Economy Benin
Economy - overview:
The economy of Benin remains underdeveloped and dependent on
subsistence agriculture, cotton production, and regional trade.
Growth in real output has averaged a stable 5% in the past six
years, but rapid population rise has offset much of this increase.
Inflation has subsided over the past several years. In order to
raise growth still further, 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. The 2001 privatization policy should continue in
telecommunications, water, electricity, and agriculture in spite of
initial government reluctance. The Paris Club and bilateral
creditors have eased the external debt situation, while pressing for
speeded-up structural reforms.
GDP:
purchasing power parity - $7.742 billion (2003 est.)
GDP - real growth rate:
5.5% (2003 est.)
GDP - per capita:
purchasing power parity - $1,100 (2003 est.)
GDP - composition by sector: agriculture: 36.4% industry: 14.5% services: 49.1% (2003 est.)
Investment (gross fixed):
19.3% of GDP (2003)
Population below poverty line:
37% (2001 est.)
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices):
1.5% (2003 est.)
Labor force:
NA (1996)
Unemployment rate:
NA
Budget:
revenues: $698.9 million
expenditures: $613.2 million, including capital expenditures of NA
(2003)
Agriculture - products:
cotton, corn, cassava (tapioca), yams, beans, palm oil, peanuts,
livestock (2001)
Industries:
textiles, food processing, chemical production, construction
materials (2001)
Industrial production growth rate:
8.3% (2001 est.)
Electricity - production:
274.3 million kWh (2001)
Electricity - consumption:
631.1 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
376 million kWh (2001)
Oil - production:
700 bbl/day (2001 est.)
Oil - consumption:
11,500 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Oil - proved reserves:
4.105 million bbl (1 January 2002)
Natural gas - proved reserves:
608.8 million cu m (1 January 2002)
Current account balance:
$-112 million (2003)
Exports:
$485 million f.o.b. (2003 est.)
Exports - commodities:
cotton, crude oil, palm products, cocoa
Exports - partners:
China 21.1%, India 18%, Thailand 6.8%, Ghana 5.8%, Niger 4.4%,
Indonesia 4.1% (2003)
Imports:
$726 million f.o.b. (2003 est.)
Imports - commodities:
foodstuffs, capital goods, petroleum products
Imports - partners:
China 29.5%, France 14.9%, UK 4.7%, Cote d'Ivoire 4.7%, Thailand
4.6% (2003)
Reserves of foreign exchange & gold:
$636 million (2003)
Debt - external:
$1.6 billion (2000)
Economic aid - recipient:
$342.6 million (2000)
Currency:
Communaute Financiere Africaine franc (XOF); note - responsible
authority is the Central Bank of the West African States
Currency code:
XOF
Exchange rates:
Communaute Financiere Africaine francs (XOF) per US dollar - 581.2
(2003), 696.988 (2002), 733.039 (2001), 711.976 (2000), 615.699
(1999)
Fiscal year:
calendar year
Communications Benin
Telephones - main lines in use:
66,500 (2003)
Telephones - mobile cellular:
236,200 (2003)
Telephone system:
general assessment: NA
domestic: fair system of open-wire, microwave radio relay, and
cellular connections
international: country code - 229; satellite earth station - 1
Intelsat (Atlantic Ocean); fiber optic submarine cable (SAT-3/WASC)
provides connectivity to Europe and Asia
Radio broadcast stations:
AM 2, FM 9, shortwave 4 (2000)
Radios:
660,000 (2000)
Television broadcast stations:
1 (2001)
Televisions:
66,000 (2000)
Internet country code:
.bj
Internet hosts:
879 (2004)
Internet Service Providers (ISPs):
4 (2002)
Internet users:
70,000 (2003)
Transportation Benin
Railways: total: 578 km narrow gauge: 578 km 1.000-m gauge (2003)
Highways:
total: 6,787 km
paved: 1,357 km (including 10 km of expressways)