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Economy of Benin vs Jamaica compared: GDP & Debt

Updated on by Georank team

Benin has a GDP of $21.5B compared to $22B for Jamaica, ranking 126/197 and 124/197 by economy size, respectively.

Benin has $11.5B in government debt (53.4% of GDP), compared to $14B (63.4% of GDP) in Jamaica.

Benin vs Jamaica GDP by year

Benin
Jamaica
1x
Year GDP, current $
Benin Jamaica
2024 $21,482,643,706 $22,014,397,090
2023 $19,673,291,004 $21,418,804,320
2022 $17,425,405,091 $18,813,516,805
2021 $17,687,623,530 $15,963,885,376
2020 $15,686,741,884 $15,000,214,216
2019 $14,391,686,313 $17,026,269,263
2018 $14,262,408,090 $16,855,447,986
2017 $12,701,655,837 $15,783,583,237
2016 $11,821,065,853 $14,898,999,754
2015 $11,388,160,997 $14,963,589,916
2014 $13,284,527,847 $13,899,217,680
2013 $12,517,845,124 $14,264,205,153
2012 $11,141,358,116 $14,807,086,556
2011 $10,693,321,364 $14,444,661,522
2010 $9,535,345,016 $13,220,549,908
2009 $9,738,626,517 $12,120,458,115
2008 $9,787,734,526 $13,709,401,520
2007 $8,169,048,383 $12,799,600,047
2006 $7,034,111,315 $11,930,179,090
2005 $6,567,654,954 $11,243,865,778
2004 $6,190,270,380 $10,174,664,854
2003 $5,349,258,094 $9,430,234,811
2002 $4,194,342,686 $9,719,009,495
2001 $3,666,222,635 $9,194,727,831
2000 $3,519,991,440 $9,005,064,475
1999 $3,677,393,999 $8,887,057,997
1998 $2,455,092,686 $8,787,195,622
1997 $2,268,301,646 $8,400,041,724
1996 $2,361,116,449 $7,393,891,921
1995 $2,169,627,138 $6,577,520,643
1994 $1,598,075,944 $5,452,558,947
1993 $2,274,558,083 $5,440,075,676
1992 $1,695,315,306 $3,535,460,090
1991 $1,986,437,797 $4,106,207,649
1990 $1,959,965,330 $4,592,208,087
1989 $1,502,294,416 $4,404,937,853
1988 $1,620,246,084 $3,828,342,820
1987 $1,562,412,228 $3,287,007,322
1986 $1,336,102,025 $2,754,549,582
1985 $1,045,712,789 $2,100,239,019
1984 $1,051,134,009 $2,373,564,549
1983 $1,095,348,199 $3,619,262,277
1982 $1,267,778,670 $3,293,496,312
1981 $1,291,120,188 $2,979,027,966
1980 $1,405,251,847 $2,679,379,372
1979 $1,186,231,020 $2,425,064,229
1978 $928,843,469 $2,644,527,822
1977 $750,049,779 $3,249,733,140
1976 $698,408,262 $2,966,042,856
1975 $676,870,140 $2,860,442,750
1974 $554,654,861 $2,375,122,375
1973 $504,376,074 $1,905,917,553
1972 $410,331,857 $1,875,146,587
1971 $335,073,028 $1,539,861,816
1970 $333,627,713 $1,404,720,442
1969 $330,748,245 $1,191,239,047
1968 $326,323,105 $1,083,839,133
1967 $306,221,953 $1,148,014,311
1966 $302,925,235 $1,096,759,561
1965 $289,908,680 $972,159,611
1964 $269,819,006 $897,949,001
1963 $253,927,697 $826,706,669
1962 $236,434,954 $777,727,689
1961 $235,668,221 $748,043,501
1960 $226,195,578 $699,064,380

