Togo Economy - 2004

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, but production fell an estimated 22% in 2002 due to power shortages and the cost of developing new deposits. 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 following through on privatization, increased openness in government financial operations, progress toward legislative elections, and continued support from foreign donors.

GDP:
purchasing power parity - $8.232 billion (2003 est.)

GDP - real growth rate:
3.2% (2003 est.)

GDP - per capita:
purchasing power parity - $1,500 (2003 est.)

GDP - composition by sector:
agriculture: 42%
industry: 21%
services: 37% (2001 est.)

Population below poverty line:
32% (1989 est.)

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices):
4% (2002 est.)

Labor force:
1.74 million (1996)

Labor force - by occupation:
agriculture 65%, industry 5%, services 30% (1998 est.)

Unemployment rate:
NA% (2003 est.)

Budget:
revenues: $232 million
expenditures: $252 million, including capital expenditures of $NA (1997 est.)

Industries:
phosphate mining, agricultural processing, cement; handicrafts, textiles, beverages

Industrial production growth rate:
NA% (2003 est.)

Electricity - production:
101.6 million kWh (2001)

Electricity - production by source:
fossil fuel: 98.7%
hydro: 1.3%
other: 0% (2001)
nuclear: 0%

Electricity - consumption:
614.5 million kWh (2001)

Electricity - exports:
0 kWh (2001)

Electricity - imports:
520 million kWh; note - electricity supplied by Ghana (2001)

Oil - production:
0 bbl/day (2001 est.)

Oil - consumption:
10,000 bbl/day (2001 est.)

Oil - exports:
NA

Oil - imports:
NA

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

Exports:
$398.1 million f.o.b. (2003 est.)

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

Exports - partners:
Ghana 17.7%, Benin 13.1%, Burkina Faso 8.2% (2002)

Imports:
$501.3 million f.o.b. (2003 est.)

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

Imports - partners:
France 20.3%, China 16.2%, Netherlands 6.2%, Hong Kong 5.3%, Germany 4.9%, UK 4.6%, Italy 4.3% (2002)

Debt - external:
$1.4 billion (2000)

Economic aid - recipient:
ODA $80 million (2000 est.)

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

Currency code:
XOF

Exchange rates:
Communaute Financiere Africaine francs (XOF) per US dollar - 581.2 (2003), 696.99 (2002), 733.04 (2001), 711.98 (2000), 615.7 (1999)