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Togo Economy

    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. Cocoa, coffee, and cotton together generate about 30% of export earnings. Togo is self-sufficient in basic foodstuffs when harvests are normal, with occasional regional supply difficulties. In the industrial sector, phosphate mining is by far the most important activity, although it has suffered from the collapse of world phosphate prices and increased foreign competition. Togo serves as a regional commercial and trade center. 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 stalled. Political unrest, including private and public sector strikes throughout 1992 and 1993, jeopardized the reform program, shrunk the tax base, and disrupted vital economic activity. The 12 January 1994 devaluation of the currency by 50% provided an important impetus to renewed structural adjustment; these efforts were facilitated by the end of strife in 1994 and a return to overt political calm. Progress depends on following through on privatization, increased transparency in government accounting to accommodate increased social service outlays, and possible downsizing of the military, on which the regime has depended to stay in place. However, in late 1998 the EU suspended aid and trade preferences for Togo because of grave doubts over the conduct of the presidential elections. The World Bank also suspended its disbursements at yearend 1998 because Togo was unable to pay its arrears.

    GDP: purchasing power parity—$8.2 billion (1998 est.)

    GDP—real growth rate: 3.8% (1998 est.)

    GDP—per capita: purchasing power parity—$1,670 (1998 est.)

    GDP—composition by sector:
    agriculture: 32%
    industry: 23%
    services: 45% (1995)

    Population below poverty line: 32.3% (1987-89 est.)

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

    Inflation rate (consumer prices): 7.2% (1997)

    Labor force: 1.538 million (1993 est.)

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

    Unemployment rate: NA%

    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: 13.6% (1995)

    Electricity—production: 88 million kWh (1996)

    Electricity—production by source:
    fossil fuel: 93.18%
    hydro: 6.82%
    nuclear: 0%
    other: 0% (1996)

    Electricity—consumption: 408 million kWh (1996)

    Electricity—exports: 0 kWh (1996)

    Electricity—imports: 320 million kWh (1996)
    note: imports electricity from Ghana

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

    Exports: $345 million (f.o.b., 1997)

    Exports—commodities: cotton, phosphates, coffee, cocoa

    Exports—partners: Canada 7.6%, Taiwan 7.1%, Nigeria 6.8%, South Africa 5.2% (1996 est.)

    Imports: $400 million (f.o.b., 1997)

    Imports—commodities: machinery and equipment, consumer goods, petroleum products

    Imports—partners: Ghana 19.1%, France 10.8%, China 8.2%, Cameroon 6.8% (1996 est.)

    Debt—external: $1.5 billion (1996)

    Economic aid—recipient: $201.1 million (1995)

    Currency: 1 Communaute Financiere Africaine franc (CFAF) = 100 centimes

    Exchange rates: Communaute Financiere Africaine francs (CFAF) per US$1—560.01 (December 1998), 589.95 (1998), 583.67 (1997), 511.55 (1996), 499.15 (1995), 555.20 (1994)

    Fiscal year: calendar year

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Revised 1-Mar-99
Copyright © 1999 Photius Coutsoukis (all rights reserved)