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 overhaul recalculates the country’s 2023 GDP at 14,020.2 billion CFA francs, marking a significant 25.2% increase—a reflection of improved tracking of recent economic shifts.
Why the shift to 2023 as the new base year?
The transition aligns with United Nations’ 2008 System of National Accounts, which recommends periodic updates to the base year to enhance economic measurement accuracy. INStaD noted that the standard five-year cycle was disrupted by global economic shocks between 2019 and 2022. The choice of 2023 was driven by its relative economic stability for Benin, coupled with extensive statistical initiatives completed during 2019–2023 that better captured the nation’s evolving economic landscape.
How the rebasing reshapes GDP figures
Under the new 2023 base, Benin’s 2023 GDP stands at 14,020.2 billion CFA francs—up from the 11,200.7 billion CFA francs previously estimated using the 2015 base. This 25.2% revision does not indicate a sudden surge in wealth creation but rather reflects enhanced statistical coverage and more precise tracking of economic activities.
INStaD highlights that the upward revision stems from improvements across all sectors, with the secondary sector leading the charge at a 56.1% increase. On the demand side, gross fixed capital formation saw the most notable change, rising by 36.6%, largely due to better accounting of investments in infrastructure, construction, and productive equipment—including those tied to economic zones.
Collaborative effort behind the data upgrade
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 the West African Economic and Monetary Union (WAEMU). Peer reviews also involved the national statistics institutes of Burkina Faso and Mali.
Looking ahead, INStaD has announced plans to backcast national accounts from 1999 to 2022, ensuring Benin now has a complete, updated series of national accounts based on the 2023 benchmark.
