- Benin
GDP growth in 2021 according to World Bank: 6.60%
The cornerstones of Benin’s economy continue to be agriculture and transit trade with Nigeria, both official and unofficial. The GDP growth rate for Benin increased to 6.6% in 2021 from 3.8% in 2020. The major forces behind this expansion were the service and construction industries. Inflationary pressures have increased significantly since the end of 2021, when annual inflation was only 1.7% on average. Since the beginning of the crisis in Ukraine, inflation has intensified and is being driven by increasing food and petroleum product costs. In 2022 and 2023, growth is expected to be 6.1% and 6.4%, respectively. These predictions rely on changes in the corporate environment, governmental financial management, and agriculture sector governance.
- Burkina Faso
GDP growth in 2021 according to World Bank: 6.90%
In 2021, Burkina Faso’s economy saw a remarkable recovery, expanding by an estimated 6.9%. The recovery in the service sector (+10.4%) and the continued rise in gold exports were the main drivers of this expansion. The primary sector contracted by 4.1% as a result of the drop in agricultural production brought on by the lack of rain. In 2021, the gold industry helped exports grow by 6.5%, while imports increased by 15.5%, primarily as a result of increases in the price of hydrocarbons and electricity. In 2022, the predicted rate of growth is 4.3%. This slowdown in GDP can be attributed to a number of factors, including the decline in private investment, the rise of insecurity in some mining and agricultural areas, and the Russia-Ukraine war and its effects on prices for food, fertilizer, and petroleum products.
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