Highlights 

  • After a slowdown in 2015, the economic activity has recorded an acceleration over the last four years in Benin. The real GDP growth rate thus went from 3.3% in 2016 to 6.7% in 2018, before settling at 6.9% in 2019. This growth is driven particular by the implementation of major projects under the Government’s Action Program (PAG), the improvement of agricultural production and that processing activities. Due to the COVID-19 crisis, the growth rate would decrease to 3.5% in 2020, down to 3.4 percentage points compared to 2019.
  • Inflation in Benin remains contained in the WAEMU community standard of 3 % over the 2015-2019 period below the 2.0%. In 2020, the inflation rate is projected to 2.1%. 
  • The budget deficit decreased over the 2015-2017 period while remaining above the community standard of 3 %. It is estimated to 0.5 % of GDP in 2019 against 2.9% of GDP a year earlier. The budget deficit related to GDP would increase above the community standard in 2020 at 3.4%. 
  • As for the current account deficit, it stood at 4.9 % of GDP in 2019 after 4.6 % in 2018. In 2020, it would reach 5.1 % of GDP.
  • The debt-to-GDP ratio decrease to 39.4 % in 2019 after 41.0 % in 2018, in line with the improvement in the budget deficit and the current account deficit. It would be in slight increase in 2020 at 39.8%.  
  • In addition to the prevalent political stability, Benin has several structural advantages. These include:
    • A seaport used by several landlocked countries; 
    • Bordering Nigeria, the most populous country in West Africa, particularly through re-export activities;
    • A stable anchor of its currency to the euro; 
    • A coherent and ambitious economic program.

 

2015

2016

2017

2018

2019

2020

Real GDP growth

1.8

3.3

5.7

6.7

6.9

3.5

Inflation rate (annual average)

0.3

-0.8

1.8

0.8

-1.2

2.1

Underlying budget balance / Nominal GDP (%)*

-5.9

-4.4

-4.3

-2.9

-0.5

-3.4

Investment ratio*

20.7

20.3

24.0

24.9

25.6

22.2

Current balance, grants included*

-6.5

-6.8

-7.3

-4.6

-4.9

-5.1

Overall debt*

30.9

35.9

39.6

41.0

39.4

39.8

Sources : BCEAO, February 2020. except overall debt (IMF, Regional Economic Outlook : sub-Saharan Africa, April 2020) * in % of GDP  

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InstrumentAdditional detailsDate of operationValue dateDeadlineAmount(millions of FCFA)More infoStatus
T-Bill Bons COVID-1904/11/202005/11/202002/12/2020133 000More info | UpcomingrealizedBénin 04/11/2020
T-Bond
SI (Security 1)
22/10/202023/10/202009/10/202520 000More info | CompletedrealizedSI - Bénin 22/10/2020
T-Bond
SI (Security 2)
22/10/202023/10/202009/10/202720 000More info | CompletedrealizedSI - Bénin 22/10/2020
T-Bond
SI (Security 3)
08/10/202009/10/202009/10/202520 000More info | CompletedrealizedSI - Bénin 08/10/2020
T-Bond
SI (Security 4)
08/10/202009/10/202009/10/202720 000More info | CompletedrealizedSI - Bénin 08/10/2020
T-Bill
SI (Security 5)
30/11/201712/01/201731/05/201835 000More info
reported | Completed

reported
SI - Bénin 30/11/2017
T-Bond
SI (Security 6)
30/11/201712/01/201701/12/202035 000More info
reported | Completed

reported
SI - Bénin 30/11/2017
T-Bond Rachat d'obligations06/08/202007/08/202018/12/202027 500More info | CompletedrealizedBénin 06/08/2020
T-Bill Bons COVID-1930/07/202006/08/202004/11/2020133 000More info | CompletedrealizedBénin 30/07/2020
T-Bill
SI (Security 7)
15/03/2017----More info
reported | Completed

reported
SI - Bénin 15/03/2017
T-Bill
SI (Security 8)
15/03/2017----More info
reported | Completed

