Indicators of economy in Benin

Impact of the COVID-19 pandemic

Overall, the gross domestic product in Benin in 2020 increased from 14.39 billion US dollars to 15.65 billion US dollars. Certainly, there have been shifts in numerous sectors of the economy, but a 8.8 percent increase has been rather unusual this year. While most countries have suffered significant losses, Benin has certainly held its own. The unemployment rate rose from 1.5 to 1.7 percent. The consumer inflation rate has risen from -0.7 percent previously to 3.0 percent now.

Income and purchasing power

The average monthly income in Benin is 113 US Dollar per capita. In the USA, the figure is 5,911 US Dollar. However, the prices of consumer goods are also around 62.5 percent lower than in the USA. If you compare income and price levels, the result is a more expensive life in Benin than in the United States. The bottom line is that the costs do not offset the lower income, and you get about 94.9 percent less.

However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.

Unemployment rates in percentages 1991 - 2021

Economic performance 2021

In the Global Innovation Index, Benin ranked 124th in 2022 with 14.6 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 132 countries. The top country was Switzerland with 64.6 points.

Development of gross domestic product in billions of USD 1960 - 2021