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Togo:
Economy

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Economy - overview
Definition
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)
Definition - World rank and map
$5.208 billion (2007 est.)
GDP (official exchange rate)
Definition
$2.497 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
2.1% (2007 est.)
GDP - per capita
Definition - World rank and map
$800 (2007 est.)
GDP - composition by sector
Definition
agriculture: 40%
industry: 25%
services: 35% (2003 est.)
Labor force
Definition
1.302 million (1998)
Labor force - by occupation
Definition
agriculture: 65%
industry: 5%
services: 30% (1998 est.)
Unemployment rate
Definition - World rank and map
NA%
Population below poverty line
Definition
32% (1989 est.)
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
Definition - World rank and map
1% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
24.2% of GDP (2007 est.)
Budget
Definition
revenues: $481.5 million
expenditures: $427.7 million (2007 est.)
Agriculture - products
Definition
coffee, cocoa, cotton, yams, cassava (tapioca), corn, beans, rice, millet, sorghum; livestock; fish
Industries
Definition
phosphate mining, agricultural processing, cement, handicrafts, textiles, beverages
Industrial production growth rate
Definition - World rank and map
3% (2007 est.)
Electricity - production
Definition - World rank and map
176 million kWh (2005)
Electricity - consumption
Definition - World rank and map
576 million kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
98.4 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
486 million kWh; note - electricity supplied by Ghana (2005)
Oil - production
Definition - World rank and map
0 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
16,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
2.7 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
0 bbl/day (2004)
Oil - imports
Definition - World rank and map
15,130 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
-$160 million (2007 est.)
Exports
Definition - World rank and map
$690 million f.o.b. (2007 est.)
Exports - commodities
Definition
reexports, cotton, phosphates, coffee, cocoa
Exports - partners
Definition
Ghana 16.5%, Burkina Faso 14.3%, Germany 9.1%, Benin 9%, Netherlands 5.8%, Mali 5.7%, India 4.6% (2006)
Imports
Definition - World rank and map
$1.208 billion f.o.b. (2007 est.)
Imports - commodities
Definition
machinery and equipment, foodstuffs, petroleum products
Imports - partners
Definition
China 36.1%, Estonia 9.9%, Netherlands 8%, US 7.8%, France 7.2% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$356 million (31 December 2007 est.)
Debt - external
Definition - World rank and map
$2 billion (2005)
Market value of publicly traded shares
Definition
$NA
Economic aid - recipient
Definition
ODA, $86.71 million (2005 est.)
Currency (code)
Definition
Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States
Exchange rates
Definition
Communaute Financiere Africaine francs (XOF) per US dollar - 482.71 (2007), 522.59 (2006), 527.47 (2005), 528.29 (2004), 581.2 (2003)
note: since 1 January 1999, the XOF franc has been pegged to the euro at a rate of 655.957 XOF francs per euro
Fiscal year
Definition
calendar year


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