Overview of Benin

As of 2021, since the COVID-19 pandemic, there have been many changes in the economy. Most of the country's economy is through the production of cotton. Cotton accounts for 40% of Benin's GDP, and other official exports reports result in around 80%. There are different sectors that contribute to the GDP of the country. The country has not been hit by recession and has seen certain changes in the overall financial growth.

Total Population: 14,080,072 people (2024)

GDP: US $76.47 billion (2024 estimate)

Economic Overview

As per the reports and research, Benin's economy is heavily reliant on informal re-export and trade with Nigeria. The growth was driven by agriculture, and the GDP ratio was also stabilized and then moved accordingly. There have also been changes in the cotton prices as there is an increase and decrease according to the needs. The GDP of Benin has seen a slight slowdown since the pandemic. The unemployment rate of Benin has reduced to 2.54%.

Market Overview

The COVID-19 pandemic has hit many sectors of Benin's industries, including the service industry, hotel industry, technical service departments, and many others. However, it is said that there might be certain changes in the industry revenue and is also expected to increase. Food processing, construction materials, and others are some of the top industries in Benin.

A brief glimpse of the industries

• There has been a decline in the different industries since the pandemic, and the finance sector in Benin has seen drastic changes. Between the year 2016-2017, Benin has not witnessed an increase in the prices of the properties. But there have been drastic changes in the GDP rate of the country.
• The population of Benin city keeps changing, so there is a change in the demand for health services. There are different hospitals that serve as revenue for the sector. Since the outbreak of COVID-19, the health services in Benin are working hard to treat the patients. The revenue of Benin is expected to grow significantly.
• The cotton industry in Benin is expected to see growth since the changes in cotton prices. Cotton contributes 40% to the GDP of Benin. The Benin industry is trying hard to fulfil the demand of other countries catering to the growing economy.
• The advancement in technology has given a digital boom which has eventually led to an increase in demand. The revenue of the industry is also expected to increase at a certain rate in the coming years.
• When compared to other countries, Benin has also seen a decline in the retail sector conditions. With the consumers isolated, the expense on the essential goods is also increasing and therefore, the overall spending in the retail sector is decreasing gradually due to the economic environment, which is not stable.

Cost of living in Benin

Benin has ranked 130th out of the 197 in the cost of living in the world. No doubt, Benin is also one of the beautiful countries to live in. There have been changes in the population as well as changes in the property rates. Some of the cities in the country offer a rate which is affordable to live there.

Cost of Renting

The cost of living in Benin depends on the area and the location that you prefer to live in. A one-bedroom apartment costs about 200000 CFA, which also depends on the area. The rest can change according to the amenities that are available in the area and also the lifestyle.

Cost of living depending upon your location

There are different resources that have resulted in the different costs of living for different cities. The cost of living keeps changing according to the factors which influence the cost of living.

There are few cities that are put in the category of Tier 1 cities, Tier 2 cities, and Tier 3 cities based on which the cost of living is decided. The government has not released the details about the three tier cities. The details regarding the tier cities and the cost of living in the cities keep changing.

Top skills in Benin

Benin has a market that is highly dominated by cotton production in the country as it contributes a lot to the GDP. Also, Benin is always keen on hiring highly skilled candidates and qualified in the required profession with the required skills. Various skills are required by individuals working in different fields.

Major skills and areas which have witnessed a recent growth rate

• Business
• Communication 
• Computer-related knowledge 
• Languages

Hiring Cost

The cost of hiring the employees is an important facet when the companies are conducting recruitment. There are several factors that you should keep in mind before hiring new personnel, such as:

• Onboarding and training 
• Opportunity costs 
• Interviews and hiring processes 
• Time invested

Employment laws in Benin

The employment services as well as the employment system is well-defined with certain laws that the individuals should know. Factors such as work hours, overtime pay vary according to the industries. The regulations regarding the employment aspects are given below: -

• Workplace surveillance 
• Overtime payment 
• Maximum work hours
• Paid and unpaid leaves

There are certain laws and regulations that govern the employment relationships in Benin: -

• Security Laws
• The Common Law 
• Industrial Instruments 
• Agreements

How Can Skuad Help You with Hiring in Benin?

When you are organizing recruitment in Benin, you must have dedicated resources at your disposal. In the present times, when your focus should be on the optimization of resources, the hassles of recruitment act as a deterrent. Skuad offers you the services of highly experienced trainers to streamline your hiring process. Connect with Skuad Experts to know more.