## Benin: Staff Report for the 2004 Article IV Consultation

_IMF Staff Country Reports, November 24, 2004_

## Source details

**Canonical URL:** [Benin: Staff Report for the 2004 Article IV Consultation](https://www.imf.org/en/publications/cr/issues/2016/12/31/benin-staff-report-for-the-2004-article-iv-consultation-17858)

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## Bibliographic details
- Published: November 24, 2004
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451803402.002

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### Major findings
- Real GDP growth averaged 5.3 percent over 2001–03, driven by growth in the cotton and services sectors.
- Inflation was low, averaging 2.6 percent per year over 2001–03.
- The external current deficit narrowed in 2003 as terms of trade improved.
- Progress in the structural area was mixed.

### Macroeconomic developments and drivers (2001–03)
- Growth: Real GDP growth averaged 5.3 percent, with notable contributions from the cotton sector and services sector.
- Inflation: Averaged 2.6 percent per year.
- External sector: The external current deficit narrowed in 2003, linked to improved terms of trade.

### Risks and developments since the beginning of 2004
- Macroeconomic performance since the beginning of 2004 has suffered from a poor cotton crop.
- Additional adverse impact from the tightening of import restrictions by Nigeria.

### Thematic coverage (as listed)
- Agricultural commodities
- Commodities
- Expenditure
- Exports
- External debt
- International trade
- Poverty
- Poverty reduction strategy

### Keywords highlighted
- Agricultural commodities
- CR
- credit growth
- Exports
- ginning mill
- government
- government sector
- investment expenditure
- ISCR
- net bank credit to the government
- Poverty reduction strategy
- poverty-reducing expenditure
- poverty-reducing outlay
- reform agenda
- Sub-Saharan Africa
- West Africa

*Benin: Staff Report for the 2004 Article IV Consultation (November 24, 2004).*

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/benin-staff-report-for-the-2004-article-iv-consultation-17858_