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Togo Economy Profile 2017

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Economy - overviewTogo is enjoying a period of steady economic growth fueled by political stability and a concerted effort by the government to modernize the country’s commercial infrastructure. The country has recently completed an ambitious large-scale infrastructure improvement program, including new principal roads, a new airport terminal, and a new sea-port. The economy depends heavily on both commercial and subsistence agriculture, which provides employment for around 60% of the labor force. Some basic foodstuffs must still be imported. Cocoa, coffee, and cotton and other agricultural products generate about 20% of export earnings with cotton being the most important cash crop. Togo is among the world's largest producers of phosphate and seeks to develop its carbonate phosphate reserves, which provide more than 20% of export earnings.

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. Togo completed its IMF Extended Credit Facility in 2011 and reached a Heavily Indebted Poor Country debt relief completion point in 2010 at which 95% of the country's debt was forgiven. Togo continues to work with the IMF on structural reforms, and is currently finalizing IMF approval for an agreement on an Extended Credit Facility arrangement consisting of a three-year $238 million loan package . Progress depends on follow through on privatization, increased openness in government financial operations, progress toward legislative elections, and continued support from foreign donors.

Togo’s 2016 economic growth remained steady at 5.3%, largely driven by infusions of foreign aid, infrastructure investment in the port and mineral sectors, and improvements in the business climate. Foreign direct investment inflows have slowed in recent years.
GDP (purchasing power parity)$11.61 billion (2016 est.)
$11.02 billion (2015 est.)
$10.46 billion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$4.52 billion (2016 est.)
GDP - real growth rate5.3% (2016 est.)
5.4% (2015 est.)
5.4% (2014 est.)
GDP - per capita (PPP)$1,500 (2016 est.)
$1,500 (2015 est.)
$1,500 (2014 est.)
note: data are in 2016 dollars
Gross national saving18% of GDP (2016 est.)
18.2% of GDP (2015 est.)
13.6% of GDP (2014 est.)
GDP - composition, by end usehousehold consumption: 107%
government consumption: 16.2%
investment in fixed capital: 21%
investment in inventories: 0%
exports of goods and services: 49.3%
imports of goods and services: -93.5% (2016 est.)
GDP - composition by sectoragriculture: 27.5%
industry: 21.3%
services: 51.2% (2016 est.)
Population below poverty line55.1% (2015 est.)
Labor force2.595 million (2007 est.)
Labor force - by occupationagriculture: 65%
industry: 5%
services: 30% (1998 est.)
Unemployment rateNA%
Household income or consumption by percentage sharelowest 10%: 3.3%
highest 10%: 27.1% (2006)
Distribution of family income - Gini index46 (2011)
Budgetrevenues: $1.14 billion
expenditures: $1.377 billion (2016 est.)
Taxes and other revenues25.2% of GDP (2016 est.)
Budget surplus (+) or deficit (-)-5.2% of GDP (2016 est.)
Public debt63.3% of GDP (2016 est.)
67.3% of GDP (2015 est.)
Inflation rate (consumer prices)2.2% (2016 est.)
1.8% (2015 est.)
Central bank discount rate2.5% (31 December 2010)
4.25% (31 December 2009)
Commercial bank prime lending rateNA%
Stock of narrow money$1.315 billion (31 December 2016 est.)
$1.14 billion (31 December 2015 est.)
Stock of broad money$2.599 billion (31 December 2016 est.)
$2.184 billion (31 December 2015 est.)
Stock of domestic credit$1.977 billion (31 December 2016 est.)
$1.65 billion (31 December 2015 est.)
Market value of publicly traded shares$NA
Agriculture - productscoffee, cocoa, cotton, yams, cassava (manioc, tapioca), corn, beans, rice, millet, sorghum; livestock; fish
Industriesphosphate mining, agricultural processing, cement, handicrafts, textiles, beverages
Industrial production growth rate7.1% (2016 est.)
Current Account Balance-$433 million (2016 est.)
-$461 million (2015 est.)
Exports$1.2 billion (2016 est.)
$1.246 billion (2015 est.)
Exports - commoditiesreexports, cotton, phosphates, coffee, cocoa
Exports - partnersIndia 13.7%, Burkina Faso 11.5%, China 11.4%, Benin 9.7%, Ghana 9.1%, Lebanon 8.4%, Nigeria 6.2%, Niger 6% (2015)
Imports$1.852 billion (2016 est.)
$1.881 billion (2015 est.)
Imports - commoditiesmachinery and equipment, foodstuffs, petroleum products
Imports - partnersChina 22.8%, Belgium 20.2%, Netherlands 11.9%, France 6.6%, India 4.8%, Singapore 4.4% (2015)
Reserves of foreign exchange and gold$647.6 million (31 December 2016 est.)
$574 million (31 December 2015 est.)
Debt - external$1.173 billion (31 December 2016 est.)
$1.034 billion (31 December 2015 est.)
Exchange ratesCommunaute Financiere Africaine francs (XOF) per US dollar -
628.16 (2016 est.)
591.45 (2015 est.)
591.45 (2014 est.)
494.42 (2013 est.)
510.53 (2012 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on July 9, 2017

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