Economy - overview:
This small, sub-Saharan economy is heavily dependent on both commercial and subsistence agriculture, which provides employment for 65% of the labor force. Some basic foodstuffs must still be imported. Cocoa, coffee, and cotton generate about 40% of export earnings with cotton being the most important cash crop. Togo is the world's fourth-largest producer of phosphate. The government's decade-long effort, supported by the World Bank and the IMF, to implement economic reform measures, encourage foreign investment, and bring revenues in line with expenditures has moved slowly. Progress depends on follow through on privatization, increased openness in government financial operations, progress toward legislative elections, and continued support from foreign donors. Togo is working with donors to write a Poverty Reduction and Growth Facility (PRGF) that could eventually lead to a debt reduction plan. Economic growth remains marginal due to declining cotton production, underinvestment in phosphate mining, and strained relations with donors.
GDP (purchasing power parity):
$5.285 billion (2009 est.)
note: data are in 2009 US dollars
GDP (official exchange rate):
$2.771 billion (2009 est.)
GDP - real growth rate:
1.8% (2009 est.)
GDP - per capita (PPP):
$900 (2009 est.)
note: data are in 2009 US dollars
GDP - composition by sector:
agriculture: 47.4%
industry:
25.4%
services:
27.2% (2009 est.)
Labor force:
2.595 million (2007)
Labor force - by occupation:
agriculture: 65%
industry:
5%
services:
30% (1998 est.)
Unemployment rate:
NA% est.)
Population below poverty line:
32% (1989 est.)
Household income or consumption by percentage share:
lowest 10%: 3.3%
highest 10%:
27.1%
Investment (gross fixed):
21% of GDP (2009 est.)
Budget:
revenues: $468.7 million
expenditures:
$535.4 million (2009 est.)
Inflation rate (consumer prices):
3.3% (2009 est.)
Central bank discount rate:
4.75% (31 December 2008)
Commercial bank prime lending rate:
NA% (31 December 2008)
Stock of money:
$NA (31 December 2008)
Stock of quasi money:
$NA (31 December 2008)
Stock of domestic credit:
$674,300 (31 December 2008)
Market value of publicly traded shares:
$NA
Agriculture - products:
coffee, cocoa, cotton, yams, cassava (tapioca), corn, beans, rice, millet, sorghum; livestock; fish
Industries:
phosphate mining, agricultural processing, cement, handicrafts, textiles, beverages
Industrial production growth rate:
3% (2009 est.)
Electricity - production:
230 million kWh (2007 est.)
Electricity - consumption:
640 million kWh (2007 est.)
Electricity - exports:
0 kWh (2008 est.)
Electricity - imports:
514 million kWh; note - electricity supplied by Ghana (2007 est.)
Oil - production:
0 bbl/day (2008 est.)
Oil - consumption:
20,000 bbl/day (2008 est.)
Oil - exports:
1,547 bbl/day (2005)
Oil - imports:
15,270 bbl/day (2007 est.)
Oil - proved reserves:
0 bbl (1 January 2009 est.)
Natural gas - production:
0 cu m (2008 est.)
Natural gas - consumption:
0 cu m (2008 est.)
Natural gas - exports:
0 cu m (2008 est.)
Natural gas - imports:
0 cu m (2008 est.)
Natural gas - proved reserves:
0 cu m (1 January 2009 est.)
Current account balance:
$-152 million (2009 est.)
Exports:
$729 million (2009 est.)
Exports - commodities:
reexports, cotton, phosphates, coffee, cocoa
Exports - partners:
Ghana 12.7%, Burkina Faso 11%, Germany 9.8%, South Africa 7.3%, Benin 6.9%, India 6.3%, Brazil 4.9%, Belgium 4.8%, Mali 4.4%, Netherlands 4.3% (2008)
Imports:
$1.399 billion (2009 est.)
Imports - commodities:
machinery and equipment, foodstuffs, petroleum products
Imports - partners:
China 34.2%, Netherlands 7.5%, France 6.8%, India 6.5%, Thailand 4.9% (2008)
Reserves of foreign exchange and gold:
$495 million (31 December 2009 est.)
Debt - external:
$NA (31 December 2009 est.)
Exchange rates:
Communaute Financiere Africaine francs (XOF) per US dollar - 483.21 (2009), 447.81 (2008), 482.71 (2007), 522.59 (2006), 527.47 (2005)
note:
since 1 January 1999, the West African CFA franc (XOF) has been pegged to the euro at a rate of 655.957 CFA francs per euro; West African CFA franc (XOF) coins and banknotes are not accepted in countries using Central African CFA francs (XAF), and vice versa, even though the two currencies trade at par
NOTE: The information regarding Togo on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Togo Economy 2010 information contained here. All suggestions for corrections of any errors about Togo Economy 2010 should be addressed to the CIA.
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This page was last modified 09-Feb-10