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/benin/jamaica | CC BY

GDP per capita in Benin vs Jamaica by year

Benin
GDP per capita

GDP per capita, PPP
Jamaica
GDP per capita

GDP per capita, PPP
1x
Year Current $
Benin Jamaica
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $1,485 $4,435 $7,754 $12,890
2023 $1,394 $4,130 $7,542 $12,651
2022 $1,266 $3,844 $6,626 $11,888
2021 $1,319 $3,464 $5,626 $10,431
2020 $1,200 $3,245 $5,299 $9,764
2019 $1,131 $3,149 $6,031 $10,845
2018 $1,152 $2,965 $5,977 $10,753
2017 $1,055 $2,886 $5,605 $10,466
2016 $1,011 $2,842 $5,302 $9,948
2015 $1,002 $2,725 $5,339 $9,476
2014 $1,204 $2,670 $4,975 $9,210
2013 $1,169 $2,512 $5,124 $9,101
2012 $1,072 $2,346 $5,341 $8,831
2011 $1,059 $2,265 $5,233 $8,809
2010 $973 $2,220 $4,810 $8,521
2009 $1,024 $2,213 $4,428 $8,580
2008 $1,061 $2,215 $5,030 $8,952
2007 $912 $2,136 $4,716 $8,893
2006 $809 $2,021 $4,417 $8,577
2005 $779 $1,946 $4,184 $8,127
2004 $759 $1,915 $3,808 $7,854
2003 $676 $1,842 $3,550 $7,593
2002 $546 $1,800 $3,681 $7,226
2001 $492 $1,746 $3,504 $7,019
2000 $487 $1,671 $3,453 $6,816
1999 $525 $1,592 $3,432 $6,653
1998 $362 $1,537 $3,419 $6,543
1997 $345 $1,508 $3,297 $6,682
1996 $369 $1,444 $2,929 $6,706
1995 $348 $1,395 $2,631 $6,657
1994 $262.1 $1,316 $2,203 $6,435
1993 $387 $1,311 $2,221 $6,279
1992 $302 $1,265 $1,458 $5,664
1991 $365 $1,239 $1,710 $5,485
1990 $371 $1,186 $1,930 $5,106
1989 $293.3 - $1,865 -
1988 $326 - $1,632 -
1987 $324 - $1,411 -
1986 $285.8 - $1,191 -
1985 $230.4 - $917 -
1984 $238.6 - $1,048 -
1983 $256 - $1,619 -
1982 $305 - $1,494 -
1981 $320 - $1,370 -
1980 $358 - $1,249 -
1979 $311 - $1,144 -
1978 $249.8 - $1,262 -
1977 $207 - $1,569 -
1976 $197.7 - $1,450 -
1975 $196.5 - $1,417 -
1974 $164.9 - $1,193 -
1973 $153.6 - $972 -
1972 $127.9 - $971 -
1971 $106.9 - $809 -
1970 $108.8 - $748 -
1969 $110.3 - $642 -
1968 $111.2 - $591 -
1967 $106.6 - $633 -
1966 $107.6 - $612 -
1965 $105.1 - $549 -
1964 $99.8 - $514 -
1963 $95.7 - $480 -
1962 $90.8 - $458 -
1961 $92.1 - $447 -
1960 $89.9 - $424 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/benin/jamaica | CC BY

Benin's GDP per capita is $1,485, ranking 162/197, compared to $7,754 in Jamaica, ranking 95/197. Adjusted for purchasing power (GDP per capita PPP), Benin ranks 162nd at $4,435, while Jamaica ranks 121st at $12,890.

Economic indicators

Benin Jamaica
Gross domestic product
$21.5B
2024
$22B
2024
GDP rank
126/197
2024
124/197
2024
GDP growth
7.45%
2023-2024
-0.54%
2023-2024
GDP per capita
$1,485
2024
$7,754
2024
GDP per capita rank
162/197
2024
95/197
2024
GDP per capita, PPP
$4,435
2024
$12,890
2024
GDP per capita PPP rank
162/197
2024
121/197
2024
Government debt
$11.5B
2024
$14B
2024
Debt-to-GDP ratio
53.4%
2024
63.4%
2024
Government debt per person
$794
2024
$4,917
2024
Government debt per person rank
151/185
2024
79/185
2024
Average annual personal income after taxes
$1,091
2026
$6,905
2026
Market capitalization of domestic companies n/a
$12.4B
2024
Income share by richest 10%
27.2%
2021
29.6%
2021
Income share by poorest 10%
3.1%
2021
2.2%
2021
Government expenditure, % of GDP
18.1%
2024
30.5%
2024
Consumer prices inflation
1.2%
2023-2024
5.41%
2023-2024
Central bank interest rate n/a
5.75%
2025
Unemployment rate
1.69%
2022
3.02%
2023
Population
15272847
2834980

