Country Information :: History : Geography : Government : Economy

Economy
With the adoption of a new constitution and a democratic government in 1990 came the change to a free market economy. Although capitalism in Benin is still in its youth, private businesses and investments are growing and there is a sense of optimism. Specifically, several laws have been passed in recent years in order to reduce fiscal regulations and make Benin more attractive to foreign investors.

Agriculture
Agriculture constitutes the foundation of Benin's economy, employing 85% of the population. Benin's principal agricultural products are: corn, manioc, sorghum, yams, beans, rice, tobacco, cotton, palm oil, and peanuts. Cotton and palm oil production are Benin's leading agricultural industries, and expansion of these industries is expected to lead to increased growth in coming years. Although animal husbandry and fisheries are not as significant as agriculture for the national economy, they are very important for certain socio-cultural groups whose livelihoods depend on these activities.

Industry
Benin has a growing industrial sector which accounted for 13.5% of GDP in 1999. The main industrial products are: textiles, cigarettes, beverages, food, construction materials, and petroleum.

Services
Services account for the largest portion of Benin's GDP, at 48.6% in 1999. Specifically, significant progress can be noted in communications infrastructure, tourism, and artisan trade.

Natural Resources
Benin's natural resources include limestone in Onigbolo, natural springs in Possotomé, and petroleum in Seme. In addition, there are exploitable reserves of iron in Loumbou-Loumbou, gold in Perma, and phosphates in Mékrou.

Les ressources naturelles du Bénin comprennent le calcaire d’Onigbolo, la source d’eau naturelle de Possotomè et le pétrole de Sèmè. Par ailleurs, il y a des réserves exploitables de fer à Loumbou-loumbou, d’or à Perma et de phosphate au Mékrou.

Imports
Benin's imports totaled $566 million in 1999. The chief import commodities are: foodstuffs, tobacco, petroleum products, and capital goods. Benin's main import partners are France, China, the United Kingdom, and Côte d'Ivoire.

Exports
Benin's exports totaled $396 million in 1999. The chief export commodities are: cotton, crude oil, palm products, and cocoa. Benin's main export partners are Brazil, Libya, Indonesia, and Italy.