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Togo Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Togo Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
Togo 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
country comparison to the world: 156

GDP (official exchange rate):
$4.797 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
5% (2017 est.) 5% (2016 est.) 5.3% (2015 est.)
country comparison to the world: 40
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$1,600 (2017 est.) $1,600 (2016 est.) $1,500 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 217

Gross national saving:
17.7% of GDP (2017 est.) 17.6% of GDP (2016 est.) 15.9% of GDP (2015 est.)
country comparison to the world: 104
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 79.2%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 18.2%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 24.2%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -1.7%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 39.1%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -59% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 28.1%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 21.6%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 50.3% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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:
7.5% (2017 est.)
country comparison to the world: 22
[see also: Industrial production growth rate country ranks ]

Labor force:
2.595 million (2007 est.)
country comparison to the world: 115
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 65%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 5%
[see also: Labor force - by occupation - industry country ranks ]
services: 30% (1998 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
6.9% (2016 est.)
country comparison to the world: 96
[see also: Unemployment rate country ranks ]

Population below poverty line:
55.1% (2015 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3.3%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 27.1% (2006)

Distribution of family income - Gini index:
46 (2011)
country comparison to the world: 34
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $1.469 billion
[see also: Budget - revenues country ranks ]
expenditures: $1.7 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
30.6% of GDP (2017 est.)
country comparison to the world: 80
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-4.8% of GDP (2017 est.)
country comparison to the world: 156
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
68.6% of GDP (2017 est.) 71.6% of GDP (2016 est.)
country comparison to the world: 52
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
0.8% (2017 est.) 0.9% (2016 est.)
country comparison to the world: 29
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
2.5% (31 December 2010) 4.25% (31 December 2009)
country comparison to the world: 112
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
8.29% (31 December 2015 est.)
country comparison to the world: 105
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.202 billion (31 December 2017 est.) $1.118 billion (31 December 2016 est.)
country comparison to the world: 152
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$2.519 billion (31 December 2017 est.) $2.239 billion (31 December 2016 est.)
country comparison to the world: 146
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.814 billion (31 December 2017 est.) $1.62 billion (31 December 2016 est.)
country comparison to the world: 155
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$396 million (2017 est.) -$431 million (2016 est.)
country comparison to the world: 99
[see also: Current account balance country ranks ]

Exports:
$1.002 billion (2017 est.) $967.4 million (2016 est.)
country comparison to the world: 158
[see also: Exports country ranks ]

Exports - commodities:
reexports, cotton, phosphates, coffee, cocoa

Exports - partners:
Benin 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.)
country comparison to the world: 158
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, foodstuffs, petroleum products

Imports - partners:
China 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.)
country comparison to the world: 158
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$1.387 billion (31 December 2017 est.) $1.22 billion (31 December 2016 est.)
country comparison to the world: 161
[see also: Debt - external country ranks ]

Exchange rates:
Communaute 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.)


NOTE: 1) The information regarding Togo on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Togo Economy 2018 information contained here. All suggestions for corrections of any errors about Togo Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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