Economy of Togo
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
Real Growth Rate
3%
Per Capita
USD 900
From Agriculture
40%
From Industry
25%
From Services
35%
Labour Force
Available for Work
1
Working in Agriculture
65%
Working in Industry
5%
Working in Services
30%
Unemployment Rate
0%
Population Below Poverty Line
32%
Inflation Rate
3%
Investment as Percent of GDP
21%
Budget
Revenues
USD 478 (m)
Expenditures
USD 554 (m)
Public Debt
US$ 0.00 (m)
Agricultural Products
Coffee, cocoa, cotton, yams, cassava (tapioca), corn, beans, rice, millet, sorghum; livestock; fish.
Core Industries
Phosphate mining, agricultural processing, cement, handicrafts, textiles, beverages.
Exports
Value
USD 675 (m)
Commodities
Re-exports, cotton, phosphates, coffee, cocoa.
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
Value
USD 1,181 (m)
Commodities
Machinery and equipment, foodstuffs, petroleum products.
Partners
China 29.8%, UK 10.9%, France 8.9%, Netherlands 6%, Belgium 5.8%, US 4.6%, Estonia 4.2% (2006).
External Debt
USD 2,000 (m)
Fiscal Year
Calendar year
