The National Institute of Statistics and Demography (INStaD) has completed the rebasing of Benin’s national accounts, adopting 2023 as the new reference year to replace the 2015 base. This statistical adjustment has led to a significant upward revision of the country’s GDP for 2023, now estimated at 14,020.2 billion CFA francs—a 25.2% increase. The revision reflects a more accurate capture of recent economic transformations in Benin.
Why the change in the base year?
This rebasing aligns with the 2008 United Nations System of National Accounts, which recommends periodic updates to the base year to enhance the quality of economic estimates. While the standard five-year cycle could not be followed due to global economic shocks between 2019 and 2022, 2023 was selected for its relative stability. The period also benefited from comprehensive statistical operations that improved the measurement of Benin’s evolving economic landscape.
Key insights from the GDP revision
The revised GDP for 2023 stands at 14,020.2 billion CFA francs, compared to the previous estimate of 11,200.7 billion CFA francs under the 2015 base. This 25.2% increase does not indicate a sudden surge in wealth but rather an improved statistical methodology and broader coverage of economic activities.
Sectoral contributions highlight robust growth in the secondary sector, which surged by 56.1%. On the demand side, the most notable adjustments include the gross fixed capital formation, revised upward by 36.6%. This reflects better accounting for investments in infrastructure, construction, and productive equipment, particularly within special economic zones.
A collaborative effort
The process involved close collaboration with multiple technical and financial partners, including the World Bank, AFRISTAT, the IMF, GIZ, the African Development Bank, STATFRIC, ECOWAS, and the West African Economic and Monetary Union (UEMOA). Peer reviews also engaged national statistics institutes from Burkina Faso and Mali.
Looking ahead, INStaD plans to extend this rebasing exercise by retroactively recalculating national accounts from 1999 to 2022. This initiative will provide Benin with a complete and updated series of national accounts based on the 2023 benchmark.
