Togo Economy 2007

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):
$9.29 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: 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%

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

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

Inflation rate (consumer prices):
2.2% (2006 est.)

Investment (gross fixed):
21.8% of GDP (2006 est.)

Budget:
revenues: $392.3 million
expenditures: $452.3 million (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:
176 million kWh (2005)

Electricity - consumption:
576 million kWh (2005)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
486 million kWh; note - electricity supplied by Ghana (2005)

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 (1 January 2006)

Natural gas - production:
0 cu m (2005 est.)

Natural gas - consumption:
0 cu m (2005 est.)

Current account balance:
$-134 million (2006 est.)

Exports:
$612 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:
$1.04 billion f.o.b. (2006 est.)

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

Imports - partners:
China 29.8%, UK 10.9%, France 8.9%, Netherlands 6%, Belgium 5.8%, US 4.6%, Estonia 4.2% (2006)

Economic aid - recipient:
ODA, $86.71 million (2005 est.)

Reserves of foreign exchange and gold:
$375 million (2006 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 - 522.59 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003), 696.99 (2002)