The Economic profiles of African Economies in ONE minute is giving an overview of each and one the 55 African countries.
This is an Overview of the Benin economy.
Benin is a small West African country with a total area of 114763 km2 and a population of 11.5 million. It borders Togo, Burkina Faso, Niger and Nigeria; and has a 121-kilometer-long coastline on the Gulf of Guinea.
Before the spread of coronavirus, Benin had recorded solid economic outcomes between 2016 and 2019, with average real GDP growth of 5.5 %. The FMI has projected a growth of 5% of real GDP in 2021.
Benin is the African number one producer of cotton, which is the country’s leading export product. In 2019 the volume of the export of the cotton reached 58% of the total export.
In 2019, the country’s total export was evaluated at 759 million € and total import at 2.6 billion €. Benin’s main economic partners are from Asia; among them India, China, Thailand, Bangladesh and Vietnam.
Also, the country has a strong economic tie with its big neighbor Nigeria; 20% of its GDP depend on the trade with the 190 million Nigerian consumers.
Benin is member of the Economic Community of West African States (ECOWAS); its share in the intra ECOWAS trade, in 2016, was 14.8%.
In December 2016, the government adopted a National Development Plan for the period 2018-2025, with the aim of achieving the priority targets of the United Nations Sustainable Development Goals (SDG). The development plan is based on 45 flagship projects and aims to improve productivity and living conditions.
Sources 18/09/2021
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