs = [[African Union|AU]], [[African Continental Free Trade Agreement|AfCFTA]] (signed), [[Economic Community of West African States|ECOWAS]], [[World Trade Organization|WTO]]
|organs = [[African Union|AU]], [[African Continental Free Trade Agreement|AfCFTA]] (signed), [[Economic Community of West African States|ECOWAS]], [[Community of Sahel–Saharan States|CEN-SAD]], [[World Trade Organization|WTO]]
|group = {{plainlist|
|group = {{plainlist|
*[[Developing country|Developing/Emerging]]<ref>{{cite web |url=https://www.imf.org/external/pubs/ft/weo/2019/01/weodata/weoselco.aspx?g=2200&sg=All+countries+%2f+Emerging+market+and+developing+economies |title=World Economic Outlook Database, April 2019 |publisher=[[International Monetary Fund]] |website=IMF.org |access-date=29 September 2019}}</ref>
*[[Least developed countries|Least Developed]]<ref>{{cite web |url=https://www.imf.org/external/pubs/ft/weo/2019/01/weodata/weoselco.aspx?g=2200&sg=All+countries+%2f+Emerging+market+and+developing+economies |title=World Economic Outlook Database, April 2019 |publisher=[[International Monetary Fund]] |website=IMF.org |access-date=29 September 2019}}</ref>
*Low-income economy<ref>{{cite web |url=https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups |title=World Bank Country and Lending Groups |publisher=[[World Bank]] |website=datahelpdesk.worldbank.org |access-date=29 September 2019}}</ref>}}
*[[Least Developed Countries|Lower-middle income economy]]<ref>{{cite web |url=https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups |title=World Bank Country and Lending Groups |publisher=[[World Bank]] |website=datahelpdesk.worldbank.org |access-date=29 September 2019}}</ref>}}
|population = {{increase}} 11,485,048 (2018)<ref>{{cite web |title=Population, total - Benin |url=https://data.worldbank.org/indicator/SP.POP.TOTL?locations=BJ&name_desc=false |website=data.worldbank.org |publisher=World Bank |access-date=26 January 2020}}</ref>
|gdp = {{plainlist|
|gdp = {{plainlist|
*{{increase}} $14.269 billion (nominal, 2018)<ref name="IMFWEOBJ">{{cite web |url=https://www.imf.org/external/pubs/ft/weo/2019/02/weodata/weorept.aspx?pr.x=48&pr.y=10&sy=2017&ey=2021&scsm=1&ssd=1&sort=country&ds=.&br=1&c=638&s=NGDPD%2CPPPGDP%2CNGDPDPC%2CPPPPC%2CPCPIPCH&grp=0&a= |title=World Economic Outlook Database, October 2019 |publisher=[[International Monetary Fund]] |website=IMF.org |access-date=17 November 2019}}</ref>
*{{increase}} $14.374 billion (nominal, 2019 est.)<ref name="IMFWEOBJ">{{cite web |url=https://www.imf.org/external/pubs/ft/weo/2019/02/weodata/weorept.aspx?pr.x=48&pr.y=10&sy=2017&ey=2021&scsm=1&ssd=1&sort=country&ds=.&br=1&c=638&s=NGDPD%2CPPPGDP%2CNGDPDPC%2CPPPPC%2CPCPIPCH&grp=0&a= |title=World Economic Outlook Database, October 2019 |publisher=[[International Monetary Fund]] |website=IMF.org |access-date=17 November 2019}}</ref>
*{{increase}} $37.545 billion ([[Purchasing power parity|PPP]], 2018)<ref name="IMFWEOBJ"/>}}
*{{increase}} $40.717 billion ([[Purchasing power parity|PPP]], 2019 est.)<ref name="IMFWEOBJ"/>}}
|gdp rank = {{plainlist|
|gdp rank = {{plainlist|
*[[List of countries by GDP (nominal)|141st (nominal, 2018)]]
*[[List of countries by GDP (nominal)|124th (nominal, 2019)]]
*[[List of countries by GDP (PPP)|132nd (PPP, 2018)]]}}
*[[List of countries by GDP (PPP)|115th (PPP, 2019)]]}}
|growth = {{plainlist|
|growth = {{plainlist|
*4.0% (2016) 5.8% (2017)
*5.8%&nbsp;(2017) 6.7%&nbsp;(2018)
*6.5% (2018e) 6.5% (2019f)<ref name=" World Bank">{{cite web|url=https://openknowledge.worldbank.org/bitstream/handle/10986/31655/9781464813986.pdf |title=Global Economic Prospects, June 2019: Heightened Tensions, Subdued Investment. p. 127 |publisher=[[World Bank]] |website=openknowledge.worldbank.org |access-date=17 November 2019}}</ref>}}
*6.4%&nbsp;(2019e) 6.7%&nbsp;(2020f)<ref name=" World Bank">{{cite web |url=https://openknowledge.worldbank.org/bitstream/handle/10986/33044/9781464814693.pdf |title=Global Economic Prospects, January 2020 : Slow Growth, Policy Challenges |page=147 |publisher=[[World Bank]] |website=openknowledge.worldbank.org |access-date=12 January 2020}}</ref>}}
|per capita = {{plainlist|
|per capita = {{plainlist|
*{{increase}} $1,242 (nominal, 2018 est.)<ref name="IMFWEOBJ"/>
*{{decrease}} $1,217 (nominal, 2019 est.)<ref name="IMFWEOBJ"/>
*{{increase}} $3,267 ([[Purchasing power parity|PPP]], 2018 est.)<ref name="IMFWEOBJ"/>}}
*{{increase}} $3,446 (PPP, 2019 est.)<ref name="IMFWEOBJ"/>}}
|per capita rank = {{plainlist|
|per capita rank = {{plainlist|
*[[List of countries by GDP (nominal) per capita|162nd (nominal, 2018)]]
*[[List of countries by GDP (nominal) per capita|157th (nominal, 2019)]]
*[[List of countries by GDP (PPP) per capita|160th (PPP, 2018)]]}}
*[[List of countries by GDP (PPP) per capita|153rd (PPP, 2019)]]}}
|sectors = [[Agriculture]]: 26.1%; {{Br}}
|sectors = {{plainlist|
*[[Primary sector of the economy|agriculture]]: 26.1%
[[industry]]: 22.8%; [[Service (economics)|services]]: 51.1% (2017 est.)<ref name="CIAWFBN">{{cite web |url=https://www.cia.gov/library/publications/the-world-factbook/geos/bn.html|title=The World Factbook |publisher=[[Central Intelligence Agency]] |website=CIA.gov |access-date=1 February 2019}}</ref>
*[[Secondary sector of the economy|industry]]: 22.8%
|inflation = 0.849% (2018)<ref name="IMFWEOBJ"/>
*[[Tertiary sector of the economy|services]]: 51.1%
|poverty = 36.2% (2011 est.)<ref name="CIAWFBN"/>
|gini = 47.8 {{color|red|high}} (2015, [[World Bank]] est.)<ref>{{cite web|url=https://data.worldbank.org/indicator/SI.POV.GINI?locations=BJ|title=GINI index (World Bank estimate)|publisher=[[World Bank]]|website=data.worldbank.org |access-date=28 May 2019}}</ref>
*(2017 est.)<ref name="CIAWFBN">{{cite web |url=https://www.cia.gov/the-world-factbook/countries/benin/|title=The World Factbook |publisher=[[Central Intelligence Agency]] |website=CIA.gov |access-date=1 February 2019}}</ref>}}
|inflation = 1.0% (2020 est.)<ref name="IMFWEOBJ"/>
|poverty = {{plainlist|
*36.2% (2011 est.)<ref name="CIAWFBN"/>
*49.5% on less than $1.90/day (2015)<ref>{{cite web |title=Poverty headcount ratio at $1.90 a day (2011 PPP) (% of population) - Benin |url=https://data.worldbank.org/indicator/SI.POV.DDAY?locations=BJ&name_desc=false |website=data.worldbank.org |publisher=World Bank |access-date=25 January 2020}}</ref>}}
|gini = 47.8 {{color|red|high}} (2015)<ref>{{cite web|url=https://data.worldbank.org/indicator/SI.POV.GINI?locations=BJ|title=GINI index (World Bank estimate)|publisher=[[World Bank]]|website=data.worldbank.org |access-date=28 May 2019}}</ref>
|hdi = {{plainlist|
|hdi = {{plainlist|
*{{increase}} 0.515 {{color|red|low}} (2017)<ref>{{cite web |url=http://hdr.undp.org/en/2018-update |title=Human Development Indices and Indicators: 2018 Statistical update |publisher=[[United Nations Development Programme]] |website=hdr.undp.org |access-date=17 November 2019}}</ref> ([[List of countries by Human Development Index|163rd]])