reported
SI - Bénin 15/03/2017
T-Bond
SI (Security 9)
10/09/202011/09/202003/07/202525 000More info | CompletedrealizedSI - Bénin 10/09/2020
T-Bond
SI (Security 10)
10/09/202011/09/202026/05/202725 000More info | CompletedrealizedSI - Bénin 10/09/2020
T-Bond 20/08/202021/08/202007/08/202320 000More info | CompletedrealizedBénin 20/08/2020
T-Bond 06/08/202007/08/202007/08/202330 000More info | CompletedrealizedBénin 06/08/2020
T-Bond
SI (Security 11)
02/07/202003/07/202003/07/202325 000More info | CompletedrealizedSI - Bénin 02/07/2020
T-Bond
SI (Security 12)
02/07/202003/07/202003/07/202525 000More info | CompletedrealizedSI - Bénin 02/07/2020
T-Bill 19/07/201620/07/201618/07/201735 000More info | CompletedrealizedBénin 19/07/2016
T-Bill 13/04/201614/04/201612/04/201730 000More info | CompletedrealizedBénin 13/04/2016
T-Bill
SB (Security 13)
21/09/201722/09/201720/09/201855 000More info | CompletedrealizedSI - Bénin 21/09/2017
T-Bond
SB (Security 14)
21/09/201722/09/201722/09/202055 000More info | CompletedrealizedSI - Bénin 21/09/2017
T-Bond
SB (Security 15)
21/09/201722/09/201722/09/202255 000More info | CompletedrealizedSI - Bénin 21/09/2017
T-Bond
SB (Security 16)
21/09/201722/09/201722/09/202455 000More info | CompletedrealizedSI - Bénin 21/09/2017
T-Bond
SB (Security 17)
21/09/201722/09/201722/09/202755 000More info | CompletedrealizedSI - Bénin 21/09/2017
T-Bond 27/08/201528/08/201531/07/202040 000More info | CompletedrealizedBénin 27/08/2015
T-Bond 27/10/201528/10/201531/07/202030 000More info | CompletedrealizedBénin 27/10/2015
T-Bond 30/09/201501/10/201509/07/201835 000More info | CompletedrealizedBénin 30/09/2015
T-Bill Bons COVID-1906/05/202007/05/202005/08/2020130 000More info | CompletedrealizedBénin 06/05/2020
T-Bond
SI (Security 18)
04/06/202005/06/202026/05/202330 000More info | CompletedrealizedSI - Bénin 04/06/2020
T-Bond
SI (Security 19)
04/06/202005/06/202026/05/202530 000More info | CompletedrealizedSI - Bénin 04/06/2020
T-Bond
SI (Security 20)
04/06/202005/06/202026/05/202730 000More info | CompletedrealizedSI - Bénin 04/06/2020
T-Bill 18/06/202019/06/202017/06/202135 000More info
canceled | Completed

canceled
Bénin 18/06/2020
T-Bond 21/11/201722/11/201722/09/202415 000More info
canceled | Completed

