Benin's GDP changed from approximately $2B 302M in 1980 to $21B 371M in 2024, showing an overall 828.4% sharply increased during the period.
The lowest GDP was recorded in 1983 at $1B 365M, and the highest in 2024 at $21B 371M.
Over the 44-year span, the GDP showed a overall increase with some decline trend, with an average annual growth rate of 5.2%.
For comparison, the average annual growth rate of Togo was 3.7%, and that of Nigeria was 4.2%.
Overview of Benin's GDP (1980–2024)
The Gross Domestic Product (GDP) of Benin recorded a 828.4% sharply increased from 1980 to 2024.
The average GDP during this period was $7B 281M, and the median was $4B 191M.
GDP fluctuated within a range of $20B 6M, with a standard deviation of $5B 660M.
The average annual change was $404M 379K.
Benin GDP from 1980 to 2024
The total market value of goods and services produced annually in Benin.
Data Source: International Monetary Fund
Image Source: Freepik from www.flaticon.com
Highest and Lowest GDP Records
- Lowest GDP: 1983, $1B 365M
- Highest GDP: 2024, $21B 371M
- Most Recent GDP: 2024, $21B 371M
Notable Annual GDP Changes
- 2021: Significant increase in GDP
- 2015: Noticeable drop in GDP
Overall pattern: overall increase with some decline
Global Economic Events and Benin's GDP
COVID-19 Pandemic (2020)
- Period: From 2019 to 2020
- GDP Change: $14B 392M → $15B 674M
- Outcome: increased
2008 Global Financial Crisis
- Period: From 2007 to 2009
- GDP Change: $8B 170M → $9B 728M
- Outcome: sharply increased
2001 Dot-com Bubble Burst
- Period: From 2000 to 2001
- GDP Change: $3B 522M → $3B 666M
- Outcome: increased
1998 Asian Financial Crisis
- Period: From 1997 to 1998
- GDP Change: $3B 124M → $3B 362M
- Outcome: increased
Key Economic Indicators of Benin (1980–2024)
| year | Nominal GDP | GDP per Capita | PPP per Capita | PPP GDP | GDP Growth | Current Account | Savings | Fiscal Balance | Population |
|---|---|---|---|---|---|---|---|---|---|
1980 | $ 2B 302M | $ 614.04 | $ 955.19 | $ 3B 582M | 9.255 % | -4.672 % | 20.17 % | 0 % | 3M 750K people |
1981 | $ 1B 557M | $ 401.43 | $ 1,030.01 | $ 3B 996M | 1.929 % | -16.923 % | 13.14 % | 0 % | 3M 880K people |
1982 | $ 1B 542M | $ 385.57 | $ 1,078.90 | $ 4B 314M | 1.682 % | -20.877 % | 1.99 % | 0 % | 3M 999K people |
1983 | $ 1B 365M | $ 330.58 | $ 1,064.12 | $ 4B 394M | -2 % | -11.655 % | 0.67 % | 0 % | 4M 128K people |
1984 | $ 1B 456M | $ 341.86 | $ 1,073.14 | $ 4B 570M | 0.4 % | -3.66 % | 5.85 % | 0 % | 4M 259K people |
1985 | $ 1B 580M | $ 359.17 | $ 1,118 | $ 4B 919M | 4.327 % | -2.566 % | 3.30 % | 0 % | 4M 400K people |
1986 | $ 2B 36M | $ 448.48 | $ 1,135.48 | $ 5B 156M | 2.748 % | -2.725 % | 4.62 % | 0 % | 4M 541K people |
1987 | $ 2B 430M | $ 519.04 | $ 1,105.19 | $ 5B 174M | -2.074 % | -1.512 % | 4.67 % | 0 % | 4M 682K people |
1988 | $ 2B 552M | $ 527.91 | $ 1,146.24 | $ 5B 540M | 3.428 % | -4.468 % | 5.31 % | 0 % | 4M 833K people |
1989 | $ 2B 370M | $ 476.32 | $ 1,124.04 | $ 5B 593M | -2.849 % | -0.615 % | 6.94 % | 3.833 % | 4M 976K people |
1990 | $ 2B 890M | $ 562.90 | $ 1,231.82 | $ 6B 323M | 8.976 % | -0.677 % | 9.87 % | -0.376 % | 5M 133K people |
1991 | $ 2B 954M | $ 558.10 | $ 1,287.27 | $ 6B 814M | 4.226 % | -7.971 % | 9.79 % | -0.597 % | 5M 293K people |
1992 | $ 3B 284M | $ 601.64 | $ 1,314.63 | $ 7B 175M | 2.958 % | -2.369 % | 8.18 % | 0.788 % | 5M 458K people |
1993 | $ 3B 199M | $ 560.71 | $ 1,362.33 | $ 7B 774M | 5.836 % | -1.89 % | 8.82 % | 1.907 % | 5M 706K people |
1994 | $ 2B 227M | $ 375.96 | $ 1,367.48 | $ 8B 100M | 2.02 % | 0.483 % | 11.19 % | 0.814 % | 5M 923K people |
1995 | $ 2B 993M | $ 495.05 | $ 1,450.40 | $ 8B 770M | 6.045 % | -5.631 % | 11.77 % | -0.043 % | 6M 47K people |
1996 | $ 3B 251M | $ 524.07 | $ 1,501.74 | $ 9B 317M | 4.324 % | -1.269 % | 9.87 % | 2.118 % | 6M 204K people |
1997 | $ 3B 124M | $ 489.14 | $ 1,568.92 | $ 10B 21M | 5.735 % | -4.966 % | 9.42 % | 2.232 % | 6M 387K people |
1998 | $ 3B 362M | $ 510.57 | $ 1,600.01 | $ 10B 535M | 3.961 % | -3.949 % | 9.89 % | 3.492 % | 6M 584K people |
1999 | $ 3B 681M | $ 542.24 | $ 1,642.38 | $ 11B 149M | 4.358 % | -4.232 % | 13.32 % | 2.557 % | 6M 789K people |