*{{increase}} 0.520 {{color|red|low}} (2018)<ref>{{cite web |url=http://hdr.undp.org/en/indicators/137506 |title=Human Development Index (HDI) |publisher=[[Human Development Report|HDRO (Human Development Report Office)]] [[United Nations Development Programme]] |website=hdr.undp.org |access-date=11 December 2019}}</ref> ([[List of countries by Human Development Index|163rd]])
*0.326 [[List of countries by inequality-adjusted HDI|IHDI]] (2017)<ref>{{cite web |url=http://hdr.undp.org/en/composite/IHDI |title=Inequality-adjusted Human Development Index |publisher=[[United Nations Development Programme]] |website=hdr.undp.org |access-date=17 November 2019}}</ref>}}
*0.327 [[List of countries by inequality-adjusted HDI|IHDI]] (2018)<ref>{{cite web |url=http://hdr.undp.org/en/content/table-3-inequality-adjusted-human-development-index-ihdi |title=Inequality-adjusted Human Development Index (IHDI) |publisher=[[Human Development Report|HDRO (Human Development Report Office)]] [[United Nations Development Programme]] |website=hdr.undp.org |access-date=11 December 2019}}</ref>}}
|labor = {{plainlist|
|labor = {{increase}} 4,862,455 (2019)<ref>{{cite web |url=https://data.worldbank.org/indicator/SL.TLF.TOTL.IN?locations=BJ |title=Labor force, total - Benin |publisher=[[World Bank]] |website=data.worldbank.org |access-date=17 November 2019}}</ref>
*{{increase}} 4,862,455 (2019)<ref>{{cite web |url=https://data.worldbank.org/indicator/SL.TLF.TOTL.IN?locations=BJ |title=Labor force, total - Benin |publisher=[[World Bank]] |website=data.worldbank.org |access-date=17 November 2019}}</ref>
*{{decrease}} 70.0% employment rate (2011)<ref>{{cite web |title=Employment to population ratio, 15+, total (%) (national estimate) - Benin |url=https://data.worldbank.org/indicator/SL.EMP.TOTL.SP.NE.ZS?locations=BJ&name_desc=false |website=data.worldbank.org |publisher=World Bank |access-date=26 January 2020}}</ref>}}
|occupations =
|occupations =
|unemployment = 1% (2014 est.)<ref name="CIAWFBN"/>
|unemployment = 1% (2014 est.)<ref name="CIAWFBN"/>
|edbr = {{increase}} [[Ease of doing business index#Ranking|149th (below average, 2020)]]<ref name=" World Bank and International Financial Corporation ">{{cite web |url=http://www.doingbusiness.org/data/exploreeconomies/benin |title=Ease of Doing Business in Benin |publisher=Doingbusiness.org |accessdate=2017-01-24 }}</ref>
|edbr = {{increase}} [[Ease of doing business index#Ranking|149th (below average, 2020)]]<ref name=" World Bank and International Financial Corporation ">{{cite web |url=http://www.doingbusiness.org/data/exploreeconomies/benin |title=Ease of Doing Business in Benin |publisher=Doingbusiness.org |access-date=2017-01-24 }}</ref>
|industries = textiles, food processing, construction materials, cement
|industries = textiles, food processing, construction materials, cement
|exports = $1.974 billion (2017 est.)<ref name="CIAWFBN"/>
|exports = $1.974 billion (2017 est.)<ref name="CIAWFBN"/>
|export-goods = [[Cotton]], [[cashew]]s, [[shea butter]], [[textile]]s, [[palm tree|palm]] products, [[seafood]]
|export-goods = [[Cotton]], [[cashew]]s, [[shea butter]], [[textile]]s, [[palm tree|palm]] products, [[seafood]]
|export-partners = {{plainlist|
|export-partners = {{plainlist|
*{{flag|Bangladesh}} 18.1%
*{{flag|Bangladesh}} 26.9%
*{{flag|India}} 10.7%
*{{flag|India}} 14.2%
*{{flag|Ukraine}} 9%
*{{flag|Vietnam}} 10.4%
*{{flag|Niger}} 8.1%
*{{flag|China}} 7.4%
*{{flag|China}} 7.7%
*{{flag|Nigeria}} 5.7%
*{{flag|Nigeria}} 7.2%
*{{flag|Denmark}} 3.6%
*{{flag|Turkey}} 4%
*{{flag|Egypt}} 3.4%
*{{flag|Niger}} 3.1%
*(2017)<ref name="CIAWFBN"/>}}
*(2019)<ref name="CIAWFBN"/>}}
|imports = $2.787 billion (2017 est.)<ref name="CIAWFBN"/>
|imports = $2.787 billion (2017 est.)<ref name="CIAWFBN"/>
|import-goods = Foodstuffs, capital goods, petroleum products
|import-goods = Foodstuffs, capital goods, petroleum products
|import-partners = {{plainlist|
|import-partners = {{plainlist|
*{{flag|Thailand}} 18.1%
*{{flag|India}} 13.7%
*{{flag|India}} 15.9%
*{{flag|China}} 11.1%
*{{flag|France}} 8.5%
*{{flag|Togo}} 10.9%
*{{flag|China}} 7.5%
*{{flag|France}} 8.8%
*{{flag|Togo}} 5.9%
*{{flag|Thailand}} 5.4%
*{{flag|Netherlands}} 4.3%
*{{flag|Belgium}} 3.8%
*{{flag|Belgium}} 4.3%
*{{flag|UAE}} 3.4%
*{{flag|Morocco}} 2.9%
*(2017)<ref name="CIAWFBN"/>}}
*(2019)<ref name="CIAWFBN"/>}}
|current account = {{decrease}} −$1.024 billion (2017 est.)<ref name="CIAWFBN"/>
|current account = {{decrease}} −$1.024 billion (2017 est.)<ref name="CIAWFBN"/>
|gross external debt = {{increaseNegative}} $2.804 billion (31 December 2017 est.)<ref name="CIAWFBN"/>
|gross external debt = {{increaseNegative}} $2.804 billion (31 December 2017 est.)<ref name="CIAWFBN"/>
Line 69: Line 81:
|balance = −6.2% (of GDP) (2017 est.)<ref name="CIAWFBN"/>
|balance = −6.2% (of GDP) (2017 est.)<ref name="CIAWFBN"/>
|reserves = {{gain}} $698.9 million (31 December 2017 est.)<ref name="CIAWFBN"/>
|reserves = {{gain}} $698.9 million (31 December 2017 est.)<ref name="CIAWFBN"/>
|credit = {{plainlist|
|credit = B (Domestic)<br>B (Foreign)<br>BBB- (T&C Assessment)<br>([[Standard & Poor's]])<ref>{{cite web |title= Sovereigns rating list |publisher=Standard & Poor's |url=http://www.standardandpoors.com/ratings/sovereigns/ratings-list/en/eu/?subSectorCode=39 |accessdate=26 May 2011}}</ref>
*[[Standard & Poor's]]:<ref>{{cite web |title= Sovereigns rating list |publisher=Standard & Poor's |url=http://www.standardandpoors.com/ratings/sovereigns/ratings-list/en/eu/?subSectorCode=39 |access-date=26 May 2011}}</ref>
*B (Domestic)
*B (Foreign)
*BBB- (T&C Assessment)}}
|aid =
|aid =
|cianame = bn
|cianame = benin
|spelling =
|spelling =
}}
}}
The '''economy of Benin''' remains underdeveloped and dependent on [[subsistence agriculture]] and [[cotton]]. Cotton accounts for 40% of [[Benin]]'s GDP and roughly 80% of official export receipts. There is also production of [[textile]]s, palm products, and [[cocoa bean]]s. [[Maize]] (corn), [[bean]]s, [[rice]], [[peanut]]s, [[cashew]]s, [[pineapple]]s, [[cassava]], [[yam (vegetable)|yams]], and other various tubers are grown for local subsistence. [[Benin]] began producing a modest quantity of offshore oil in October 1982. Production ceased in recent years but exploration of new sites is ongoing.
The '''economy of Benin''' remains underdeveloped and dependent on [[subsistence agriculture]] and [[cotton]]. Cotton accounts for 40% of [[Benin]]'s GDP and roughly 80% of official export receipts. There is also production of [[textile]]s, palm products, and [[cocoa bean]]s. [[Maize]] (corn), [[bean]]s, [[rice]], [[peanut]]s, [[cashew]]s, [[pineapple]]s, [[cassava]], [[yam (vegetable)|yams]], and other various tubers are grown for local subsistence. Benin began producing a modest quantity of offshore oil in October 1982. Production ceased in recent years but exploration of new sites is ongoing.


