Agriculture > products
cotton, corn, cassava, yams, beans, palm oil, peanuts, livestock (2001) |
|
Aid as % of GDP
|
11% |
|
[30th of 129]
|
|
Source: CIA World Factbook, 28 July 2005 |
|
Debt > External
|
$1,200,000,000.00 |
|
[124th of 136]
|
|
Source: calculated on the basis of data on ODA from OECD (Organisation for Economic Co-operation and Development), Development Assistance Committee. 2002. DAC Online. Database. Paris.; and data on GDP from World Bank. 2002. World Development Indicators 2002. CD-ROM. Washington, DC |
|
Distribution of family income > Gini index
|
36.5 |
|
[23rd of 43]
|
|
Source: All CIA World Factbooks 18 December 2003 to 18 December 2008 |
|
Economic freedom
|
1.65 |
|
[105th of 156]
|
|
Source: All CIA World Factbooks 18 December 2003 to 18 December 2008 |
Economy > Overview
The economy of Benin remains underdeveloped and dependent on subsistence agriculture, cotton production, and regional trade. Growth in real output has averaged around 5% in the past seven years, but rapid population growth 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. Specific projects to improve the business climate by reforms to the land tenure system, the commercial justice system, and the financial sector were included in Benin's $307 million Millennium Challenge Account grant signed in February 2006. The 2001 privatization policy continues in telecommunications, water, electricity, and agriculture though the government annulled the privatization of Benin's state cotton company in November 2007 after the discovery of irregularities in the bidding process. The Paris Club and bilateral creditors have eased the external debt situation, with Benin benefiting from a G8 debt reduction announced in July 2005, while pressing for more rapid structural reforms. An insufficient electrical supply continues to adversely affect Benin's economic growth though the government recently has taken steps to increase domestic power production. |
|
Source: The Heritage Foundation |
Exchange rates
Communaute Financiere Africaine francs (XOF) per US dollar - 528.29 (2004), 581.2 (2003), 696.99 (2002), 733.04 (2001), 711.98 (2000) |
|
Source: All CIA World Factbooks 18 December 2003 to 18 December 2008 |
|
Exports
|
$586,000,000.00 |
|
[142nd of 189]
|
|
Source: CIA World Factbook, 28 July 2005 |
|
Exports to US
|
$0.00 |
|
[215th of 224]
|
|
Source: All CIA World Factbooks 18 December 2003 to 18 December 2008 |
|
GDP
|
$4,774,809,000.00 |
|
[124th of 203]
|
|
Source: US Census Bureau |
|
GDP > PPP
|
$7,767,000,000.00 |
|
[129th of 163]
|
|
Source: World Development Indicators database and CIA World Factbook |
|
GDP > Real growth rate
|
4.5% |
|
[116th of 198]
|
|
Source: World Bank. 2005. World Development Indicators 2005. |
|
GDP growth > annual %
|
3.9 annual %
|
|
[106th of 187]
|
|
Source: All CIA World Factbooks 18 December 2003 to 18 December 2008 |
|
GINI index
|
36.48
|
|
[24th of 40]
|
|
Source: World Development Indicators database |
|
Gross National Income
|
$2,423,850,000.00 |
|
[124th of 172]
|
|
Source: World Development Indicators database |
|
Human Development Index
|
0.431 |
|
[163rd of 178]
|
|
Income category
|
Low income |
|
|
|
Source: Human Development Report 2006, United Nations Development Programme |
|
Inflation rate (consumer prices)
|
1.3% |
|
[170th of 192]
|
|
Source: |
|
Population below poverty line
|
37.4% |
|
[6th of 46]
|
|
Source: All CIA World Factbooks 18 December 2003 to 18 December 2008 |
|
Tourist arrivals
|
148,000 |
|
[106th of 152]
|
|
Source: All CIA World Factbooks 18 December 2003 to 18 December 2008 |
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