Spending and national debt comparison by year

Benin
Spending

Debt
Jamaica
Spending

Debt
1x
Year % of GDP
Benin Jamaica
Government spending Government debt Government spending Government debt
2024 18.1% 53.4% 30.5% 63.4%
2023 19.2% 54.9% 28% 67.3%
2022 19.9% 54.2% 28.4% 73.5%
2021 19.9% 50.3% 29% 90.9%
2020 19.1% 46.1% 29.8% 100.1%
2019 14.3% 40.4% 27.8% 88.6%
2018 16.5% 40.8% 27.8% 89.2%
2017 17.7% 39.4% 27.3% 96.7%
2016 15.4% 35.9% 27% 109.1%
2015 18.2% 30.9% 26.3% 117.6%
2014 14.2% 22.3% 26.5% 136.7%
2013 14.9% 18.5% 26.9% 138.1%
2012 14.2% 19.5% 29.6% 143%
2011 14.7% 21.9% 31.7% 138.1%
2010 14.1% 21% 32.9% 140.1%
2009 17% 18.7% 38.6% 141.5%
2008 14.5% 18.3% 34.4% 125.6%
2007 15.8% 14.3% 31.6% 115.3%
2006 13% 8.37% 31.2% 118%
2005 14.1% 27% 29.3% 124.5%
2004 13.4% 21.5% 31.5% 120.1%
2003 13.7% 23.4% 32.5% 125.5%
2002 15.3% 30.8% 31.1% 119.1%
2001 15.4% 38% 28.5% 107.9%
2000 15.6% 39.6% 26.2% 91.3%
1999 10.7% 39.4% 28.9% 83.5%
1998 10.9% 39.2% 28.3% 75.6%
1997 12.7% 42.9% 28.3% 74.4%
1996 13.3% 43.4% 27.7% 70.2%
1995 14.8% 48.3% 23.1% 85.2%
1994 13.6% 64.6% 21.5% 90.4%
1993 12% 41.9% 21.5% 106.2%
1992 13.5% 41.8% 20% 100.4%
1991 12.6% 44% 24.5% 175.1%
1990 13.3% 45.3% 25.7% 128.8%
1989 17.1% 50.3% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1989–1998, retrieved 2026-02-20).

GeoRank.org/economy/benin/jamaica | CC BY

In 2024, Benin's government spending was $3.88B, accounting for 18.1% of its GDP, while Jamaica spent $6.72B, or 30.5% of GDP.

Debt-to-GDP ratio is 53.4% in Benin and 63.4% in Jamaica, ranking 99/185 and 73/185, respectively.

Government deficit by year

Deficit/surplus
Benin

Jamaica
1x
Year Deficit/surplus, % of GDP
Benin Jamaica
2024 -3.06% 0.22%
2023 -4.13% 0.04%
2022 -5.55% 0.27%
2021 -5.71% 0.89%
2020 -4.68% -2.83%
2019 -0.53% 0.85%
2018 -2.96% 1.12%
2017 -4.18% 0.43%
2016 -4.29% -0.19%
2015 -5.55% -0.28%
2014 -1.65% -0.49%
2013 -1.37% 0.12%
2012 -0.22% -4.05%
2011 -0.98% -6.34%
2010 -0.28% -6.27%
2009 -2.24% -11.1%
2008 -0.04% -7.43%
2007 0.22% -3.82%
2006 -0.15% -4.9%
2005 -1.52% -3.3%
2004 -0.7% -4.68%
2003 -1.07% -5.67%
2002 -3.33% -6.77%
2001 -3.27% -4.89%
2000 -3.69% -0.8%
1999 1.94% -3.53%
1998 1.83% -5.82%
1997 0.47% -6.54%
1996 -0.11% -5.32%
1995 -1.91% 1.6%
1994 -1.57% 2.59%
1993 -0.41% 2.6%
1992 -1.98% 3.11%
1991 -2.25% 3.87%
1990 -2.37% 2.34%
1989 0.89% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1989, retrieved 2026-02-20).

GeoRank.org/economy/benin/jamaica | CC BY

In 2024, Benin's government deficit, the difference between spending and revenue, was $658M, equivalent to 3.06% of GDP. This compares to Jamaica's surplus of $49.1M, or 0.22% of GDP.

Over the past 35 years, Benin recorded a fiscal deficit in 31 of those years, while Jamaica ran a deficit in 21 years. On average, Benin posted an annual deficit equal to 1.92% of GDP, compared to deficit of 2.14% of GDP for Jamaica.