A modest fishing fleet provides fish and shrimp for local subsistence and export to Europe. Formerly government-owned commercial activities are now privatized. A French [[brewing|brewer]] acquired the former state-run brewery. Smaller businesses are privately owned by Beninese citizens, but some firms are foreign owned, primarily French and [[Lebanon|Lebanese]]. The private commercial and agricultural sectors remain the principal contributors to growth.
A modest fishing fleet provides fish and shrimp for local subsistence and export to Europe. Formerly government-owned commercial activities are now privatized. A French [[brewing|brewer]] acquired the former state-run brewery. Smaller businesses are privately owned by Beninese citizens, but some firms are foreign owned, primarily French and [[Lebanon|Lebanese]]. The private commercial and agricultural sectors remain the principal contributors to growth.
Line 89: Line 105:
| work=ICFTU Online
| work=ICFTU Online
| url=http://www.icftu.org/displaydocument.asp?Index=991220267&Language=EN
| url=http://www.icftu.org/displaydocument.asp?Index=991220267&Language=EN
| accessdate=30 July 2007
| access-date=30 July 2007
}}</ref><br />
}}</ref>


In December 2014, the [[Bureau of International Labor Affairs]] issued a ''[[List of Goods Produced by Child Labor or Forced Labor]]''<ref>[http://www.dol.gov/ilab/reports/child-labor/list-of-goods/ List of Goods Produced by Child Labor or Forced Labor]</ref> in which the Republic of Benin was mentioned among 74 other countries where significant instances of child labor were observed. Two major products involved such working conditions in Benin: cotton and crushed granite.
In December 2014, the [[Bureau of International Labor Affairs]] issued a ''[[List of Goods Produced by Child Labor or Forced Labor]]''<ref>{{cite web| url = http://www.dol.gov/ilab/reports/child-labor/list-of-goods/| title = List of Goods Produced by Child Labor or Forced Labor}}</ref> in which the Republic of Benin was mentioned among 74 other countries where significant instances of child labor were observed. Two major products involved such working conditions in Benin: cotton and crushed granite.

