Bénin revises national accounts base: 2023 GDP surges by 25.2%
In a landmark statistical adjustment, the National Institute of Statistics and Demography (INStaD) has completed the rebasing of Benin’s national accounts, shifting the reference year from 2015 to 2023. This comprehensive recalibration has resulted in a significant upward revision of the country’s 2023 GDP, now estimated at 14,020.2 billion FCFA—a 25.2% increase from previous calculations.
The decision to adopt 2023 as the new base year was driven by the need to capture the structural transformations reshaping Benin’s economy. While the United Nations System of National Accounts 2008 recommends revising the base year every five years, the global economic disruptions between 2019 and 2022 delayed this process. The selected year 2023 was deemed optimal due to its relative stability and the availability of robust data following extensive statistical surveys conducted during the intervening years.
Enhanced economic measurement through rebasing
Far from suggesting a sudden surge in economic output, the revised figures reflect a more accurate representation of Benin’s economic activities. The INStaD emphasizes that this adjustment stems from improved statistical coverage and refined methodologies for measuring economic performance.
The upward revision spans all sectors, with the secondary sector experiencing the most significant boost—up 56.1%. On the demand side, the gross fixed capital formation saw a remarkable 36.6% increase, largely attributed to better documentation of investments in infrastructure, construction, and productive equipment, particularly within economic zones.
Collaborative efforts behind the recalculation
The rebasing exercise was conducted in close partnership with multiple international and regional organizations, including the World Bank, AFRISTAT, IMF, GIZ, African Development Bank, STATFRIC, ECOWAS, and UEMOA. Peer reviews involved statistical institutes from Burkina Faso and Mali, ensuring methodological rigor and international comparability.
The INStaD has announced plans to extend this work by retroactively recalculating national accounts from 1999 to 2022. This forward-looking initiative aims to provide Benin with a consistent and updated series of national accounts based on the new 2023 benchmark.
