Bénin revises national accounts base, GDP 2023 jumps by 25.2%

The National Institute of Statistics and Demography (INStaD) has completed the rebasing of Benin’s national accounts, adopting 2023 as the new base year to replace the 2015 reference. This statistical overhaul recalculates the 2023 GDP at 14,020.2 billion FCFA, marking a 25.2% increase—a reflection of a more accurate accounting of recent economic changes in the country.

Rebasing aligns with global standards for economic measurement

This update follows the United Nations’ 2008 System of National Accounts guidelines, which recommend periodic rebasing to enhance the precision of economic estimates. INStaD had deferred the usual five-year cycle due to the global economic disruptions between 2019 and 2022.

Benin’s selection of 2023 as the new base year stems from its relative economic stability during that period. The intervening years also saw extensive statistical initiatives that improved the tracking of the nation’s evolving economic landscape.

A clearer picture of Benin’s economic growth

Under the new 2023 base, Benin’s GDP for 2023 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% revision. While this adjustment does not indicate sudden wealth creation, it underscores a significant improvement in statistical coverage and economic activity measurement.

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 notable change, rising by 36.6%, driven by better documentation of investments in infrastructure, construction, and productive equipment—particularly those tied to economic zones.

Collaboration and future steps

The rebasing process involved support from 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 the national statistics institutes of Burkina Faso and Mali.

Looking ahead, INStaD will extend the rebasing exercise by retroactively recalculating national accounts from 1999 to 2022, ensuring Benin’s economic data series is fully aligned with the new 2023 base.