==Agriculture==
Benin produced in 2018:

* 3.8 million tons of [[cassava]] (17th largest producer in the world);
* 2.7 million tons of [[Yam (vegetable)|yam]] (4th largest producer in the world, losing only to Nigeria, Ghana and Ivory Coast);
* 1.5 million tons of [[maize]];
* 758 thousand tons of [[cotton]] (12th largest producer in the world);
* 598 thousand tons of [[palm oil]];
* 459 thousand tons of [[rice]];
* 372 thousand tons of [[pineapple]];
* 319 thousand tons of [[sorghum]];
* 253 thousand tons of [[tomato]];
* 225 thousand tons of [[peanut]];
* 221 thousand tons of [[soy]];
* 215 thousand tons of [[cashew nuts]] (5th largest producer in the world, losing only Vietnam, India, Ivory Coast and Philippines);

In addition to smaller productions of other agricultural products.<ref>{{cite web| url = http://www.fao.org/faostat/en/#data/QC/| title = Benin production in 2018, by FAO}}</ref>


==Financial Sector==
==Financial Sector==
{{one source|date=June 2014}}
{{one source|date=June 2014}}
Benin’s financial sector is dominated by banks, and in general remains shallow. However, a series of reforms were undertaken in the 1990s, which resulted in the consolidation of the banking sector and in the privatization of all state banks.
Benin's financial sector is dominated by banks, and in general remains shallow. However, a series of reforms were undertaken in the 1990s, which resulted in the consolidation of the banking sector and in the privatization of all state banks.


