N
chancery: 2124 Kalorama Road NW, Washington, DC 20008
telephone: [1] (202) 232-6656
FAX: [1] (202) 265-1996

Diplomatic representation from the US:
chief of mission: Ambassador Wayne NEILL
embassy: Rue Caporal Bernard Anani, Cotonou
mailing address: 01 B. P. 2012, Cotonou
telephone: [229] 30-06-50
FAX: [229] 30-06-70

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

Economy 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 around 5% in the past six years,
but rapid population growth has offset much of this increase.
Inflation has subsided over the past several years. In order to
raise growth still further, Benin plans to attract more foreign
investment, place more emphasis on tourism, facilitate the
development of new food processing systems and agricultural
products, and encourage new information and communication
technology. The 2001 privatization policy should continue in
telecommunications, water, electricity, and agriculture in spite of
initial government reluctance. The Paris Club and bilateral
creditors have eased the external debt situation, while pressing for
more rapid structural reforms. Benin continues to be hurt by
Nigerian trade protection that bans imports of a growing list of
products from Benin and elsewhere. As a result, smuggling and
criminality along the Benin-Nigeria border has been on the rise.

GDP (purchasing power parity):
$8.338 billion (2004 est.)

GDP - real growth rate:
5% (2004 est.)

GDP - per capita:
purchasing power parity - $1,200 (2004 est.)

GDP - composition by sector:
agriculture: 36.3%
industry: 14.3%
services: 49.4% (2004 est.)

Labor force:
NA (1996)

Unemployment rate:
NA

Population below poverty line:
33% (2001 est.)

Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA

Inflation rate (consumer prices):
2.8% (2004 est.)

Investment (gross fixed):
19.3% of GDP (2004 est.)

Budget:
revenues: $869.4 million
expenditures: $720.4 million, including capital expenditures of NA
(2004 est.)

Agriculture - products:
cotton, corn, cassava (tapioca), yams, beans, palm oil, peanuts,
livestock (2001)

Industries:
t