canceled
Bénin 21/11/2017
T-Bond 06/02/202007/02/202007/02/202535 000More info | CompletedrealizedBénin 06/02/2020
T-Bond 23/01/202024/01/202024/01/202335 000More info | CompletedrealizedBénin 23/01/2020
T-Bond 07/03/201908/03/201908/03/202415 000More info | CompletedrealizedBénin 07/03/2019
T-Bond 07/02/201908/02/201925/01/202220 000More info | CompletedrealizedBénin 07/02/2019
T-Bond 14/12/201817/12/201811/05/202025 000More info | CompletedrealizedBénin 14/12/2018
T-Bond 24/01/201925/01/201925/01/202220 000More info | CompletedrealizedBénin 24/01/2019
T-Bond 29/11/201830/11/201830/11/202115 000More info | CompletedrealizedBénin 29/11/2018
T-Bond 25/10/201826/10/201819/09/202115 000More info | CompletedrealizedBénin 25/10/2018
T-Bond 18/09/201819/09/201819/09/202115 000More info | CompletedrealizedBénin 18/09/2018
T-Bond 24/05/201825/05/201816/03/202120 000More info | CompletedrealizedBénin 24/05/2018
T-Bond 15/02/201816/02/201802/02/202115 000More info | CompletedrealizedBénin 15/02/2018
T-Bond 01/02/201802/02/201802/02/202115 000More info | CompletedrealizedBénin 01/02/2018
T-Bond 18/10/201719/10/201722/09/202025 000More info | CompletedrealizedBénin 18/10/2017
T-Bond 09/08/201710/08/201710/08/202025 000More info | CompletedrealizedBénin 09/08/2017
T-Bond 25/07/201726/07/201726/07/202260 000More info | CompletedrealizedBénin 25/07/2017
T-Bond 03/11/201604/11/201614/10/202125 000More info | CompletedrealizedBénin 03/11/2016
T-Bond 13/10/201614/10/201614/10/202140 000More info | CompletedrealizedBénin 13/10/2016
T-Bond 02/09/201605/09/201605/09/202135 000More info | CompletedrealizedBénin 02/09/2016
T-Bond 28/06/201629/06/201629/06/2023150 000More info | CompletedrealizedBénin 28/06/2016
T-Bond 15/03/201616/03/201616/03/201925 000More info | CompletedrealizedBénin 15/03/2016
T-Bond 17/12/201518/12/201518/12/2020100 000More info | CompletedrealizedBénin 17/12/2015
T-Bond 12/01/201613/01/201613/01/201925 000More info | CompletedrealizedBénin 12/01/2016
T-Bond 02/12/201503/12/201503/12/2022150 000More info | CompletedrealizedBénin 02/12/2015
T-Bond 30/07/201531/07/201531/07/202030 000More info | CompletedrealizedBénin 30/07/2015
T-Bond 08/07/201509/07/201509/07/201835 000More info | CompletedrealizedBénin 08/07/2015
T-Bond 17/06/201518/06/201519/03/202230 000More info | CompletedrealizedBénin 17/06/2015
T-Bond 18/03/201519/03/201519/03/202240 000More info | CompletedrealizedBénin 18/03/2015
T-Bond 09/10/201410/10/201410/10/202170 000More info | CompletedrealizedBénin 09/10/2014
T-Bill 17/02/201618/02/201615/02/201725 000More info | CompletedrealizedBénin 17/02/2016
T-Bill 13/05/201515/05/201511/05/201730 000More info | CompletedrealizedBénin 13/05/2015
T-Bill 17/04/201520/04/201516/04/201730 000More info | CompletedrealizedBénin 17/04/2015
T-Bill 18/02/201519/02/201517/02/201625 000More info | CompletedrealizedBénin 18/02/2015
T-Bill 13/01/201514/01/201512/01/201630 000More info | CompletedrealizedBénin 13/01/2015
T-Bill 10/07/201411/07/201408/07/201640 000More info | CompletedrealizedBénin 10/07/2014
T-Bill 23/10/201424/10/201420/10/201640 000More info | CompletedrealizedBénin 23/10/2014
T-Bill 28/08/201429/08/201427/08/201525 000More info | CompletedrealizedBénin 28/08/2014
