Economy - overviewThis small, sub-Saharan economy suffers from anemic economic growth and depends heavily on both commercial and subsistence agriculture, which provides employment for a significant share 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 among the world's largest producers of phosphate and Togo seeks to develop its carbonate phosphate reserves. 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. Foreign direct investment inflows have slowed over recent years. Togo completed its IMF Extended Credit Facility in 2011 and reached a HIPC 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. GDP (purchasing power parity)$6.899 billion (2012 est.) GDP (official exchange rate)$3.624 billion (2012 est.) GDP - real growth rate5% (2012 est.) GDP - per capita (PPP)$1,100 (2012 est.) GDP - composition by sectoragriculture: 45.7% Population below poverty line32% (1989 est.) Labor force2.595 million (2007) Labor force - by occupationagriculture: 65% Unemployment rateNA% Household income or consumption by percentage sharelowest 10%: 3.3% Investment (gross fixed)25.4% of GDP (2012 est.) Budgetrevenues: $729.6 million Taxes and other revenues20.1% of GDP (2012 est.) Budget surplus (+) or deficit (-)-3.9% of GDP (2012 est.) Inflation rate (consumer prices)2.8% (2012 est.) Central bank discount rate2.5% (31 December 2010 est.) Commercial bank prime lending rateNA% Stock of money$712.6 million (31 December 2008) Stock of narrow money$954.5 million (31 December 2012 est.) Stock of broad money$1.534 billion (31 December 2012 est.) Stock of quasi money$414.9 million (31 December 2008) Stock of domestic credit$1.119 billion (31 December 2012 est.) Market value of publicly traded shares$NA Agriculture - productscoffee, cocoa, cotton, yams, cassava (manioc), corn, beans, rice, millet, sorghum; livestock; fish Industriesphosphate mining, agricultural processing, cement, handicrafts, textiles, beverages Industrial production growth rate2.5% (2010 est.) Current Account Balance-$418.4 million (2012 est.) Exports$893.8 million (2012 est.) Exports - commoditiesreexports, cotton, phosphates, coffee, cocoa Exports - partnersChina 10.7%, Burkina Faso 8.3%, India 8.3%, Benin 8.2%, Niger 6.3%, Germany 5.7%, Ghana 4.8%, Indonesia 4.7% (2011) Imports$1.492 billion (2012 est.) Imports - commoditiesmachinery and equipment, foodstuffs, petroleum products Imports - partnersChina 32.5%, France 8.7%, Belgium 7.9%, India 6.2%, US 5.1%, UK 4.6% (2011) Reserves of foreign exchange and gold$678 million (31 December 2012 est.) Debt - external$NA (31 December 2010) Exchange ratesCommunaute Financiere Africaine francs (XOF) per US dollar - Fiscal yearcalendar year |
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Source: CIA World Factbook | |