Togo Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

low-income West African economy; primarily agrarian economy; has a deep-water port; growing international shipping locale; improving privatization and public budgeting transparency; key phosphate mining industry; extremely high rural poverty

Real GDP (purchasing power parity)

$18.369 billion (2021 est.)

$17.451 billion (2020 est.)

$17.15 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

5.26% (2021 est.)

1.75% (2020 est.)

5.46% (2019 est.)

Real GDP per capita

$2,100 (2021 est.)

$2,100 (2020 est.)

$2,100 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$5.232 billion (2018 est.)

Inflation rate (consumer prices)

1.83% (2020 est.)

0.69% (2019 est.)

0.93% (2018 est.)

Credit ratings

Moody's rating: B3 (2019)

Standard & Poors rating: B (2019)

note: The year refers to the year in which the current credit rating was first obtained.

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.)

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

5.32% (2020 est.)

Labor force

2.965 million (2021 est.)

Labor force - by occupation

agriculture: 65%

industry: 5%

services: 30% (1998 est.)

Unemployment rate

4% (2021 est.)

3.94% (2020 est.)

3.72% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 9.7%

male: 12.3%

female: 7.7% (2021 est.)

Population below poverty line

55.1% (2015 est.)

Gini Index coefficient - distribution of family income

42.4 (2018 est.)

Household income or consumption by percentage share

lowest 10%: 3.3%

highest 10%: 27.1% (2006)

Budget

revenues: $1.275 billion (2019 est.)

expenditures: $1.158 billion (2019 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.)

Taxes and other revenues

13.16% (of GDP) (2019 est.)

Fiscal year

calendar year

Current account balance

-$20.738 million (2020 est.)

-$55.444 million (2019 est.)

-$184.852 million (2018 est.)

Exports

$1.722 billion (2020 est.) note: data are in current year dollars

$1.665 billion (2019 est.) note: data are in current year dollars

$1.703 billion (2018 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

$2.389 billion (2020 est.) note: data are in current year dollars

$2.261 billion (2019 est.) note: data are in current year dollars

$2.329 billion (2018 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 -

554.531 (2021 est.)

575.586 (2020 est.)

585.911 (2019 est.)

555.446 (2018 est.)

580.657 (2017 est.)

NOTE: The information regarding Togo on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Togo 2023 information contained here. All suggestions for corrections of any errors about Togo 2023 should be addressed to the CIA or the source cited on each page.