Bénin revises national accounts: 2023 GDP jumps 25.2% with new benchmark

In a landmark statistical overhaul, the National Institute of Statistics and Demography (INStaD) of Bénin has officially adopted 2023 as the new base year for the country’s national accounts, replacing the previous 2015 benchmark. This strategic update, finalized in June 2026, recalculates the nation’s GDP for 2023 at 14,020.2 billion FCFA, marking a 25.2% upward revision compared to earlier estimates.

Why 2023 was chosen as the new economic benchmark

The shift to 2023 aligns with the United Nations’ 2008 System of National Accounts, which advocates periodic updates to the base year—ideally every five years—to enhance the accuracy of economic assessments. However, global economic disruptions between 2019 and 2022 delayed this process for Bénin. The selection of 2023 was further justified by its relative economic stability and the availability of robust statistical data following major nationwide surveys conducted during that period.

A clearer picture of recent economic growth

The revised GDP figure does not imply a sudden surge in wealth creation but reflects improvements in statistical coverage and a more precise measurement of economic activities. INStaD highlights that the upward adjustment spans all sectors, with the secondary sector—particularly industrial and construction activities—registering the most significant growth at 56.1%.

On the demand side, capital formation saw a notable adjustment, rising by 36.6%. This reflects better accounting for investments in infrastructure, productive equipment, and special economic zones, which had previously been underreported.

Collaboration and future projections

The rebasing process involved close collaboration with leading regional and international 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 were also conducted in partnership with the national statistics institutes of Burkina Faso and Mali.

Looking ahead, INStaD has committed to back-casting the national accounts from 1999 to 2022. This initiative will provide Bénin with a comprehensive and consistent time series of economic data based on the 2023 benchmark, enabling more informed policy decisions and economic planning.