Bénin’s GDP revised upward by 25.2% after national accounts rebasing

The National Institute of Statistics and Demography (INStaD) has completed the rebasing of Benin’s national accounts, shifting the reference year from 2015 to 2023. This statistical adjustment has revised the nation’s 2023 GDP to 14,020.2 billion FCFA, marking a substantial 25.2% increase—a clear reflection of the country’s evolving economic landscape.

Rebasing aligns with global best practices

The update follows the United Nations’ System of National Accounts 2008 guidelines, which recommend regular reassessment of the base year to enhance the accuracy of economic estimates. While the five-year revision cycle was disrupted by global economic shocks between 2019 and 2022, 2023 was selected for its relative economic stability in Benin. The period also benefited from extensive statistical operations that captured recent economic shifts more effectively.

A more precise reflection of economic growth

The rebased 2023 GDP figure stands at 14,020.2 billion FCFA, up from the previous estimate of 11,200.7 billion FCFA under the 2015 base. This revision does not indicate sudden wealth creation but rather an improvement in statistical coverage and measurement of economic activities.

The upward revision spans all sectors, with the secondary sector leading the way at a 56.1% increase. On the demand side, gross fixed capital formation saw the most significant adjustment, rising by 36.6% due to better tracking of investments in infrastructure, construction, and productive equipment—including those tied to economic zones.

Collaboration drives statistical rigor

The process involved multiple technical and financial partners, including the World Bank, AFRISTAT, the IMF, GIZ, the African Development Bank, STATFRIC, ECOWAS, and WAEMU. Peer reviews also incorporated insights from national statistics institutes in Burkina Faso and Mali, ensuring the integrity of the methodology.

INStaD has announced plans to backcast national accounts from 1999 to 2022, providing Benin with a complete, updated series of national accounts based on the 2023 reference year.