T-Bill 19/06/201420/06/201418/06/201525 000More info | CompletedrealizedBénin 19/06/2014
T-Bill 22/05/201423/05/201421/05/201525 000More info | CompletedrealizedBénin 22/05/2014
T-Bill 24/04/201425/04/201423/04/201530 000More info | CompletedrealizedBénin 24/04/2014
T-Bill 27/02/201428/02/201426/02/201525 000More info | CompletedrealizedBénin 27/02/2014
T-Bill 20/03/201421/03/201417/03/201640 000More info | CompletedrealizedBénin 20/03/2014
T-Bill 15/01/201416/01/201414/01/201530 000More info | CompletedrealizedBénin 15/01/2014
T-Bill 13/06/201914/06/201912/09/201925 000More info | CompletedrealizedBénin 13/06/2019
T-Bill 16/05/201917/05/201914/11/201925 000More info | CompletedrealizedBénin 16/05/2019
T-Bill 21/02/201922/02/201922/08/201925 000More info | CompletedrealizedBénin 21/02/2019
T-Bill 09/01/201911/01/201909/01/202020 000More info | CompletedrealizedBénin 09/01/2019
T-Bill 09/08/201810/08/201807/02/201925 000More info | CompletedrealizedBénin 09/08/2018
T-Bill 10/07/201811/07/201809/07/201925 000More info | CompletedrealizedBénin 10/07/2018
T-Bill 21/06/201822/06/201820/06/201920 000More info | CompletedrealizedBénin 21/06/2018
T-Bill 13/04/201816/04/201815/04/201920 000More info | CompletedrealizedBénin 13/04/2018
T-Bill 29/03/201830/03/201828/06/201820 000More info | CompletedrealizedBénin 29/03/2018
T-Bill 11/01/201812/01/201810/01/201920 000More info | CompletedrealizedBénin 11/01/2018
T-Bill 09/11/201710/11/201708/11/201825 000More info | CompletedrealizedBénin 09/11/2017
T-Bill 09/10/201710/10/201720/09/201815 000More info | CompletedrealizedBénin 09/10/2017
T-Bill 13/04/201714/04/201712/04/201835 000More info | CompletedrealizedBénin 13/04/2017
T-Bill 05/07/201706/07/201704/10/201725 000More info | CompletedrealizedBénin 05/07/2017
T-Bill 02/02/201703/02/201701/02/201835 000More info | CompletedrealizedBénin 02/02/2017
T-Bill 18/01/201719/01/201717/01/201827 000More info | CompletedrealizedBénin 18/01/2017
T-Bond
SI (Security 21)
22/05/202026/05/202026/05/202350 000More info | CompletedrealizedSI - Bénin 22/05/2020
T-Bond
SI (Security 22)
22/05/202026/05/202026/05/202550 000More info | CompletedrealizedSI - Bénin 22/05/2020
T-Bond
SI (Security 23)
22/05/202026/05/202026/05/202750 000More info | CompletedrealizedSI - Bénin 22/05/2020
T-Bill
SI (Security 24)
23/04/202024/04/202022/04/202150 000More info | CompletedrealizedSI - Bénin 23/04/2020
T-Bond
SI (Security 25)
23/04/202024/04/202024/04/202350 000More info | CompletedrealizedSI - Bénin 23/04/2020
T-Bond
SI (Security 26)
02/04/202003/04/202006/03/202570 000More info | CompletedrealizedSI - Bénin 02/04/2020
T-Bond
SI (Security 27)
02/04/202003/04/202006/03/202770 000More info | CompletedrealizedSI - Bénin 02/04/2020
T-Bond
SI (Security 28)
02/04/202003/04/202006/03/203070 000More info | CompletedrealizedSI - Bénin 02/04/2020
T-Bond
SI (Security 29)
19/03/202020/03/202024/01/202330 000More info | CompletedrealizedSI - Bénin 19/03/2020
T-Bond
SI (Security 30)
19/03/202020/03/202006/03/202530 000More info | CompletedrealizedSI - Bénin 19/03/2020
T-Bond
SI (Security 31)
05/03/202006/03/202006/03/202580 000More info | CompletedrealizedSI - Bénin 05/03/2020
T-Bond
SI (Security 32)
05/03/202006/03/202006/03/202780 000More info | CompletedrealizedSI - Bénin 05/03/2020
