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Benin Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
11,340,504 (July 2018 est.)GDP (PPP)
$25.39 billion (2017 est.)Cotton is a key export commodity, with export earnings significantly impacted by the price of cotton in the broader market.
GDP growth rate
5.6% (2017 est.)The government has followed an ambitious action plan to kickstart development through investments in infrastructure, education, agriculture, and governance. Electricity generation, which has constrained Benin’s economic growth, has increased and blackouts have been considerably reduced. Private foreign direct investment is small, and foreign aid accounts for a large proportion of investment in infrastructure projects.
GDP (PPP) per capita
$2,300 (2017 est.)Benin will need further efforts to upgrade infrastructure, stem corruption, and expand access to foreign markets to achieve its potential. In September 2015, Benin signed a second MCC Compact for $375 million that entered into force in June 2017 and is designed to strengthen the national utility service provider, attract private sector investment, fund infrastructure investments in electricity generation and distribution, and develop off-grid electrification for poor and unserved households.
Local currency
Communaute Financiere Africaine franc (XOF)Pegged to the Euro.
Financial stability (Public debt)
54.6% of GDP (2017 est.)Benin has appealed for international assistance to mitigate piracy against commercial shipping in its territory, and has used equipment from donors effectively against such piracy. Pilferage has significantly dropped at the Port of Cotonou, though the port is still struggling with effective implementation of the International Ship and Port Facility Security (ISPS) Code.
Inflation
0.1% (2017 est.)Low.
Language
French (official), Fon and YorubaSome English is spoken near the Nigerian border.
Corruption perception index (Source: Transparency International)
85/180High level of corruption.
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
N/A
Corporate Tax
N/A
Duties
N/A
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