Benin’s Economy Sees Green Light in⁤ Q1​ 2024

Benin’s ⁣economic indicators are looking positive in the first ⁢quarter of 2024, with a growth rate of ⁢6.3%.

Falco Vignon

National Economic Growth on the ‌Rise

Benin’s ‌economic growth ⁢is⁢ strengthening, with a growth ​rate of 6.3% in the first quarter of 2024, following⁤ 6.4% in the previous quarter ‍and 6.2% in the same period last year. This growth is felt across all sectors, with the primary sector⁢ growing at 5.4%, the secondary sector at‌ 6.9%, and ⁤the tertiary sector at 6.3%. The ‍tertiary sector, which accounts for more than 53% of ⁢the country’s GDP, is the⁣ main driver of Benin’s economic growth.

The tertiary sector’s contribution to ⁤growth was 3.3 percentage points, and ⁢it represented more than half (53.3%) of GDP in the first quarter of 2024. This sector includes trade,⁢ administration,⁤ transport, real estate, ‍finance, business services, personal services,‍ education, health, and social⁤ action. The good⁣ performance of the tertiary sector is a result of the development of economic activities in the ​main⁢ sectors.

Primary and ⁣Secondary Sectors’ Contributions

The primary sector’s added value increased by 5.4% in the first quarter of 2024, after 5.3% in the fourth quarter of 2023 and 4.8% a year earlier. The primary sector’s contribution to real GDP growth was 1.0 percentage points in the first quarter of ​2024, and its share in GDP ⁣is estimated ‍to be 18.1% during the period.

The secondary sector recorded economic growth ‌of 6.9% in ‌the first quarter of 2024, after 8.7% in the previous⁣ quarter and⁣ 6.6% in the same period in 2023. Its contribution to ⁣real GDP growth‌ during the period is +1.2 points, and its share in GDP ​is 18.1%. ​The secondary sector includes activities such as manufacturing‌ industries, construction, agri-food industry, aeronautics, automotive, astronautics, buildings and public works, electrotechnical construction, railway construction, and mechanical construction.

Global Economic Outlook

The global economy is expected to grow​ at a‍ rate of 3.2% in 2024, according to the International Monetary Fund. In​ Sub-Saharan Africa, economic growth is expected to stand ‍at 3.8% in 2024, after⁣ 3.4% in the previous year. In ⁢Nigeria, the growth ​rate is expected⁢ to be 3.3% in 2024, after⁣ 2.9% in 2023.