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Benin

Includes Benin real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.

Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Benin economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Benin best banks and safest banks are also available.

Basic Information

Government Type: Presidential republic

Capital City: Porto-Novo (constitutional capital); Cotonou (seat of government)

GDP & Economic Information

Macroeconomy & Sovereign Data

Central Bank Central Bank of West African States (BCEAO)

Currency Communaute Financiere Africaine francs (XOF)

International Reserves N/A
Gross Domestic Product – GDP USD 10.5 billion (2018, estimate)

GDP (Purchasing Power Parity) Intl$ 27.7 billion (2018, estimate)

GDP Data

Real GDP growth 2007 6%
2008 4.9%
2009 2.3%
2010 2.1%
2011 3%
2012 4.8%
2013 7.2%
2014 6.4%
2015* 2.1%
2016* 4%
2017* 5.8%
2018* 6.5%

*estimate
GDP per capita – current prices USD 915.4 (2018, estimate)

GDP per capita – PPP Intl$ 2,426.5 (2018, estimate)

GDP (PPP) – share of world total 1980 0.02%
1990 0.02%
2000 0.02%
2010 0.02%
2019* 0.02%

*Estimate
GDP – composition by sector agriculture: 22.6%
industry: 21.5%
services: 46.2%
(2018 estimate)
Gross domestic expenditure on R&D; (% of GDP) N/A
Inflation 2015 0.2%
2016 -0.8%
2017 1.8%
2018* 0.8%
2019* -0.3%

*estimate

Inflation & Debt

Inflation 2015 0.2%
2016 -0.8%
2017 1.8%
2018* 0.8%
2019* -0.3%
Government Bond Ratings Standard & Poor’s: N/A

Moody’s: N/A

Standard & Poor’s / Moody’s (Updated January 2017)
Unemployment rate N/A
Household saving rates N/A
Public debt (General government gross debt as a % of GDP) 2015 30.9%
2016 35.9%
2017 39.6%
2018* 41%
2019* 40.9%

*Estimate
Public deficit (General government net lending/borrowing as a % of GDP) 2015 -5.6%
2016 -4.3%
2017 -4.2%
2018* -3%
2019* -2.3%

*Estimate

Market value of publicly traded shares N/A
Largest Companies N/A

Import/Export

Exports as percent of GDP (Exports of goods and services) 5.9% (2017)

Shares in world total merchandising export 0.004% (2018)

Shares in world total commercial services export 0.008% (2018)

Total exports USD 1.6 billion (2018 estimate)

Export commodities Opium, fruits and nuts, handwoven carpets, wool, cotton, hides and pelts, precious and semi-precious gems, and medical herbs

Total imports USD 8.3 billion (2018 estimate)

Import commodities Machinery and other capital goods, food, textiles, petroleum products

Exports – major partners India 56.5%, Pakistan 29.6% (2017)

Imports – major partners China 21%, Iran 20.5%, Pakistan 11.8%, Kazakhstan 11%, Uzbekistan 6.8%, Malaysia 5.3%(2017)

Competitiveness & Trade

Current account balance USD -0.9 billion (2018 estimate)

Current account balance by percentage of GDP -6.0 % (2018 estimate)

FDI inflows 2016 USD 132 million
2017 USD 200 million
2018 USD 208 million
FDI Outflows 2016 USD 17 million
2017 USD 32 million
2018 USD 24 million
Value of cross-border M&A, by country of purchaser N/A


United Nations Conference on Trade and Development (UNCTAD) – World Investment Report
Cross-border M&A deals worth over $3 billion completed in 2014 N/A
Cross-border M&A deals worth over $3 billion completed in 2015 N/A
Best countries for doing business Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm.

Overall ranking:

149 out of 190 countries

Subcategories:
Starting a Business: 65 out of 190 countries
Dealing with Construction Permits: 82 out of 190 countries
Getting Electricity: 178 out of 190 countries
Registering Property: 126 out of 190 countries
Getting Credit: 152 out of 190 countries
Protecting Minority Investors: 120 out of 190 countries
Paying Taxes: 171 out of 190 countries
Trading across Borders: 110 out of 190 countries
Enforcing Contracts: 162 out of 190 countries
Resolving Insolvency: 108 out of 190 countries
Global competitiveness ranking 125 out of 141 (2019)
Index of Economic Freedom Ranking: 127 / Score: 55.3 (Mostly unfree)

(100=totally free 0=totally repressed)

Population & Geographic Data

Total Area 112,622 sq km

Total Population 1990 3.3 Million
2000 3.1 Million
1990 4.98 million
2000 6.87 million
2010 9.2 million
2015 10.58 million
2020* 12.15 million

*estimate
Urban population as % of total population 1960 9.3%
1980 27.3%
2000 38.3%
2018 47.3%
Population median age 18.4 years

Population growth rate 2.68% (2018 estimate)

Life expectancy 62.7 years (2018 estimate)

% of population living on less than $3.10 a day 76.2% (last available estimate, 2015)

Inequality of wealth distribution (Gini index) Free
Political Rights: 2
Civil Liberties: 2 (2019)
(1 represents the most free, 7 the least free rating)
Freedom House rating Total score: 67/100

Status: Partly Free

Political Rights: 28/40

Civil Liberties: 39/60 (2022)

Freedom House
Total telephone subscribers as % of population Fixed: 0.4%

Mobile: 82.4%

(2018)

fixed-telephone subscribers and mobile-cellular subscribers)
Internet users as % of total population 20 % (2017)

Language & Religon

Languages French (official), Fon and Yoruba (most common vernaculars in south), tribal languages (at least six major ones in north)

Literacy Total population: 38.4%
Male: 49.9%
Female: 27.3%
Definition: age 15 and over can read and write (2015 est.)
Religions Muslim 27.7%, Roman Catholic 25.5%, Protestant 13.5% (Celestial 6.7%, Methodist 3.4%, other Protestant 3.4%), Vodoun 11.6%, other Christian 9.5%, other traditional religions 2.6%, other 2.6%, none 5.8% (2013 est.)

World Rankings

Population 2.8 M
Mercer Cost of living index N/A
C02 Emissions per capita 1.9 metric tons per capita (2018)

Global Finance Rankings & Awards: Benin

Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.


Data Sources:

IMF World Economic Outlook

UN World Population Prospects

World Inequality Report

S&P Global Ratings

Moody’s

Fitch Ratings

IMF Direction of Trade Statistics (DOTS)

UN Conference on Trade and Development (UNCTAD)

CIA The World Factbook

World Bank’s World Integrated Trade Solution

Forbes Global 2000

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