A legal framework regarding licensing, bank activities, organizational and capital requirements, inspections and sanctions (all applicable to all countries of the Union) is in place and underwent significant reforms in 1999. There is no customer deposit insurance system.
A legal framework regarding licensing, bank activities, organizational and capital requirements, inspections and sanctions (all applicable to all countries of the Union) is in place and underwent significant reforms in 1999. There is no customer deposit insurance system.
Line 121: Line 155:


== Data ==
== Data ==
The following table shows the main economic indicators in 1980–2017.<ref>{{cite web|title=Report for Selected Countries and Subjects|url=https://www.imf.org/external/pubs/ft/weo/2018/01/weodata/weorept.aspx?pr.x=70&pr.y=2&sy=1980&ey=2023&scsm=1&ssd=1&sort=country&ds=.&br=1&c=638&s=NGDP_RPCH,PPPGDP,PPPPC,PCPIPCH,GGXWDG_NGDP&grp=0&a=|accessdate=2018-09-09|language=en-US}}</ref>
The following table shows the main economic indicators in 1980–2017.<ref>{{cite web|title=Report for Selected Countries and Subjects|url=https://www.imf.org/external/pubs/ft/weo/2018/01/weodata/weorept.aspx?pr.x=70&pr.y=2&sy=1980&ey=2023&scsm=1&ssd=1&sort=country&ds=.&br=1&c=638&s=NGDP_RPCH,PPPGDP,PPPPC,PCPIPCH,GGXWDG_NGDP&grp=0&a=|access-date=2018-09-09|language=en-US}}</ref>
{| class="wikitable" style="text-align: center;"
{| class="wikitable" style="text-align:center; vertical-align:middle;"
|- style="font-weight:bold;"
!Year
! Year
!1980
! GDP
!1985
(in bil. US$ PPP)
!1990
! GDP per capita
!1995
(in US$ PPP)
!2000
!GDP
!2005
(in bil. US$ nominal)
!2006
! GDP growth<br />(real)
!2007
! Inflation<br />(in Percent)
!2008
! Government debt<br />(Percentage of GDP)
!2009
|-
!2010
| style="font-weight:bold;" | 1980
!2011
| 2.69
!2012
| 740
!2013
|2.30
!2014
| 9.3%
!2015
| 9.6%
!2016
| ...
!2017
|-
| style="font-weight:bold;" | 1985
| 3.70
| 866
|1.58
| 4.3%
| 1.2%
| ...
|-
| style="font-weight:bold;" | 1990
| 4.75
| 954
|2.89
| 9.0%
| 1.1%
| ...
|-
| style="font-weight:bold;" | 1995
| 6.59
| 1,115
|2.99
| 6.0%
| 14.5%
| ...
|-
| style="font-weight:bold;" | 2000
| 9.06
| 1,321
|3.52
| 4.9%
| 4.2%
| 54%
|-
| style="font-weight:bold;" | 2005
| 12.33
| 1,545
|6.57
| 1.7%
| 5.4%
| 39%
|-
| style="font-weight:bold;" | 2006
| 13.22
| 1,608
|7.03
| 3.9%
| 3.8%
| 11%
|-
| style="font-weight:bold;" | 2007
| 14.38
| 1,701
|8.17
| 6.0%
| 1.3%
| 20%
|-
| style="font-weight:bold;" | 2008
| 15.38
| 1,768
|9.79
| 4.9%
| 7.9%
| 25%
|-
| style="font-weight:bold;" | 2009
| 15.86
| 1,773
|9.73
| 2.3%
| 0.4%
| 26%
|-
| style="font-weight:bold;" | 2010
| 16.39
| 1,782
|9.54
| 2.1%
| 2.2%
| 29%
|-
| style="font-weight:bold;" | 2011
| 17.23
| 1,821
|10.69
| 3.0%
| 2.7%
| 30%
|-
| style="font-weight:bold;" | 2012
| 18.39
| 1,890
|11.15
| 4.8%
| 6.7%
| 27%
|-
|-
| style="font-weight:bold;" | 2013
|GDP in $<br /><small>(PPP)</small>
|2.69 bil.
| 20.03
| 2,003
|3.70 bil.
|12.52
|4.75 bil.
|6.59 bil.
| 7.2%
|9.06 bil.
| 1.0%
| 25%
|12.33 bil.
|13.22 bil.
|14.38 bil.
|15.38 bil.
|15.86 bil.
|16.39 bil.
|17.23 bil.
|18.39 bil.
|20.03 bil.
|21.69 bil.
|22.38 bil.
|23.57 bil.
|25.33 bil.
|-
|-
| style="font-weight:bold;" | 2014
|GDP per capita in $<br /><small>(PPP)</small>
| 21.69
|740
| 2,111
|866
|13.29
|954
| 6.4%
|1,115
| −1.1%
|1,321
| 30%
|1,545
|1,608
|1,701
|1,768
|1,773
|1,782
|1,821
|1,890
|2,003
|2,111
|2,121
|2,175
|2,277
|-
|-
| style="font-weight:bold;" | 2015
|GDP growth<br /><small>(real)</small>
| 22.38
|9.3 %
| 2,121
|4.3 %
|9.0 %
|11.39
|6.0 %
| 2.1%
|4.9 %
| 0.3%
|1.7 %
| 42%
|3.9 %
|6.0 %
|4.9 %
|2.3 %
|2.1 %
|3.0 %
|4.8 %
|7.2 %
|6.4 %
|2.1 %
|4.0 %
|5.6 %
|-
|-
| style="font-weight:bold;" | 2016
|Inflation<br /><small>(in Percent)</small>
| 23.57
|9.6 %
| 2,175
|1.2 %
|1.1 %
|11.82
|14.5 %
| 4.0%
|4.2 %
| −0.8%
|5.4 %
| 50%
|3.8 %
|1.3 %
|7.9 %
|0.4 %
|2.2 %
|2.7 %
|6.7 %
|1.0 %
|−1.1 %
|0.3 %
|−0.8 %
|0.1 %
|-
|-
| style="font-weight:bold;" | 2017
|Government debt<br /><small>(Percentage of GDP)</small>
|...
| 25.33
| 2,277
|...
|...
|12.70
|...
| 5.6%
|54 %
| 0.1%
|39 %
| 55%
|11 %
|20 %
|25 %
|26 %
|29 %
|30 %
|27 %
|25 %
|30 %
|42 %
|50 %
|55 %
|}
|}


