Bénin revises national accounts base: 2023 GDP soars 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 reference year instead of 2015. This statistical overhaul has revised the 2023 GDP upward to 14,020.2 billion FCFA, reflecting a 25.2% increase—a clear sign of improved statistical coverage and better capture of the country’s economic dynamics.

Why 2023 was chosen as the new base year

The decision to shift the benchmark year to 2023 stems from the United Nations’ 2008 System of National Accounts, which recommends periodic updates to the base year to enhance the accuracy of economic estimates. While the standard five-year revision cycle was disrupted by global economic shocks between 2019 and 2022, 2023 stood out as a relatively stable year for Benin. Additionally, the period from 2019 to 2023 saw extensive statistical operations that provided deeper insights into the nation’s evolving economic landscape.

A clearer picture of economic growth

With the rebasing complete, Benin’s 2023 GDP is now valued at 14,020.2 billion FCFA, up from the previous estimate of 11,200.7 billion FCFA in 2015 terms. This 25.2% revision does not indicate a sudden surge in wealth but rather reflects a more comprehensive statistical framework and improved measurement of economic activities across sectors.

The upward revision spans all economic sectors, with the secondary sector leading the charge at a 56.1% increase. On the demand side, the most significant changes involve gross fixed capital formation, which rose by 36.6%. This adjustment stems from better documentation of investments in infrastructure, construction, and productive equipment—particularly those tied to economic zones.

The INStaD collaborated with multiple technical and financial partners, including the World Bank, AFRISTAT, the IMF, GIZ, the African Development Bank, STATFRIC, ECOWAS, and WAEMU. Peer reviews also involved statistical institutes from Burkina Faso and Mali.

Next steps: retroactive recalibration

The institute has announced plans to retroactively recalculate national accounts from 1999 to 2022, ensuring a seamless transition to the new 2023 base year. This effort will provide Benin with a complete and updated series of national accounts, offering policymakers and analysts a more reliable foundation for economic decision-making.