Inflation comparison by year

Inflation
Benin

Jamaica
1x
Year Consumer prices inflation
Benin Jamaica
2024 1.2% 5.41%
2023 2.7% 6.47%
2022 1.4% 10.3%
2021 1.7% 5.86%
2020 3% 5.23%
2019 -0.9% 3.91%
2018 0.8% 3.74%
2017 1.8% 4.38%
2016 -0.8% 2.35%
2015 0.2% 3.69%
2014 -0.6% 8.27%
2013 0.4% 9.34%
2012 6.7% 6.87%
2011 2.7% 7.56%
2010 2.1% 12.6%
2009 0.9% 9.59%
2008 7.4% 22%
2007 1.3% 9.24%
2006 3.8% 8.56%
2005 5.4% 15.1%
2004 0.9% 13.6%
2003 1.5% 10.1%
2002 2.4% 7.08%
2001 4% 6.8%
2000 4.2% 8.17%
1999 0.3% 5.95%
1998 5.8% 8.63%
1997 3.8% 9.66%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/benin/jamaica | CC BY

Over the past 28 years, Benin has recorded an average annual inflation rate of 2.29%, compared with 8.23% in Jamaica. In 2024, inflation was 1.2% in Benin and 5.41% in Jamaica.

Top exports between countries

Benin
Export category Export value
Textiles & consumer goods $6K
Jamaica
Export category Export value

Balance of trade

Benin Jamaica
Current account balance
-$1.61B
2023
$679M
2024
Current account balance ranking
135/190
2023
56/190
2024
Current account balance, % of GDP
-8.18%
2023
+3.08%
2024
Goods imports
$4.65B
2023
$6.07B
2024
Goods exports
$4.05B
2023
$1.87B
2024
Service imports
$1.54B
2023
$3.46B
2024
Service exports
$461M
2023
$5.26B
2024
Imports of goods and services, % of GDP
21.8%
2024
52.1%
2019
Exports of goods and services, % of GDP
18.8%
2024
38%
2019

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Benin Jamaica
Economic freedom 60 68.2
Economic freedom ranking 96/197 48/197
Property rights 46.4 66.8
Government integrity 44.1 49.4
Judicial effectiveness 47.7 75.6
Tax burden 69.4 76.3
Government spending 89.1 76
Fiscal health 65.4 92.2
Business freedom 53.3 68.5
Labor freedom 60.2 59.2
Monetary freedom 82.1 74.2
Trade freedom 62.6 70.4
Investment freedom 50 60
Financial freedom 50 50

Economic freedom comparison by year

Benin
Jamaica
1x
Year Economic freedom index
Benin Jamaica
2026 60 68.2
2025 58.5 68.7
2024 57.7 68.1
2023 59.8 68.1
2022 61 67.4
2021 59.6 69
2020 55.2 68.5
2019 55.3 68.6
2018 56.7 69.1
2017 59.2 69.5
2016 59.3 67.5
2015 58.8 67.7
2014 57.1 66.7
2013 57.6 66.8
2012 55.7 65.1
2011 56 65.7
2010 55.4 65.5
2009 55.4 65.2
2008 55.2 65.7
2007 55.1 65.5
2006 54 66.4
2005 52.3 67
2004 54.6 66.7
2003 54.9 67
2002 57.3 61.7
2001 60.1 63.7
2000 61.5 65.5
1999 60.6 64.7
1998 61.7 67.1
1997 61.3 67.7
1996 54.5 66.7
1995 - 64.4

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/benin/jamaica | CC BY

The Economic Freedom Index for Benin is 60, ranking 96/197, compared to 68.2 for Jamaica, ranking 48/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Benin Jamaica
Services, % of GDP
48.9%
2024
60%
2024
Industry, % of GDP
17.4%
2024
16.5%
2024
Agriculture, forestry, and fishing, % of GDP
24.2%
2024
7.97%
2024
GNI, Atlas method
$20.6B
2024
$20.5B
2024
GNI per capita, PPP
$4,390
2024
$12,690
2024
Total reserves including gold n/a
$5.63B
2024
Total reserves ranking n/a
93/177
2024
Net foreign direct investment
-$430M
2023
-$304M
2024
Net inflows of foreign direct investment
$543M
2024
$305M
2024
Net outflows of foreign direct investment
$60.3M
2024
$1.07M
2024
Servicing debt to the IMF, % of GNI
5.38%
2024
11.3%
2024
Poverty at national poverty lines
36.2%
2021
8.2%
2023
Gross capital formation, % of GDP
35.1%
2024
22.6%
2019

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/benin/jamaica | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1989–1998, retrieved 2026-02-20)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)
  8. TradeMap (2022, retrieved 2026-02-08)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.