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 reference year in place of 2015. This statistical adjustment has revised the country’s 2023 GDP upward to 14,020.2 billion FCFA, marking a 25.2% increase, reflecting a more accurate representation of recent economic transformations in Benin.

The rebasing exercise aligns with the United Nations’ 2008 System of National Accounts, which recommends periodic updates of the base year to enhance the accuracy of economic estimates. According to INStaD, the conventional five-year revision cycle was delayed due to global economic shocks between 2019 and 2022.

Why 2023 as the new base year?

The selection of 2023 was driven by its relative economic stability for Benin. The period from 2019 to 2023 also saw significant statistical operations that improved the capture of recent economic transformations. The revised GDP figure highlights improved statistical coverage and a more precise measurement of the country’s economic activities.

INStaD emphasizes that this upward revision does not indicate sudden wealth creation but rather an enhancement in statistical methodologies and data collection. The growth observed on the supply side spans all sectors, with the secondary sector—particularly industrial activities—recording a notable 56.1% increase. On the demand side, the most significant changes involve gross fixed capital formation, revised upward by 36.6%, driven by better accounting for investments in infrastructure, construction, and productive equipment, including those in special economic zones.

A collaborative effort

The rebasing process was supported by 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 national statistics institutes from Burkina Faso and Mali.

INStaD has announced that work will continue with the retroactive calculation of national accounts from 1999 to 2022. This initiative aims to provide Benin with a complete and updated series of national accounts based on the 2023 reference year.