Bénin updates national accounts base, GDP 2023 revised upward by 25.2%
The National Institute of Statistics and Demography (INStaD) has completed a comprehensive update of Benin’s national economic accounts, shifting the base year from 2015 to 2023. This methodological overhaul has led to a significant upward revision of the country’s 2023 GDP, now estimated at 14,020.2 billion FCFA—a 25.2% increase compared to previous calculations.
A more accurate reflection of Benin’s economic landscape
This recalibration aligns with the United Nations’ 2008 System of National Accounts, which advocates for periodic updates to the base year to enhance the precision of economic statistics. The five-year review cycle, typically followed in such cases, was postponed due to global economic disruptions between 2019 and 2022, including the COVID-19 pandemic.
The selection of 2023 as the new base year was influenced by its relative economic stability for Benin. Additionally, the period leading up to 2023 saw major statistical initiatives that improved the capture of recent economic shifts across the country.
Sectoral contributions and revised economic indicators
Following the rebasing, the 2023 GDP in 2023 base terms stands at 14,020.2 billion FCFA, compared to the previous estimate of 11,200.7 billion FCFA under the 2015 base. This adjustment does not indicate a sudden surge in wealth but rather reflects enhanced statistical coverage and improved measurement of economic activities.
The upward revision spans all sectors, with the secondary sector seeing the most significant increase—a 56.1% rise. On the demand side, the most notable changes include a 36.6% upward adjustment in gross fixed capital formation, driven by better accounting of investments in infrastructure, construction, and productive equipment, including those in economic zones.
Collaborative effort behind the recalibration
The INStaD-led 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 engaged national statistics institutes from Burkina Faso and Mali to ensure methodological rigor.
The next phase of this initiative will focus on retroactively recalculating national accounts from 1999 to 2022. This effort will provide Benin with a complete and updated series of national accounts based on the 2023 reference year.
