Finance of Benin
The minimum monthly wage in Benin is 71 USD. Benin has a government debt of 30% of the country's Gross Domestic Product (GDP), as assessed in 2012. With regard to consumer prices, the inflation rate in Benin is 2.4%. The currency of Benin is West African CFA Franc. The plural form of the word West African CFA Franc is CFA francs. The symbol used for this currency is Fr, and it is abbreviated as XOF. The West African CFA Franc is divided into centime; there are 100 in one CFA Franc. Each year, consumers spend around $4,762 million. The ratio of consumer spending to GDP in Benin is 0.06%, and the ratio of consumer spending to the world consumer market is 1.37%. The corporate tax in Benin is set at 35%. Personal income tax ranges from 10% to 35%, depending on your specific situation and income level. VAT in Benin is 18%. In 2013, Benin received 511.3 million USD in foreign aid.In 2014, the foreign aid amounted to 690.2 USD.
Gross Domestic Product
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Benin is $19,862 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Benin was last recorded at $1,729,285. PPP in Benin is considered to be very good when compared to other countries. Very good PPP indicates that citizens in this country find it easy to purchase local goods. Local goods can include food, shleter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with very good PPP are safe locations for investments. The total Gross Domestic Product (GDP) in Benin is 8,307 billion. Based on this statistic, Benin is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Benin was last recorded at $723,249. The average citizen in Benin has very high wealth. Countries with very high wealth per capita have an extended life expectancy and very high standard of living. Highly skilled workers can be found in many industries, and labor is very expensive in these countries. Countries with very high wealth offer opportunities for safe investments, as they are often supported by a diverse and thriving financial sector. GDP Annual Growth Rate in Benin averaged 5.5% in 2014. According to this percentage, Benin is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well.