The economic architecture of Benin is substantial, anchored by a Gross Domestic Product (GDP) of approximately $19.68B
2023
. This places it as the 123rd largest economy out of 191 countries measured, underscoring its significance on the world stage. On a per capita basis, GDP stands at $1.39K
2023
, while its GDP adjusted for Purchasing Power Parity (PPP) is estimated at $58.28B, offering a clearer picture of the population's domestic purchasing power. The economy is experiencing a period of vigorous expansion, with a high growth rate of 6.4%
2023
, accompanied by a stable price environment, with inflation (CPI) contained at 1.2%.
2024
On the global stage, Benin's trade and financial dynamics reveal a complex interplay of international and domestic factors. The nation's economic activity is heavily reliant on foreign goods, running a considerable trade deficit with imports at 30.2% of GDP and exports at 21.2%
2023
. The investment climate attracts significant Foreign Direct Investment (FDI), with inflows constituting 2.20% of the economy
2023
. This performance positions the country 83rd globally out of 186 nations, confirming its status as a competitive destination for foreign capital. Furthermore, personal remittances from its diaspora are a vital component of the economy, amounting to a substantial $233.25M annually
2023
. The government operates under fiscal constraints, with a limited tax base that generates revenue equivalent to only 10.8% of GDP.
1979
The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $1,390
2023
, ranking the nation 160th out of 190. This figure provides a comprehensive measure of the average income per person, reflecting the nation's overall economic well-being. The labor market demonstrates considerable strength, with a low unemployment rate of 1.7%, suggesting conditions close to full employment.
2024
A key feature of the workforce is its concentration in the services sector, which accounts for 50.0% of total employment
2023
. Despite its economic standing, poverty remains a salient issue, with 38.5% of the population living below the national poverty line
2018
. The country achieves a relatively equitable distribution of income, reflected in a low Gini index of 34.4.
2021
In the environmental and energy sectors, the nation's policies and outcomes reflect its developmental priorities. Energy consumption per capita stands at 375.821 kg of oil equivalent
2022
, a metric that often correlates with industrial activity and living standards. The country is at the forefront of the global green transition, with renewable sources constituting a remarkable 54.5% of total final energy consumption
2021
. This commitment places it 147th among 190 countries, highlighting its relative progress in decarbonization. Total greenhouse gas emissions were last recorded at 16.7K tonnes of CO2 equivalent
2023
, a key factor in its national climate strategy and international obligations.

Key Economic Insights

Macroeconomic Health

The economy exhibits robust health, characterized by a "Goldilocks" scenario of strong growth, low inflation, and low unemployment.

Trade & Investment Profile

The orientation towards global trade and foreign investment is a defining feature of the economic landscape.

Social Equity & Distribution

Ensuring equitable distribution of economic gains is fundamental for long-term social and political stability.

Energy & Sustainability

A global leader in the green transition, the country leverages its strong commitment to renewable energy as a key economic and diplomatic advantage.

More About This Country

Neighbors & Regional Peers

Note: The information on this page has been compiled from authoritative sources. While every effort is made to ensure accuracy, please note that some figures may not be current or entirely precise.