NationMaster - Encyclopedia: Economy of Benin

Overview:
The economy of Benin remains underdeveloped and dependent on subsistence agriculture, cotton Cotton accounts for 40% of GDP and roughly 80% of official export receipts. There is also production of textiles, palm products, and cocoa. 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. The countries using the CFA franc The CFA franc (in French: franc CFA, or just franc in everyday conversation if no ambiguity is possible) is a currency used in 12 formerly French-ruled African countries, as well as in Guinea-Bissau (former Portuguese colony) and in Equatorial Guinea (former Spanish... The abbreviation Au or AU may refer to: Computing the . ... The Economic Community of West African States is a regional group of fifteen countries, founded on May 28, 1975 when 15 West African countries signed the Treaty of Lagos. ... For other uses of the initials WTO, see WTO (disambiguation). ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... The poverty line is the level of income below which one cannot afford to purchase all the resources one requires to live. ... 2001 is a common year starting on Monday of the Gregorian calendar, and also: The International Year of the Volunteer The United Nations Year of Dialogue Among Civilizations Events January January 1 - A black monolith measuring approximately nine feet tall appears in Seattles Magnuson Park, placed by an anonymous... 1996 is a leap year starting on Monday of the Gregorian calendar, and was designated the International Year for the Eradication of Poverty. ... Dorothea Langes Migrant Mother depicts destitute pea pickers in California during the Great Depression. ... 2003 is a common year starting on Wednesday of the Gregorian calendar, and also: The International Year of Freshwater The European Disability Year Events January events January 1 Luíz Inácio Lula Da Silva becomes the 37th President of Brazil. ... This article is about the type of fabric. ... Construction on the North Bytown Bridge in Ottawa, Canada. ... In the general sense, a cement (Latin caementum) is any material with adhesive properties. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... Cotton is a soft fiber that grows around the seeds of the cotton plant, a shrub native to the tropical and subtropical regions of both the Old World and the New World. ... Oil is a generic term for organic liquids that are not miscible with water. ... Look up Palm in Wiktionary, the free dictionary The word Palm has several meanings: The central region of the human hand and an ancient unit of length based thereon. ... Cocoa may refer to either the dried and partially fermented fatty seeds of the cacao tree, which are used to make chocolate; or, more usually in the United States, to cocoa powder, the dry powder made by grinding the seeds and removing the cocoa butter. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... Nodding donkey pumping an oil well near Sarnia, Ontario, 2001 Petroleum (from Latin petra â€“ rock and oleum â€“ oil), crude oil, sometimes colloquially called black gold, is a thick, dark brown or greenish flammable liquid, which exists in the upper strata of some areas of the Earths crust. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... 1994 was a common year starting on Saturday of the Gregorian calendar, and was designated the International year of the Family. ... This article is in need of attention. ... Subsistence agriculture is agriculture carried out for survival — with few or no crops available for sale. ... Cotton is a soft fiber that grows around the seeds of the cotton plant, a shrub native to the tropical and subtropical regions of both the Old World and the New World. ... Textile is also a kind of ReStructured Text. ... Cocoa may refer to either the dried and partially fermented fatty seeds of the cacao tree, which are used to make chocolate; or, more usually in the United States, to cocoa powder, the dry powder made by grinding the seeds and removing the cocoa butter. ... Binomial name Zea mays L. Maize (Zea mays ssp. ... Green beans Bean is a common name for large plant seeds of several genera of Fabaceae (formerly Leguminosae) used for food or feed. ... Species References ITIS 41975 2002-09-22 Rice (genus Oryza) is a plant of the grass family which is a dietary staple of more than half of the worlds human population. ... Binomial name Arachis hypogaea L. The Peanut (Arachis hypogaea) is a rare item in Singapore, where its value is estimated to be around S$600,000, which was confirmed by the Senior Ministers wife. ... Binomial name Anacardium occidentale L. The Cashew Anacardium occidentale is a tree in the flowering plant family, Anacardiaceae. ... Binomial name Ananas comosus (L.) Merr. ... Binomial name Manihot esculenta Crantz Cassava or manioc (Manihot esculenta; also yuca in Spanish, and mandioca, aipim, or macaxeira in Portuguese) is a woody perennial shrub of the spurge family, that is extensively cultivated as an annual crop for its edible starchy tuberous root. ... For the Levantine god of the untamed sea (sometimes called Yam), see Yaw (god). ... The Brewer, designed and engraved, in the Sixteenth. ...

Economic Development
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 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. 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 West African economic community ECOWAS. Democracy is a form of government under which the power to alter the laws and structures of government lies, ultimately, with the citizenry. ... Hydroelectric dam diagram The waters of Llyn Stwlan, the upper reservoir of the Ffestiniog Pumped-Storage Scheme in north Wales, can just be glimpsed on the right. ... For other places called Korea, see: Korea (disambiguation) Korea (í•œêµ/éŸ“åœ‹) is a formerly unified country, situated on the Korean Peninsula in northern East Asia, bordering on China to the northwest and Russia to the north. ... West Africa is the region of western Africa generally considered to include these countries: Benin Burkina Faso Cameroon Côte dIvoire (Ivory Coast) Equatorial Guinea Gabon The Gambia Ghana Guinea Guinea-Bissau Liberia Mali Niger Nigeria Republic of the Congo (Congo-Brazzaville) Senegal Sierra Leone Togo Chad, Mauritania, and... The Economic Community of West African States is a regional group of fifteen countries, founded on May 28, 1975 when 15 West African countries signed the Treaty of Lagos. ...

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.

Reference

Categories: CIA World Factbook cleanup | Benin | Economies by country | WTO members This is a copyrighted and/or trademarked logo. ... The World Trade Organization (WTO) is an international organization which oversees a large number of agreements defining the rules of trade between its member states (WTO, 2004a). ... The Asian financial crisis in 1997 and 1998, coupled with fluctuations in the price of oil have created uncertainty and instability in Bruneis economy. ... The European Union has the largest economy in the world. ... Economy - overview: Guinea-Bissau is among the worlds least developed nations and one of the 20 poorest countries in the world, and depends mainly on agriculture and fishing. ... The economy of Hong Kong has often been cited by people such as Milton Friedman and the Cato Institute as an example of the benefits of laissez-faire capitalism. ... The economy of Macau is based largely on tourism (including gambling) and textile and fireworks manufacturing. ... The St. ... Dr. Sun Yat-Sen decorates a 100NT bill. ...