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Benin's economic growth remains robust at 6.4 percent in 2019, following annual gross domestic product (GDP) growth above 5 percent in real terms since 2017. Steady growth and improving local conditions saw Standard And Poor's (S and P) upgrade the country's investment grade rating from B to B+ in July of 2018 while Moody's rated Benin for the first time in 2019. Per capita GDP has been showing healthy growth since 2015, passing the 1000 mark in 2017. The country experienced a deflation of 0.9 percent in 2019, following several years of inflation rates near or below zero. The CFA Franc, which is pegged to the euro, has maintained relative stability while steadily depreciating against the US dollar between the period 2017 - 2019. Inflows of foreign direct investment (FDI) has varied significantly in recent years. Between 2014 and 2016 it declined from more than 4 percent of GDP to about 1.5 percent, a reduction of about 186 million. Investment has since increased to around 2 percent of national GDP in 2017 and 2018, yet remains below 60 percent of 2014 levels. As Benin aims for energy independence, it has implemented several reforms and initiatives to promote business and increase private investment. The government implemented a single legal framework for public private partnerships (PPPs), created a single business portal for information and support and is developing special economic zones to attract industry. In addition, the country has established Revealing Benin, a large-scale investment programme based on nine key sectors, including electricity. To help stimulate investment in renewable energy, several tax incentives were introduced in 2020. Solar panels and batteries are exempt from both VAT and import duties. Importantly, however, a 5 percent import duty applies to pre-assembled solar generating sets and wind turbines, which also incur VAT of 18 percent. Afiliacao regional AU, CEN-SAD, Conseil de l'Entente, ECOWAS, UEMOA
