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Financial Sector Overview

Economic Landscape

Benin's economy relies heavily on agriculture and informal trade in re-export and transit to Nigeria, which accounts for about 20 percent of GDP. This informality, the main characteristic of the Beninese economy, concerns 90% of the active population. Real GDP growth has increased from 4% in 2016 to around 5.5% in 2017. The recent economic performance is largely the result of the reforms undertaken as part of the 2016-2021Government Action Plan, aimed at increasing public investment in productive sectors such as infrastructure, agriculture, tourism and basic services. The significant increases in agricultural production, particularly in the cotton sector, the rise in electricity production and the economic recovery in Nigeria, which technically came out of recession in the third quarter of 2017, also contributed to rebound of economic activity. The country remains vulnerable to exogenous shocks, mainly weather conditions, prices of agricultural and extractive raw materials (cotton and oil) and the economic situation of its main trading partner, Nigeria.

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At a Glance

At a Glance Source
Population in thousands (2017): 11,175.69
GDP per capita (current US$) 2017 - World Average 10,721.61: 827.39
Account (%) age 15+) - (2014 vs 2017): 17% | 38%
Agriculture Orientation Index - Credit ( Agriculture, Forestry and Fisheries share of GDP) (2015 vs 2016): 0.16 (2015)
Financial Inclusion Strategies: La Stratégie régionale d’inclusion financière dans l’UEMOA (published 2016)
Domestic credit provided by financial sector (% of GDP) 2017: 28.37
Made or received digital payments in the past year (% age 15+) (2014 vs 2017): 8% | 28%
Remittances % of GDP for 2017: 0.0283
Mortgage Interest Rate / Mortgage Term (years): 8.47% | 7 years

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May 31, 2019 | Ecofin Agency
The ECOWAS Bank for Investment and Development (EBID) has just launched a bond issuance operation.
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Oct 27, 2019
Abidjan, Côte d'Ivoire
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Latest Publications

Dec 31, 2018 | F. Haile, L.C. Moller | The World Bank
Sep 30, 2016 | T. Vasudevan, E. Lahaye, C. Riquet et al. | CGAP
Mar 31, 2016 | M. Ayyagari, P.F. Juarros, M.S. Martinez Peria et al. | World Bank
Feb 29, 2016 | N. Graham | CAHF, FSD Africa