Bénin revamps national accounts base, GDP 2023 revised upward 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 overhaul recalculates the 2023 GDP at 14,020.2 billion FCFA, marking a 25.2% increase, reflecting a more accurate capture of recent economic transformations in the country.

Why the change in the base year?

This adjustment aligns with the United Nations’ 2008 System of National Accounts, which recommends periodic updates to the base year to enhance the precision of economic estimates. The INStaD noted that the conventional five-year interval could not be maintained due to the international economic shocks recorded between 2019 and 2022.

The selection of 2023 as the new base year was driven by the relative stability of that period for Benin. The years spanning 2019 to 2023 also saw significant statistical operations that improved the assessment of the country’s evolving economic landscape.

Key impacts of the GDP revision

With the rebasing complete, Benin’s 2023 GDP, now calculated on the 2023 base, stands at 14,020.2 billion FCFA, up from 11,200.7 billion FCFA under the previous 2015 base. This 25.2% upward revision does not indicate a sudden surge in wealth but rather an enhancement in statistical coverage and a more precise measurement of economic activities.

The INStaD emphasized that the upward adjustment is broad-based across sectors, with the secondary sector leading the way, surging by 56.1%. On the demand side, the most notable changes include a 36.6% upward revision in gross fixed capital formation, driven by better accounting for investments in infrastructure, construction, and productive equipment—particularly in economic zones.

Collaborative effort behind the revision

The 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.

The INStaD has announced plans to extend this work by retroactively recalculating national accounts from 1999 to 2022, ensuring Benin has a complete series of national accounts based on the 2023 reference year.