Togo: Economy#

This small, sub-Saharan economy 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 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. 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. 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 2015 economic growth remained steady at 5.4%, 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.

Economic Facts#

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 (2015 est.)
GDP - real growth rate	5.3% (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 saving	18% of GDP (2016 est.) 18.2% of GDP (2015 est.) 13.6% of GDP (2014 est.)
GDP - composition, by end use	household 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 sector of origin	agriculture: 27.5% industry: 21.3% services: 51.2% (2016 est.)
Agriculture - products	coffee, cocoa, cotton, yams, cassava (manioc, tapioca), corn, beans, rice, millet, sorghum; livestock; fish
Industries	phosphate mining, agricultural processing, cement, handicrafts, textiles, beverages
Industrial production growth rate	7.1% (2016 est.)
Labor force	2.595 million (2007 est.)
Labor force - by occupation	agriculture: 65% industry: 5% services: 30% (1998 est.)
Unemployment rate	NA%
Population below poverty line	32% (1989 est.)
Household income or consumption by percentage share	lowest 10%: 3.3% highest 10%: 27.1% (2006)
Budget	revenues: $1.14 billion expenditures: $1.377 billion (2016 est.)
Taxes and other revenues	25.2% of GDP (2016 est.)
Budget surplus (+) or deficit (-)	-5.2% of GDP (2016 est.)
Public debt	63.3% of GDP (2016 est.) 67.3% of GDP (2015 est.)
Fiscal year	calendar year
Inflation rate (consumer prices)	2.2% (2016 est.) 1.8% (2015 est.)
Central bank discount rate	2.5% (31 December 2010) 4.25% (31 December 2009)
Commercial bank prime lending rate	NA%
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
Current account balance	-$361 million (2016 est.) -$295 million (2015 est.)
Exports	$1.2 billion (2016 est.) $1.246 billion (2015 est.)
Exports - commodities	reexports, cotton, phosphates, coffee, cocoa
Exports - partners	India 14.6%, Burkina Faso 11.3%, China 11.3%, Benin 9.6%, Ghana 9%, Lebanon 8.3%, Nigeria 6.1%, Niger 5.9% (2015)
Imports	$1.852 billion (2016 est.) $1.881 billion (2015 est.)
Imports - commodities	machinery and equipment, foodstuffs, petroleum products
Imports - partners	China 22.9%, Belgium 20.3%, 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 rates	Communaute Financiere Africaine francs (XOF) per US dollar - 605.7 (2016 est.) 591.45 (2015 est.) 591.45 (2014 est.) 494.42 (2013 est.) 510.53 (2012 est.)