Economy of Togo
| 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. |
| GDP (purchasing power parity): | $9.271 billion (2006 est.) |
| GDP (official exchange rate): | $2.089 billion (2006 est.) |
| GDP - real growth rate: | 2% (2006 est.) |
| GDP - per capita (PPP): | $1,700 (2006 est.) |
| GDP - composition by sector: | agriculture: 39.5% industry: 20.4% services: 40.1% (2003 est.) |
| Labor force: | 1.302 million (1998) |
| Labor force - by occupation: | agriculture: 65% industry: 5% services: 30% (1998 est.) |
| Unemployment rate: | NA% |
| Population below poverty line: | 32% (1989 est.) |
| Household income or consumption by percentage share: | lowest 10%: NA% highest 10%: NA% |
| Inflation rate (consumer prices): | 2.8% (2006 est.) |
| Investment (gross fixed): | 22.4% of GDP (2006 est.) |
| Budget: | revenues: $260.2 million expenditures: $311 million; including capital expenditures of $NA (2006 est.) |
| 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: | NA% |
| Electricity - production: | 286.2 million kWh (2004) |
| Electricity - production by source: | fossil fuel: 98.7% hydro: 1.3% nuclear: 0% other: 0% (2001) |
| Electricity - consumption: | 929.2 million kWh (2004) |
| Electricity - exports: | 0 kWh (2004) |
| Electricity - imports: | 663 million kWh; note - electricity supplied by Ghana (2004) |
| Oil - production: | 0 bbl/day (2004 est.) |
| Oil - consumption: | 14,000 bbl/day (2004 est.) |
| Oil - exports: | NA bbl/day |
| Oil - imports: | NA bbl/day |
| Oil - proved reserves: | 0 bbl |
| Natural gas - production: | 0 cu m (2004 est.) |
| Natural gas - consumption: | 0 cu m (2004 est.) |
| Current account balance: | -$261.9 million (2006 est.) |
| Exports: | $868.4 million f.o.b. (2006 est.) |
| Exports - commodities: | reexports, cotton, phosphates, coffee, cocoa |
| Exports - partners: | Ghana 16.7%, Burkina Faso 14.4%, Benin 9.1%, Belgium 6.1%, Mali 5.8%, Germany 5.4%, India 4.6%, Netherlands 4.6% (2006) |
| Imports: | $1.208 billion f.o.b. (2006 est.) |
| Imports - commodities: | machinery and equipment, foodstuffs, petroleum products |
| Imports - partners: | China 30.9%, UK 11.3%, France 9.2%, Netherlands 6.1%, Belgium 6%, US 4.8%, Estonia 4.3%, Cote d'Ivoire 4.1% (2006) |
| Reserves of foreign exchange and gold: | $333.9 million (2006 est.) |
| Debt - external: | $2 billion (2005) |
| Economic aid - recipient: | ODA, $80 million (2000 est.) |
| Currency (code): | Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States |
| Currency code: | XOF |
| Exchange rates: | Communaute Financiere Africaine francs (XOF) per US dollar - 522.59 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003), 696.99 (2002) |
| Fiscal year: | calendar year |