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):
$5.132 billion (2007 est.)

GDP (official exchange rate):
$2.193 billion (2007 est.)

GDP - real growth rate:
2.5% (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%

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

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

Inflation rate (consumer prices):
3% (2007 est.)

Investment (gross fixed):
21.4% of GDP (2007 est.)

Budget:
revenues: $478.1 million
expenditures: $554.1 million (2007 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:
3% (2007 est.)

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 (2005 est.)

Oil - consumption:
16,000 bbl/day (2005 est.)

Oil - exports:
0 bbl/day (2004)

Oil - imports:
15,130 bbl/day (2004)

Oil - proved reserves:
0 bbl (1 January 2006 est.)

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

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

natural gas - exports:
0 cu m (2005 est.)

natural gas - imports:
0 cu m (2005)

natural gas - proved reserves:
0 cu m (1 January 2006 est.)

Current account balance:
-$165.5 million (2007 est.)

Exports:
$675 million f.o.b. (2007 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:
$1.181 billion f.o.b. (2007 est.)

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:
$362.6 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)