g address: B. P. 2012, Cotonou
telephone: [229] 30-06-50, 30-05-13, 30-17-92
FAX: [229] 41-15-22

Flag: two equal horizontal bands of yellow (top) and red with a
vertical green band on the hoist side

@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 sound 4% in 1991-94 but this rate barely
exceeds the rapid population growth of 3.3%. Inflation jumped to 35%
in 1994 (compared to 3% in 1993) following the 50% currency
devaluation in January. Commercial and transport activities, which
make up almost 36% of GDP, are extremely vulnerable to developments in
Nigeria as evidenced by decreased reexport trade in 1994 due to a
severe contraction in Nigerian demand. The industrial sector accounts
for less than 10% of GDP and mainly produces foods, beverages, cement,
and textiles. Support by the Paris Club and official bilateral
creditors has eased the external debt situation in recent years. The
government, still burdened with money-losing state enterprises and a
bloated civil service, is gradually implementing a World Bank
supported structural adjustment program.

National product: GDP - purchasing power parity - $6.7 billion (1994
est.)

National product real growth rate: 4% (1994 est.)

National product per capita: $1,260 (1994 est.)

Inflation rate (consumer prices): 35% (1994 est.)

Unemployment rate: NA%

Budget:
revenues: $272 million (1993 est.)
expenditures: $375 million, including capital expenditures of $84
million (1993 est.)

Exports: $332 million (f.o.b., 1993 est.)
commodities: cotton, crude oil, palm products, cocoa
partners: FRG 36%, France 16%, Spain 14%, Italy 8%, UK 4%

Imports: $571 million (f.o.b., 1993 est.)
commodities: foodstuffs, beverages, tobacco, petroleum products,
intermediate goods, capital goods, light consumer goods
partners: France 20%, Thailand 8%, Netherlands 7%, US 5%

External debt: $1 billion (December 1990 est.)

Industrial production: growth rate -0.7% (1988); accounts for 10% of
GDP

Electricity:
capacity: 30,000 kW
production: 10 million kWh
consumption per capita: 25 kWh (1993)

Industries: textiles, cigarettes, construction materials, beverages,
food, petroleum

Agriculture: accounts for 35% of GDP; small farms produce 90% of
agricultural output; production is dominated by food