Bénin’s GDP rebased: 25.2% surge in 2023 economic figures revealed
Bénin’s GDP rebased: 2023 economic figures surge by 25.2%
The National Institute of Statistics and Demography (INStaD) has completed a comprehensive rebasing of Benin’s national accounts, establishing 2023 as the new base year in place of 2015. This statistical overhaul reveals a revised GDP figure of 14,020.2 billion FCFA for 2023, representing a remarkable 25.2% increase—a clear reflection of the country’s evolving economic landscape.
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Benin’s statistical authorities have finalized a major economic recalibration, shifting the national accounts benchmark from 2015 to 2023. This strategic adjustment aligns with United Nations’ 2008 System of National Accounts, which advocates for periodic updates to enhance economic measurement accuracy.
The five-year update cycle was disrupted by global economic shocks between 2019 and 2022, prompting authorities to select 2023—a year of relative stability—as the new reference point. This period also coincided with extensive statistical initiatives that captured the nation’s recent economic metamorphosis.
A more accurate portrayal of Benin’s economy
Under the revised calculations, Benin’s 2023 GDP stands at 14,020.2 billion FCFA, up from the previous estimate of 11,200.7 billion FCFA using the 2015 base. This 25.2% adjustment doesn’t indicate sudden wealth creation but rather improved statistical coverage and economic activity measurement.
The supply-side growth is evident across all sectors, with the secondary sector leading the surge at 56.1%. On the demand side, gross fixed capital formation saw the most significant revision, climbing 36.6%—a change attributed to better documentation of investments in infrastructure, construction, and productive equipment, particularly those tied to special economic zones.
The comprehensive overhaul involved collaboration with multiple technical and financial partners, including the World Bank, AFRISTAT, the IMF, GIZ, the African Development Bank, STATFRIC, ECOWAS, and WAEMU. Peer reviews also engaged statistical institutes from Burkina Faso and Mali.
INStaD has announced plans to extend this work backward, retroactively calculating national accounts from 1999 to 2022. This initiative will provide Benin with a complete, updated series of national accounts based on the 2023 benchmark.