Line 247: Line 317:
*[[Agriculture in Benin]]
*[[Agriculture in Benin]]
*[[Fishing in Benin]]
*[[Fishing in Benin]]
* [[United Nations Economic Commission for Africa]]
*[[Foreign trade of Benin]]


==References==
==References==
Line 263: Line 335:


==External links==
==External links==
*[https://web.archive.org/web/20160303234153/http://bankinginfo.org/central_bank/benin.htm Benin Banking Information]
* [https://web.archive.org/web/20160303234153/http://bankinginfo.org/central_bank/benin.htm Benin Banking Information]
* [http://www.resimao.org West African Agricultural Market Observer/Observatoire du Marché Agricole (RESIMAO)], a project of the West-African Market Information Network (WAMIS-NET), provides live market and commodity prices from fifty seven regional and local public agricultural markets across Benin, Burkina Faso, Côte d'Ivoire, Guinea, Niger, Mali, Senegal, Togo, and Nigeria. Sixty commodities are tracked weekly. The project is run by the Benin Ministry of Agriculture, and a number of European, African, and United Nations agencies.
*{{dmoz|Regional/Africa/Benin/Business_and_Economy/Economic_Development}}
* [http://www.trademap.org/open_access/Index.aspx?proceed=true&reporter=204 Benin latest trade data on ITC Trade Map]
*[http://www.resimao.org West African Agricultural Market Observer/Observatoire du Marché Agricole (RESIMAO)], a project of the West-African Market Information Network (WAMIS-NET), provides live market and commodity prices from fifty seven regional and local public agricultural markets across Benin, Burkina Faso, Côte d'Ivoire, Guinea, Niger, Mali, Senegal, Togo, and Nigeria. Sixty commodities are tracked weekly. The project is run by the Benin Ministry of Agriculture, and a number of European, African, and United Nations agencies.
*[http://www.trademap.org/open_access/Index.aspx?proceed=true&reporter=204 Benin latest trade data on ITC Trade Map]


{{Benin topics}}
{{Benin topics}}
{{Africa in topic|Economy of}}
{{Africa in topic|Economy of}}


{{DEFAULTSORT:Economy Of Benin}}
{{DEFAULTSORT:Economy of Benin}}
[[Category:Economy of Benin| ]]
[[Category:Economy of Benin| ]]
[[Category:World Trade Organization member economies|Benin]]
[[Category:World Trade Organization member economies|Benin]]

