re emphasis on tourism, facilitate the
development of new food processing systems and agricultural
products, and encourage new information and communication
technology. Specific projects to improve the business climate by
reforms to the land tenure system, the commercial justice system,
and the financial sector were included in Benin's $307 million
Millennium Challenge Account grant signed in February 2006. The 2001
privatization policy continues in telecommunications, water,
electricity, and agriculture though the government annulled the
privatization of Benin's state cotton company in November 2007 after
the discovery of irregularities in the bidding process. The Paris
Club and bilateral creditors have eased the external debt situation,
with Benin benefiting from a G8 debt reduction announced in July
2005, while pressing for more rapid structural reforms. An
insufficient electrical supply continues to adversely affect Benin's
economic growth though the government recently has taken steps to
increase domestic power production.

GDP (purchasing power parity):

$12 billion (2007 est.)

GDP (official exchange rate):

$5.433 billion (2007 est.)

GDP - real growth rate:

4.5% (2007 est.)

GDP - per capita (PPP):

$1,400 (2007 est.)

GDP - composition by sector:

agriculture: 33.2%
industry: 14.5%
services: 52.3% (2007 est.)

Labor force:

5.38 million (2007 est.)

Unemployment rate:

NA%

Population below poverty line:

37.4% (2007 est.)

Household income or consumption by percentage share:

lowest 10%: 3.1%
highest 10%: 29% (2003)

Distribution of family income - Gini index:

36.5 (2003)

Investment (gross fixed):

19.3% of GDP (2007 est.)

Budget:

revenues: $959.2 million
expenditures: $1.211 billion (2007 est.)

Fiscal year:

calendar year

Inflation rate (consumer prices):

1.3% (2007 est.)

Central bank discount rate:

4.25% (31 December 2007)

Commercial bank prime lending rate:

NA

Stock of money:

$1.324 billion (31 December 2007)

Stock of quasi money:

$627.2 million (31 December 2007)

Stock of domestic credit:

$520.6 million (31 December 2007)

Agriculture - products:

cotton, corn, cassava (tapioca), yams, beans, palm oil, peanuts,
cashews; livestock

Industries:

textiles, food processing, construction materials, cement

Industrial production growth rate:

4.5% (2007 est.)

Electricity - p