Economy (Benin)
===============


     Overview:
         Benin is one of the least developed countries in the world because of
         limited natural resources and a poorly developed infrastructure. Agriculture
         accounts for about 35% of GDP, employs about 60% of the labor force, and
         generates a major share of foreign exchange earnings. The industrial sector
         contributes only about 15% to GDP and employs 2% of the work force. Low
         prices in recent years have kept down hard currency earnings from Benin's
         major exports of agricultural products and crude oil.
     GDP:
         exchange rate conversion - $2.0 billion, per capita $410; real growth rate
         3% (1991)
     Inflation rate (consumer prices):
         3.0% (1990)
     Unemployment rate:
         NA%
     Budget:
         revenues $194 million; expenditures $390 million, including capital
         expenditures of $104 million (1990 est.)
     Exports:
         $263.3 million (f.o.b., 1990 est.)
       commodities:
         crude oil, cotton, palm products, cocoa
       partners:
         FRG 36%, France 16%, Spain 14%, Italy 8%, UK 4%
     Imports:
         $428 million (f.o.b., 1990 est.)
       commodities:
         foodstuffs, beverages, tobacco, petroleum products, intermediate goods,
         capital goods, light consumer goods
       partners:
         France 34%, Netherlands 10%, Japan 7%, Italy 6%, US 4%
     External debt:
         $1.0 billion (December 1990 est.)
     Industrial production:
         growth rate --0.7% (1988); accounts for 15% of GDP
     Electricity:
         30,000 kW capacity; 25 million kWh produced, 5 kWh per capita (1991)
     Industries:
         textiles, cigarettes, construction materials, beverages, food production,
         petroleum
     Agriculture:
         small farms produce 90% of agricultural output; production is dominated by
         food crops - corn, sorghum, cassava, beans, and rice; cash crops include
         cotton, palm oil, and peanuts; poultry and livestock output has not kept up
         with consumption
     Economic aid:
         US commitments, including Ex-Im (FY70-89), $46 million; Western (non-US)
         countries, ODA and OOF bilateral commitments (1970-89), $1,300 million; OPEC
         bilateral aid (1979-89), $19 million; Communist countries (1970-89), $101
         million
     Currency:
         Communaute Financiere Africaine franc (plural - francs); 1 CFA franc (CFAF)
         = 100 centimes
     Exchange rates:
         Communaute Financiere Africaine francs (CFAF) per US$1 - 269.01 (January
         1992), 282.11 (1991), 272.26 (1990), 319.01 (1989), 297.85 (1988), 300.54
         (1987)
     Fiscal year:
         calendar year