TOGO

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Togo Economy

Country Name: Togolese Republic

Capital City: Lome

Population: 5701579

Population Growth: 2.718% (2007 est.)

Currency: Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States

Languages: French (official and the language of commerce)

Area:

Inflation Rate: 2.8% (2006 est.)

Unemployment Rate: NA%

Domain extension:

ECONOMIC DETAILS OF TOGO

ECONOMY OVERVIEW
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.

GDP - purchasing power parity:

$9.271 billion (2006 est.)

GDP - real growth rate:

2% (2006 est.)

GDP - per capita:

$1,700 (2006 est.)

GDP - by sector (agriculture):

agriculture: 39.5%

GDP - by sector (industry):

industry: 20.4%

GDP - by sector (services):

services: 40.1% (2003 est.)

Export Partners:

Ghana 16.7%, Burkina Faso 14.4%, Benin 9.1%, Belgium 6.1%, Mali 5.8%, Germany 5.4%, India 4.6%, Netherlands 4.6% (2006)

Import Partners:

China 30.9%, UK 11.3%, France 9.2%, Netherlands 6.1%, Belgium 6%, US 4.8%, Estonia 4.3%, Cote d'Ivoire 4.1% (2006)

Export Commodities:

reexports, cotton, phosphates, coffee, cocoa

Import Commodities:

machinery and equipment, foodstuffs, petroleum products

Exports Volume:

$868.4 million f.o.b. (2006 est.)

Imports Volume:

$1.208 billion f.o.b. (2006 est.)

Labour Force:

1.302 million (1998)

Unemployment Rate:

NA%

Population below poverty line:

32% (1989 est.)

Inflation Rate:

2.8% (2006 est.)

Investment (gross fixed):

22.4% of GDP (2006 est.)

Public Debt:

Agriculture Products:

coffee, cocoa, cotton, yams, cassava (tapioca), corn, beans, rice, millet, sorghum; livestock; fish

Industries:

phosphate mining, agricultural processing, cement, handicrafts, textiles, beverages

Industrial Production Growth Rate:

NA%

Electricity - production:

286.2 million kWh (2004)

Electricity - consumption:

929.2 million kWh (2004)

Electricity - exports:

0 kWh (2004)

Electricity - imports:

663 million kWh; note - electricity supplied by Ghana (2004)

Oil - production:

0 bbl/day (2004 est.)

Oil - consumption:

14,000 bbl/day (2004 est.)

Oil - exports:

NA bbl/day

Oil - imports:

NA bbl/day

Natural gas - production:

0 cu m (2004 est.)

Natural gas - consumption:

Natural gas - exports:

Natural gas - imports:

Current Account Balance:

-$261.9 million (2006 est.)

Currency Code:

Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States