The economy of Benin is dependent on subsistence agriculture, cotton production and regional trade. The country experienced growth in real output at almost 4% on average prior to the global economic downturn and returned to that level by 2011-12.
In order to raise further growth, Benin plans to attract additional foreign investment, placing more emphasis on tourism and facilitating the development of new food processing systems and agricultural products, to encourage new information and communication technology.
The Paris Club and bilateral creditors helped ease Benin’s external debt situation with Benin benefiting from a G-8 debt reduction announced back in July 2005.
Composition of GDP (2013)