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      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 a stable 5% in the past six

       years, but rapid population rise 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

       speeded-up structural reforms.

      GDP:

       purchasing power parity - $7.742 billion (2003 est.)

      GDP - real growth rate:

       5.5% (2003 est.)

      GDP - per capita:

       purchasing power parity - $1,100 (2003 est.)

      GDP - composition by sector: agriculture: 36.4% industry: 14.5% services: 49.1% (2003 est.)

      Investment (gross fixed):

       19.3% of GDP (2003)

      Population below poverty line:

       37% (2001 est.)

      Household income or consumption by percentage share:

       lowest 10%: NA

       highest 10%: NA

      Inflation rate (consumer prices):

       1.5% (2003 est.)

      Labor force:

       NA (1996)

      Unemployment rate:

       NA

      Budget:

       revenues: $698.9 million

       expenditures: $613.2 million, including capital expenditures of NA

       (2003)

      Agriculture - products:

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

       livestock (2001)

      Industries:

       textiles, food processing, chemical production, construction

       materials (2001)

      Industrial production growth rate:

       8.3% (2001 est.)

      Electricity - production:

       274.3 million kWh (2001)

      Electricity - consumption:

       631.1 million kWh (2001)

      Electricity - exports:

       0 kWh (2001)

      Electricity - imports:

       376 million kWh (2001)

      Oil - production:

       700 bbl/day (2001 est.)

      Oil - consumption:

       11,500 bbl/day (2001 est.)

      Oil - exports:

       NA (2001)

      Oil - imports:

       NA (2001)

      Oil - proved reserves:

       4.105 million bbl (1 January 2002)

      Natural gas - proved reserves:

       608.8 million cu m (1 January 2002)

      Current account balance:

       $-112 million (2003)

      Exports:

       $485 million f.o.b. (2003 est.)

      Exports - commodities:

       cotton, crude oil, palm products, cocoa

      Exports - partners:

       China 21.1%, India 18%, Thailand 6.8%, Ghana 5.8%, Niger 4.4%,

       Indonesia 4.1% (2003)

      Imports:

       $726 million f.o.b. (2003 est.)

      Imports - commodities:

       foodstuffs, capital goods, petroleum products

      Imports - partners:

       China 29.5%, France 14.9%, UK 4.7%, Cote d'Ivoire 4.7%, Thailand

       4.6% (2003)

      Reserves of foreign exchange & gold:

       $636 million (2003)

      Debt - external:

       $1.6 billion (2000)

      Economic aid - recipient:

       $342.6 million (2000)

      Currency:

       Communaute Financiere Africaine franc (XOF); note - responsible

       authority is the Central Bank of the West African States

      Currency code:

       XOF

      Exchange rates:

       Communaute Financiere Africaine francs (XOF) per US dollar - 581.2

       (2003), 696.988 (2002), 733.039 (2001), 711.976 (2000), 615.699

       (1999)

      Fiscal year:

       calendar year

      Communications Benin

      Telephones - main lines in use:

       66,500 (2003)

      Telephones - mobile cellular:

       236,200 (2003)

      Telephone system:

       general assessment: NA

       domestic: fair system of open-wire, microwave radio relay, and

       cellular connections

       international: country code - 229; satellite earth station - 1

       Intelsat (Atlantic Ocean); fiber optic submarine cable (SAT-3/WASC)

       provides connectivity to Europe and Asia

      Radio broadcast stations:

       AM 2, FM 9, shortwave 4 (2000)

      Radios:

       660,000 (2000)

      Television broadcast stations:

       1 (2001)

      Televisions:

       66,000 (2000)

      Internet country code:

       .bj

      Internet hosts:

       879 (2004)

      Internet Service Providers (ISPs):

       4 (2002)

      Internet users:

       70,000 (2003)

      Transportation Benin

      Railways: total: 578 km narrow gauge: 578 km 1.000-m gauge (2003)

      Highways:

       total: 6,787 km

       paved: 1,357 km (including 10 km of expressways)

      

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