Togo Economy - 2021

GEOGRAPHICAL NAMES 

Economic 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 seaport. The economy depends heavily on both commercial and subsistence agriculture, providing 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.

Supported by the World Bank and the IMF, the government's decade-long effort 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 transparency 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 its port and mineral industry, and improvements in the business climate. Foreign direct investment inflows have slowed in recent years.

Real GDP growth rate

4.4% (2017 est.)

5.1% (2016 est.)

5.7% (2015 est.)

Inflation rate (consumer prices)

0.6% (2019 est.)

0.9% (2018 est.)

-0.9% (2017 est.)

Credit ratings

Moody's rating: B3 (2019)

Standard & Poors rating: B (2019)

Real GDP (purchasing power parity)

$12.904 billion (2019 est.)

$12.25 billion (2018 est.)

$11.674 billion (2017 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$5.232 billion (2018 est.)

Real GDP per capita

$1,597 (2019 est.)

$1,553 (2018 est.)

$1,517 (2017 est.)

note: data are in 2017 dollars

Gross national saving

21.7% of GDP (2018 est.)

21.4% of GDP (2017 est.)

21.2% of GDP (2015 est.)

GDP - composition, by sector of origin

agriculture: 28.8% (2017 est.)

industry: 21.8% (2017 est.)

services: 49.8% (2017 est.)

GDP - composition, by end use

household consumption: 84.5% (2017 est.)

government consumption: 11.4% (2017 est.)

investment in fixed capital: 23.4% (2017 est.)

investment in inventories: -1.4% (2017 est.)

exports of goods and services: 43.1% (2017 est.)

imports of goods and services: -61% (2017 est.)

Ease of Doing Business Index scores

Overall score: 62.3 (2020)

Starting a Business score: 95.1 (2020)

Trading score: 63.7 (2020)

Enforcement score: 49 (2020)

Agricultural products

cassava, maize, yams, sorghum, beans, oil palm fruit, rice, vegetables, cotton, groundnuts

Industries

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

Industrial production growth rate

5% (2017 est.)

Labor force

2.595 million (2007 est.)

Labor force - by occupation

agriculture: 65%

industry: 5%

services: 30% (1998 est.)

Unemployment rate

6.9% (2016 est.)

Population below poverty line

55.1% (2015 est.)

Gini Index coefficient - distribution of family income

43.1 (2015 est.)

Household income or consumption by percentage share

lowest 10%: 3.3%

highest 10%: 27.1% (2006)

Budget

revenues: 1.023 billion (2017 est.)

expenditures: 1.203 billion (2017 est.)

Taxes and other revenues

21.5% (of GDP) (2017 est.)

Budget surplus (+) or deficit (-)

-3.8% (of GDP) (2017 est.)

Public debt

75.7% of GDP (2017 est.)

81.6% of GDP (2016 est.)

Fiscal year

calendar year

Current account balance

-$383 million (2017 est.)

-$416 million (2016 est.)

Exports

$1.862 billion (2018 est.)

$1.881 billion (2017 est.)

Exports - partners

India 16%, Benin 15%, Burkina Faso 6%, France 6%, Morocco 5% (2019)

Exports - commodities

refined petroleum, crude petroleum, electricity, calcium phosphates, cotton (2019)

Imports

$2.911 billion (2018 est.)

$2.789 billion (2017 est.)

Imports - partners

China 18%, South Korea 13%, India 11%, Belgium 10%, Netherlands 8%, United States 5% (2019)

Imports - commodities

refined petroleum, motorcycles, crude petroleum, rice, broadcasting equipment (2019)

Reserves of foreign exchange and gold

$77.8 million (31 December 2017 est.)

$42.6 million (31 December 2016 est.)

Debt - external

$1.442 billion (31 December 2017 est.)

$1.22 billion (31 December 2016 est.)

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: The information regarding Togo on this page is re-published from the 2021 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Togo 2021 information contained here. All suggestions for corrections of any errors about Togo 2021 should be addressed to the CIA or the source cited on each page.