The World Bank’s updated data show a steady acceleration in the pace of economic growth, shared prosperity and wealth creation in Benin. Benin’s GDP (gross domestic product) per capita was $1,250 according to the latest update.
Gross national income per capita has continued its upward trend since 2016. After a sharp fall in 2015, GDP per capita fell from 648,395 CFA francs in 2016 to 770,081 CFA francs in 2020. This dynamic, which has enabled Benin to move to the category of lower-middle-income economies, is further confirmed. In 2020, GDP per capita grew by 6%, driven by all the reforms implemented by the Government. This achievement is also supported by improvements to the system of national accounts, including the rebasing of the national accounts finalized in 2019, which allowed the refinement of the estimation of national wealth. Considering the aggregate of GDP per capita, Cape Verde is by far the richest country in West Africa with a per capita income of 3,064 dollars in 2020, despite a decrease of 15% due to Covid-19. It is followed by Côte d’Ivoire with a GDP per capita of 2326 dollars in 2020 against 2,276 dollars a year before, a slight increase of 2%. Ghana, meanwhile, ranks third with per capita income falling by 2%, to $2206 in 2020. Nigeria, which is also the leading economy on the African continent, is only 4th, its GDP per capita having decreased by 6%, falling to 2,097 dollars in 2020. Ranked successively 5th, 6th, 7th, 8th, 10th and 14th, Senegal (+3% to 1,472 dollars), Benin (+6% to 1,291 dollars), Guinea (+13% to 1,194 dollars), Togo (+2% to 915 dollars), Burkina Faso (+8% to 858 dollars) and Niger (+2% to 568 dollars), all belonging to the WAEMU zone, saw their GDP per capita experience a good orientation.
Benin, the third largest country in WAEMU with the highest per capita income
Benin is thus in the top three countries of the West African Economic and Monetary Union (WAEMU) with the highest per capita incomes. It is ahead of Côte d ‘Ivoire and Senegal. In contrast to this increased resilience of a few EU countries, Mali (9th), Guinea-Bissau (12th), Liberia (13th) and Sierra Leone (15th) recorded a decline in their GDP per capita. With an estimated population of 2.4 million in 2020, The Gambia ranks 11th with a per capita income of $773, virtually stable compared to its level in the previous year. It should be noted that gross domestic product per capita, or per capita, is an indicator of the level of economic activity. This is the value of GDP divided by the number of people in a country. In other words, it is the share of the total wealth of a country that would be captured each year by an inhabitant. This aggregate is an important indicator of economic performance and a useful unit for cross-country comparisons of average living standards and economic well-being.