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) |
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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 |
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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 |
Benin
Inflation & Debt
Inflation |
2015 0.2% 2016 -0.8% 2017 1.8% 2018* 0.8% 2019* -0.3% |
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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) |
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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 |
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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) |
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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 |
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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