Latest revision as of 05:04, 19 September 2024

Economy of Benin
Cotonou is the largest city and economic capital of Benin
CurrencyWest African CFA franc (XOF, CFA)
Calendar year
Trade organisations
AU, AfCFTA (signed), ECOWAS, CEN-SAD, WTO
Country group
Statistics
PopulationIncrease 11,485,048 (2018)[3]
GDP
  • Increase $14.374 billion (nominal, 2019 est.)[4]
  • Increase $40.717 billion (PPP, 2019 est.)[4]
GDP rank
GDP growth
  • 5.8% (2017) 6.7% (2018)
  • 6.4% (2019e) 6.7% (2020f)[5]
GDP per capita
  • Decrease $1,217 (nominal, 2019 est.)[4]
  • Increase $3,446 (PPP, 2019 est.)[4]
GDP per capita rank
GDP by sector
1.0% (2020 est.)[4]
Population below poverty line
  • 36.2% (2011 est.)[6]
  • 49.5% on less than $1.90/day (2015)[7]
47.8 high (2015)[8]
Labour force
  • Increase 4,862,455 (2019)[11]
  • Decrease 70.0% employment rate (2011)[12]
Unemployment1% (2014 est.)[6]
Main industries
textiles, food processing, construction materials, cement
External
Exports$1.974 billion (2017 est.)[6]
Export goods
Cotton, cashews, shea butter, textiles, palm products, seafood
Main export partners
Imports$2.787 billion (2017 est.)[6]
Import goods
Foodstuffs, capital goods, petroleum products
Main import partners
Decrease −$1.024 billion (2017 est.)[6]
Negative increase $2.804 billion (31 December 2017 est.)[6]
Public finances
Negative increase 54.6% of GDP (2017 est.)[6]
−6.2% (of GDP) (2017 est.)[6]
Revenues1.578 billion (2017 est.)[6]
Expenses2.152 billion (2017 est.)[6]
Increase $698.9 million (31 December 2017 est.)[6]
All values, unless otherwise stated, are in US dollars.

The economy of Benin remains underdeveloped and dependent on subsistence agriculture and cotton. Cotton accounts for 40% of Benin's GDP and roughly 80% of official export receipts. There is also production of textiles, palm products, and cocoa beans. Maize (corn), beans, rice, peanuts, cashews, pineapples, cassava, yams, and other various tubers are grown for local subsistence. Benin began producing a modest quantity of offshore oil in October 1982. Production ceased in recent years but exploration of new sites is ongoing.

A modest fishing fleet provides fish and shrimp for local subsistence and export to Europe. Formerly government-owned commercial activities are now privatized. A French brewer acquired the former state-run brewery. Smaller businesses are privately owned by Beninese citizens, but some firms are foreign owned, primarily French and Lebanese. The private commercial and agricultural sectors remain the principal contributors to growth.

Economic development

[edit]

Since the transition to a democratic government in 1990, Benin has undergone an economic recovery. A large injection of external investment from both private and public sources has alleviated the economic difficulties of the early 1990s caused by global recession and persistently low commodity prices (although the latter continues to affect the economy). The manufacturing sector is confined to some light industry, which is mainly involved in processing primary products and the cow production of consumer goods. A planned joint hydroelectric project with neighboring Togo is intended to reduce Benin's dependence on imported energy mostly from Ghana, which currently accounts for a significant proportion of the country's imports.

The service sector has grown quickly, stimulated by economic liberalization and fiscal reform, and the use of modern technology such as automobiles and computers has grown considerably as a result. Membership of the CFA Franc Zone offers reasonable currency stability as well as access to French economic support. Benin sells its products mainly to France and, in smaller quantities, to the Netherlands, Korea, Japan, and India. France is Benin's leading source for imports. Benin is also a member of the Economic Community of West African States (ECOWAS).

Despite its rapid growth, the economy of Benin still remains underdeveloped and dependent on subsistence agriculture, cotton production, and regional trade. Growth in real output averaged a sound 5% since 1996, but a rapid population rise offset much of this growth on a per capita basis. Inflation has subsided over the past several years. Commercial and transport activities, which make up a large part of GDP, are vulnerable to developments in Nigeria, particularly fuel shortages.

Although trade unions in Benin represent up to 75% of the formal workforce, the large informal economy has been noted by the International Trade Union Confederation (ITCU) to contain ongoing problems, including a lack of women's wage equality, the use of child labour, and the continuing issue of forced labour.[14]

In December 2014, the Bureau of International Labor Affairs issued a List of Goods Produced by Child Labor or Forced Labor[15] in which the Republic of Benin was mentioned among 74 other countries where significant instances of child labor were observed. Two major products involved such working conditions in Benin: cotton and crushed granite.

Agriculture

[edit]

Benin produced in 2018:

  • 3.8 million tons of cassava (17th largest producer in the world);
  • 2.7 million tons of yam (4th largest producer in the world, losing only to Nigeria, Ghana and Ivory Coast);
  • 1.5 million tons of maize;
  • 758 thousand tons of cotton (12th largest producer in the world);
  • 598 thousand tons of palm oil;
  • 459 thousand tons of rice;
  • 372 thousand tons of pineapple;
  • 319 thousand tons of sorghum;
  • 253 thousand tons of tomato;
  • 225 thousand tons of peanut;
  • 221 thousand tons of soy;
  • 215 thousand tons of cashew nuts (5th largest producer in the world, losing only Vietnam, India, Ivory Coast and Philippines);

In addition to smaller productions of other agricultural products.[16]

Financial Sector

[edit]

Benin's financial sector is dominated by banks, and in general remains shallow. However, a series of reforms were undertaken in the 1990s, which resulted in the consolidation of the banking sector and in the privatization of all state banks.

