Togo Economy - 2024

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.)

Unemployment rate

4% (2021 est.)
3.94% (2020 est.)
3.72% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 9.7% (2021 est.)

male: 12.3%

female: 7.7%

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)

Remittances

8.59% of GDP (2020 est.)
7.04% of GDP (2019 est.)
6.34% of GDP (2018 est.)

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 -

Exchange rates:
554.531 (2021 est.)
575.586 (2020 est.)
585.911 (2019 est.)
555.446 (2018 est.)
580.657 (2017 est.)