Togo



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Togo Economy 2008


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): $5.042 billion (2007 est.)
GDP (official exchange rate): $2.497 billion (2007 est.)
GDP - real growth rate: 2.1% (2007 est.)
GDP - per capita (PPP): $900 (2007 est.)
GDP - composition by sector: agriculture: 40% industry: 25% services: 35% (2003 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): 24.2% of GDP (2007 est.)
Budget: revenues: $466.8 million expenditures: $514.7 million (2007 est.)
Inflation rate (consumer prices): 1% (2007 est.)
Central bank discount rate: 4.25% (31 December 2007)
Commercial bank prime lending rate: NA (31 December 2007)
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)
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: 1% (2007 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: -$159 million (2007 est.)
Exports: $702 million f.o.b. (2007 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: $1.201 billion f.o.b. (2007 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: $438 million (31 December 2007 est.)
Debt - external: $2 billion (2005)
Market value of publicly traded shares: $NA
Currency (code): Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States
Exchange rates: Communaute Financiere Africaine francs (XOF) per US dollar - 482.71 (2007), 522.59 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003) note: since 1 January 1999, the XOF franc has been pegged to the euro at a rate of 655.957 XOF francs per euro

NOTE: The economy information regarding Togo on this page is re-published from the 2008 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Togo Economy 2008 information contained here. All suggestions for corrections of any errors about Togo Economy 2008 should be addressed to the CIA.