A legal framework regarding licensing, bank activities, organizational and capital requirements, inspections and sanctions (all applicable to all countries of the Union) is in place and underwent significant reforms in 1999. There is no customer deposit insurance system.

Benin has a lively and diversified microfinance sector. Data from 2003 by the Central Bank stated a penetration rate of microfinance services of almost 60 percent. In 2006 the Ministry of Microfinance and Employment of Youth and Women counted 762 organizations with 1308 branches, including Cooperatives, NGOs, Savings/Credit Associations and government projects. Programmes for strengthening the sector are carried out on national and regional levels, such as the PRAFIDE (Programme Régional d’Appui à la finance Décentralisée). The microfinance sector is also subject to supervision through the Central Bank as well as the responsible Ministry for Microfinance and Employment of Youth and Women.

Benin is member of the Bourse Regionale des Valeures Mobilières (BRVM) located in Abidjan, Côte d'Ivoire. Stocks were issued by a number of companies in the region. Listed bonds were partly issued by companies and partly by governments of the West African Monetary and Economic Union (UEMOA).

The payment and settlement system and clearing mechanisms were reformed in 2004 through the BCEAO and offer RTGS and SWIFT access to banks, financial institutions, the stock exchange as well as the Central bank and special banks.[17]

Data

[edit]

The following table shows the main economic indicators in 1980–2017.[18]

Year GDP

(in bil. US$ PPP)

GDP per capita

(in US$ PPP)

GDP

(in bil. US$ nominal)

GDP growth
(real) 		Inflation
(in Percent) 		Government debt
(Percentage of GDP)
1980 2.69 740 2.30 9.3% 9.6% ...
1985 3.70 866 1.58 4.3% 1.2% ...
1990 4.75 954 2.89 9.0% 1.1% ...
1995 6.59 1,115 2.99 6.0% 14.5% ...
2000 9.06 1,321 3.52 4.9% 4.2% 54%
2005 12.33 1,545 6.57 1.7% 5.4% 39%
2006 13.22 1,608 7.03 3.9% 3.8% 11%
2007 14.38 1,701 8.17 6.0% 1.3% 20%
2008 15.38 1,768 9.79 4.9% 7.9% 25%
2009 15.86 1,773 9.73 2.3% 0.4% 26%
2010 16.39 1,782 9.54 2.1% 2.2% 29%
2011 17.23 1,821 10.69 3.0% 2.7% 30%
2012 18.39 1,890 11.15 4.8% 6.7% 27%
2013 20.03 2,003 12.52 7.2% 1.0% 25%
2014 21.69 2,111 13.29 6.4% −1.1% 30%
2015 22.38 2,121 11.39 2.1% 0.3% 42%
2016 23.57 2,175 11.82 4.0% −0.8% 50%
2017 25.33 2,277 12.70 5.6% 0.1% 55%

See also

[edit]

References

[edit]
  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ "Population, total - Benin". data.worldbank.org. World Bank. Retrieved 26 January 2020.
  4. ^ a b c d e "World Economic Outlook Database, October 2019". IMF.org. International Monetary Fund. Retrieved 17 November 2019.
  5. ^ "Global Economic Prospects, January 2020 : Slow Growth, Policy Challenges" (PDF). openknowledge.worldbank.org. World Bank. p. 147. Retrieved 12 January 2020.
  6. ^ a b c d e f g h i j k l m n "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 1 February 2019.
  7. ^ "Poverty headcount ratio at $1.90 a day (2011 PPP) (% of population) - Benin". data.worldbank.org. World Bank. Retrieved 25 January 2020.
  8. ^ "GINI index (World Bank estimate)". data.worldbank.org. World Bank. Retrieved 28 May 2019.
  9. ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 11 December 2019.
  10. ^ "Inequality-adjusted Human Development Index (IHDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 11 December 2019.
  11. ^ "Labor force, total - Benin". data.worldbank.org. World Bank. Retrieved 17 November 2019.
  12. ^ "Employment to population ratio, 15+, total (%) (national estimate) - Benin". data.worldbank.org. World Bank. Retrieved 26 January 2020.
  13. ^ "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
  14. ^ "Serious violations of core labour standards in Benin, Burkina Faso and Mali". ICFTU Online. Retrieved 30 July 2007.
  15. ^ "List of Goods Produced by Child Labor or Forced Labor".
  16. ^ "Benin production in 2018, by FAO".
  17. ^ "MFW4A Benin: Financial Sector Profile". Archived from the original on 13 May 2011. Retrieved 30 November 2010.
  18. ^ "Report for Selected Countries and Subjects". Retrieved 9 September 2018.
  • Mulindabigwi, Valens (2006). Influence des systemes agraires sur l'utilisation des terroirs, la sequestration du carbone et la sécurité alimentaire dans le bassin versant de l'Oueme superieur au Bénin. Göttingen: Cuvillier. ISBN 978-3-86537-871-2.

Public Domain This article incorporates public domain material from The World Factbook. CIA.

[edit]
Retrieved from "https://en.wikipedia.org/enwiki/w/index.php?title=Economy_of_Benin&oldid=1246473254"