Togo Economy - 2005

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, but production fell an estimated 22% in 2002 due to power shortages and the cost of developing new deposits. 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 following through on privatization, increased openness in government financial operations, progress toward legislative elections, and continued support from foreign donors.

GDP:
purchasing power parity - $8.684 billion (2004 est.)

GDP - real growth rate:
3% (2004 est.)

GDP - per capita:
purchasing power parity - $1,600 (2004 est.)

GDP - composition by sector:
agriculture: 39.5%
industry: 20.4%
services: 40.1% (2003 est.)

Labor force:
1.74 million (1996)

Labor force - by occupation:
agriculture 65%, industry 5%, services 30% (1998 est.)

Unemployment rate:
NA (2003 est.)

Population below poverty line:
32% (1989 est.)

Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA

Inflation rate (consumer prices):
1% (2004 est.)

Investment (gross fixed):
19.1% of GDP (2004 est.)

Budget:
revenues: $239.2 million
expenditures: $273.3 million, including capital expenditures of NA (2004 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:
108.8 million kWh (2002)

Electricity - consumption:
451.2 million kWh (2002)

Electricity - exports:
0 kWh (2002)

Electricity - imports:
350 million kWh; note - electricity supplied by Ghana (2002)

Oil - production:
0 bbl/day (2001 est.)

Oil - consumption:
10,000 bbl/day (2001 est.)

Oil - exports:
NA

Oil - imports:
NA

Current account balance:
$-125.6 million (2004 est.)

Exports:
$663.1 million f.o.b. (2004 est.)

Exports - commodities:
reexports, cotton, phosphates, coffee, cocoa

Exports - partners:
Burkina Faso 16%, Ghana 14.7%, Benin 9.2%, China 8.1%, Mali 7.5%, Netherlands 6.6%, Taiwan 4.2% (2004)

Imports:
$824.9 million f.o.b. (2004 est.)

Imports - commodities:
machinery and equipment, foodstuffs, petroleum products

Imports - partners:
China 24.7%, France 16.1%, Malaysia 5.3%, Italy 4.6%, Germany 4.6%, UK 4.3%, Netherlands 4.2%, Thailand 4.2%, Belgium 4.2% (2004)

Reserves of foreign exchange and gold:
$267.4 million (2004 est.)

Debt - external:
$1.4 billion (2000)

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

Exchange rates:
Communaute Financiere Africaine francs (XOF) per US dollar - 528.29 (2004), 581.2 (2003), 696.99 (2002), 733.04 (2001), 711.98 (2000)