Togo Economy Profile 2009

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)

$5.118 billion (2008 est.)
$5.062 billion (2007 est.)
$4.968 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$2.89 billion (2008 est.)

GDP - real growth rate

1.1% (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.)

Population below poverty line

32% (1989 est.)

Labor force

2.595 million (2007)

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)

20.2% of GDP (2008 est.)

Budget

revenues: $438.1 million
expenditures: $519.9 million (2008 est.)

Inflation rate (consumer prices)

8.7% (2008 est.)
1% (2007 est.)

Central bank discount rate

4.75% (31 December 2008)
4.25% (31 December 2007)

Commercial bank prime lending rate

NA%

Stock of money

$NA (31 December 2008)
$624.9 million (31 December 2007)

Stock of quasi money

$NA (31 December 2008)
$383.9 million (31 December 2007)

Stock of domestic credit

$NA (31 December 2008)
$590.7 million (31 December 2007)

Industries

phosphate mining, agricultural processing, cement, handicrafts, textiles, beverages

Industrial production growth rate

3% (2008 est.)

Electricity - production

203 million kWh (2006 est.)

Electricity - production by source

fossil fuel: 98.7%
hydro: 1.3%
nuclear: 0%
other: 0% (2001)

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 - imports

16,650 bbl/day (2005)

Oil - exports

1,547 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

-$287 million (2008 est.)
-$154 million (2007 est.)

Agriculture - products

coffee, cocoa, cotton, yams, cassava (tapioca), corn, beans, rice, millet, sorghum; livestock; fish

Exports

$782 million (2008 est.)
$702 million (2007 est.)

Exports - commodities

reexports, cotton, phosphates, coffee, cocoa

Exports - partners

Ghana 14.3%, Burkina Faso 12.4%, Germany 11%, Benin 7.8%, Brazil 5.6%, Belgium 5.4%, Mali 5%, Netherlands 4.8% (2008)

Imports

$1.549 billion (2008 est.)
$1.264 billion (2007 est.)

Imports - commodities

machinery and equipment, foodstuffs, petroleum products

Imports - partners

China 39.1%, Netherlands 7.9%, France 7.2%, Thailand 5.1% (2008)

Reserves of foreign exchange and gold

$473 million (31 December 2008 est.)
$438 million (31 December 2007 est.)

Debt - external

$2 billion (2005)

Market value of publicly traded shares

$NA

Economic aid - recipient

ODA, $86.71 million (2005 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 - 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

Fiscal year

calendar year