T-Bond
SI (Security 33)
05/03/202006/03/202006/03/203080 000More info | CompletedrealizedSI - Bénin 05/03/2020
T-Bond
SI (Security 34)
09/01/202013/01/202013/01/202350 000More info | CompletedrealizedSI - Bénin 09/01/2020
T-Bond
SI (Security 35)
09/01/202013/01/202013/01/202550 000More info | CompletedrealizedSI - Bénin 09/01/2020
T-Bond
SI (Security 36)
18/04/201919/04/201919/04/202430 000More info | CompletedrealizedSI - Bénin 18/04/2019
T-Bond
SI (Security 37)
18/04/201919/04/201919/04/202630 000More info | CompletedrealizedSI - Bénin 18/04/2019
T-Bond
SI (Security 38)
06/09/201807/09/201807/09/202150 000More info | CompletedrealizedSI - Bénin 06/09/2018
T-Bond
SI (Security 39)
06/09/201807/09/201807/09/202350 000More info | CompletedrealizedSI - Bénin 06/09/2018
T-Bill
SI (Security 40)
05/07/201809/07/201807/07/201970 000More info | CompletedrealizedSI - Bénin 05/07/2018
T-Bond
SI (Security 41)
05/07/201809/07/201809/07/202170 000More info | CompletedrealizedSI - Bénin 05/07/2018
T-Bond
SI (Security 42)
26/04/201827/04/201827/04/202125 000More info | CompletedrealizedSI - Bénin 26/04/2018
T-Bond
SI (Security 43)
26/04/201827/04/201827/04/202325 000More info | CompletedrealizedSI - Bénin 26/04/2018
T-Bond
SI (Security 44)
15/03/201816/03/201816/03/202135 000More info | CompletedrealizedSI - Bénin 15/03/2018
T-Bond
SI (Security 45)
15/03/201816/03/201816/03/202335 000More info | CompletedrealizedSI - Bénin 15/03/2018
T-Bill
SI (Security 46)
20/12/201721/12/201707/06/201835 000More info | CompletedrealizedSI - Bénin 20/12/2017
T-Bond
SI (Security 47)
20/12/201721/12/201708/12/202035 000More info | CompletedrealizedSI - Bénin 20/12/2017
T-Bill
SI (Security 48)
07/12/201708/12/201707/06/201835 000More info | CompletedrealizedSI - Bénin 07/12/2017
T-Bond
SI (Security 49)
07/12/201708/12/201708/12/202035 000More info | CompletedrealizedSI - Bénin 07/12/2017
T-Bond
SI (Security 50)
30/08/201731/08/201731/08/202025 000More info | CompletedrealizedSI - Bénin 30/08/2017
T-Bond
SI (Security 51)
30/08/201731/08/201731/08/202225 000More info | CompletedrealizedSI - Bénin 30/08/2017
T-Bond
SI (Security 52)
30/08/201731/08/201731/08/202425 000More info | CompletedrealizedSI - Bénin 30/08/2017
T-Bill
SI (Security 53)
10/05/201711/05/201708/11/201735 000More info | CompletedrealizedSI - Bénin 10/05/2017
T-Bill
SI (Security 54)
10/05/201711/05/201709/05/201835 000More info | CompletedrealizedSI - Bénin 10/05/2017
T-Bond
SI (Security 55)
10/05/201711/05/201711/05/202035 000More info | CompletedrealizedSI - Bénin 10/05/2017
T-Bill
SI (Security 56)
21/03/201722/03/201720/06/201725 000More info | CompletedrealizedSI - Bénin 21/03/2017
T-Bill
SI (Security 57)
21/03/201722/03/201719/09/201725 000More info | CompletedrealizedSI - Bénin 21/03/2017
T-Bond 26/11/2015----25 000More info
reported | Completed

reported
Bénin 26/11/2015
T-Bond 10/11/2015----25 000More info
reported | Completed

reported
Bénin 10/11/2015
T-Bond 24/08/201827/08/201827/08/202350 000More info
reported | Completed

reported
Bénin 24/08/2018
T-Bond 12/06/201813/06/201813/06/202115 000More info
reported | Completed

reported
Bénin 12/06/2018
T-Bond 12/01/201713/01/201713/01/201927 000More info
reported | Completed

reported
Bénin 12/01/2017