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Togo Economy Profile 2018

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Economy - overviewTogo has enjoyed a period of steady economic growth fueled by political stability and a concerted effort by the government to modernize the country’s commercial infrastructure, but discontent with President Faure GNASSINGBE has led to a rapid rise in protests, creating downside risks. The country 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 in January 2017, the IMF signed 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 2017 economic growth probably remained steady at 5.0%, 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)$12.43 billion (2017 est.)
$11.84 billion (2016 est.)
$11.28 billion (2015 est.)
note: data are in 2017 dollars
GDP (official exchange rate)$4.797 billion (2016 est.)
GDP - real growth rate5% (2017 est.)
5% (2016 est.)
5.3% (2015 est.)
GDP - per capita (PPP)$1,600 (2017 est.)
$1,600 (2016 est.)
$1,500 (2015 est.)
note: data are in 2017 dollars
Gross national saving17.7% of GDP (2017 est.)
17.6% of GDP (2016 est.)
15.9% of GDP (2015 est.)
GDP - composition, by end usehousehold consumption: 79.2%
government consumption: 18.2%
investment in fixed capital: 24.2%
investment in inventories: -1.7%
exports of goods and services: 39.1%
imports of goods and services: -59% (2017 est.)
GDP - composition by sectoragriculture: 28.1%
industry: 21.6%
services: 50.3% (2017 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 rate6.9% (2016 est.)
Household income or consumption by percentage sharelowest 10%: 3.3%
highest 10%: 27.1% (2006)
Distribution of family income - Gini index46 (2011)
Budgetrevenues: $1.469 billion
expenditures: $1.7 billion (2017 est.)
Taxes and other revenues30.6% of GDP (2017 est.)
Budget surplus (+) or deficit (-)-4.8% of GDP (2017 est.)
Public debt68.6% of GDP (2017 est.)
71.6% of GDP (2016 est.)
Inflation rate (consumer prices)0.8% (2017 est.)
0.9% (2016 est.)
Central bank discount rate2.5% (31 December 2010)
4.25% (31 December 2009)
Commercial bank prime lending rate8.29% (31 December 2015 est.)
Stock of narrow money$1.202 billion (31 December 2017 est.)
$1.118 billion (31 December 2016 est.)
Stock of broad money$2.519 billion (31 December 2017 est.)
$2.239 billion (31 December 2016 est.)
Stock of domestic credit$1.814 billion (31 December 2017 est.)
$1.62 billion (31 December 2016 est.)
Market value of publicly traded shares$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 rate7.5% (2017 est.)
Current Account Balance-$396 million (2017 est.)
-$431 million (2016 est.)
Exports$1.002 billion (2017 est.)
$967.4 million (2016 est.)
Exports - commoditiesreexports, cotton, phosphates, coffee, cocoa
Exports - partnersBenin 17.5%, Burkina Faso 15.9%, India 7.6%, Mali 7.2%, Niger 7%, Cote dIvoire 6.1%, Ghana 4.8%, Nigeria 4.3% (2016)
Imports$2.009 billion (2017 est.)
$1.981 billion (2016 est.)
Imports - commoditiesmachinery and equipment, foodstuffs, petroleum products
Imports - partnersChina 28.7%, France 8.9%, Netherlands 4.3%, Japan 4.2% (2016)
Reserves of foreign exchange and gold$215.1 million (31 December 2017 est.)
$42.6 million (31 December 2016 est.)
Debt - external$1.387 billion (31 December 2017 est.)
$1.22 billion (31 December 2016 est.)
Exchange ratesCommunaute Financiere Africaine francs (XOF) per US dollar -
617.4 (2017 est.)
593.01 (2016 est.)
593.01 (2015 est.)
591.45 (2014 est.)
494.42 (2013 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on January 20, 2018

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