Bénin revises national accounts base with 25.2% GDP surge in 2023

The Institut national de la statistique et de la démographie (INStaD) has finalized the rebasing of Benin’s national accounts, adopting 2023 as the new reference year in place of 2015. This statistical overhaul recalculates the country’s Gross Domestic Product (GDP) for 2023 at 14,020.2 billion FCFA, marking a 25.2% increase—a reflection of improved tracking of recent economic transformations in Benin.

Rebasing aligns with UN accounting standards

This adjustment follows the 2008 United Nations System of National Accounts (SNA) recommendations, which advocate for periodic updates of the base year to enhance the accuracy of economic estimates. The INStaD noted that the conventional five-year cycle could not be maintained due to the global economic shocks between 2019 and 2022.

The selection of 2023 was strategic, as the year demonstrated relative economic stability for Benin. Additionally, the 2019–2023 period saw major statistical initiatives that enabled a more precise capture of the nation’s evolving economic landscape.

A recalibrated economic portrait

Under the new base, Benin’s 2023 GDP stands at 14,020.2 billion FCFA, up from the previous estimate of 11,200.7 billion FCFA in the 2015 base—a 25.2% upward revision.

The INStaD emphasizes that this revision does not indicate a sudden surge in wealth creation but rather an enhancement in statistical coverage and measurement of economic activities. Sectoral contributions reveal a notable rise in the secondary sector, which surged by 56.1%, while on the demand side, gross fixed capital formation saw a 36.6% increase—driven by better accounting of investments in infrastructure, construction, and productive equipment, including those tied to economic zones.

Collaborative effort behind the recalibration

The rebasing process was supported by key technical and financial partners, including the World Bank, AFRISTAT, the IMF, GIZ, the African Development Bank, STATFRIC, ECOWAS, and WAEMU. Peer reviews also involved national statistics institutes from Burkina Faso and Mali.

The INStaD has announced that work will continue with the backward extrapolation of national accounts from 1999 to 2022, ensuring Benin has a comprehensive new series of national accounts based on the 2023 reference year.