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):
$5.105 billion (2008 est.)
$5.064 billion (2007)
$4.97 billion (2006)
note: data are in 2008 US dollars
GDP (official exchange rate):
$3.009 billion (2008 est.)
GDP - real growth rate:
0.8% (2008 est.)
1.9% (2007 est.)
3.9% (2006 est.)
GDP - per capita (PPP):
$900 (2008 est.)
$900 (2007 est.)
$900 (2006 est.)
note: data are in 2008 US dollars
GDP - composition by sector:
agriculture: 40%
industry: 25%
services: 35% (2008 est.)
Labor force:
1.302 million (1998)
Labor force - by occupation:
agriculture: 65%
industry: 5%
services: 30% (1998 est.)
Unemployment rate:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Investment (gross fixed):
18.4% of GDP (2008 est.)
Budget:
revenues: $551.5 million
expenditures: $620.1 million (2008 est.)
Inflation rate (consumer prices):
9.8% (2008 est.)
Central bank discount rate:
4.25% (31 December 2007)
Commercial bank prime lending rate:
NA
Stock of money:
$624.9 million (31 December 2007)
Stock of quasi money:
$383.9 million (31 December 2007)
Stock of domestic credit:
$590.7 million (31 December 2007)
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% (2008 est.)
Electricity - production:
203 million kWh (2006 est.)
Electricity - consumption:
607 million kWh (2006 est.)
Electricity - exports:
0 kWh (2007 est.)
Electricity - imports:
505 million kWh; note - electricity supplied by Ghana (2006 est.)
Oil - production:
0 bbl/day (2007 est.)
Oil - consumption:
17,770 bbl/day (2006 est.)
Oil - exports:
1,547 bbl/day (2005)
Oil - imports:
16,650 bbl/day (2005)
Oil - proved reserves:
0 bbl (1 January 2006 est.)
Natural gas - production:
0 cu m (2007 est.)
Natural gas - consumption:
0 cu m (2007 est.)
Natural gas - exports:
0 cu m (2007 est.)
Natural gas - imports:
0 cu m (2007 est.)
Natural gas - proved reserves:
0 cu m (1 January 2006 est.)
Current account balance:
-$433 million (2008 est.)
Exports:
$1.001 billion f.o.b. (2008 est.)
Exports - commodities:
reexports, cotton, phosphates, coffee, cocoa
Exports - partners:
Ghana 16.8%, Burkina Faso 14.5%, Germany 9.2%, Benin 9.1%, Netherlands 5.9%, Mali 5.8%, India 4.7% (2007)
Imports:
$1.725 billion f.o.b. (2008 est.)
Imports - commodities:
machinery and equipment, foodstuffs, petroleum products
Imports - partners:
China 36.3%, Estonia 9.6%, US 7.6%, Netherlands 7.3%, France 7% (2007)
Reserves of foreign exchange and gold:
$502 million (31 December 2008 est.)
Debt - external:
$2 billion (2005)
Exchange rates:
Communaute Financiere Africaine francs (XOF) per US dollar - 447.81 (2008 est.), 482.71 (2007), 522.59 (2006), 527.47 (2005), 528.29 (2004)
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
