Economy - overview This small sub-Saharan economy is heavily dependent on both commercial and subsistence agriculture, which provides employment for more than 60% 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, has 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. The 1998 presidential elections provide an important opportunity for Togo's evolving political system to demonstrate that the country can participate in a peaceful and effective manner with World Bank and IMF programs. Progress depends on continuing 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.

GDP purchasing power parity - $6.2 billion (1997 est.)

GDP - real growth rate 4.8% (1997 est.)

GDP - per capita purchasing power parity - $1,300 (1997 est.)

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

Inflation rate - consumer price index 15.7% (1995)

Labor force
total: 1.538 million (1993 est.)
by occupation: agriculture 65%, industry 5%, services 30% (1997 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 - capacity 34,000 kW (1995)

Electricity - production 90 million kWh (1995)
note: imports electricity from Ghana

Electricity - consumption per capita 92 kWh (1995)

Agriculture - products coffee, cocoa, cotton, yams, cassava (tapioca), corn, beans, rice, millet, sorghum; meat; annual fish catch of 10,000-14,000 tons

Exports
total value: $196 million (f.o.b., 1996)
commodities: cotton, phosphates, coffee, cocoa
partners: Canada 9.2%, US 8.1%, Taiwan 7.5%, Nigeria 6.7% (1995 est.)

Imports
total value: $404 million (c.i.f., 1996)
commodities: machinery and equipment, consumer goods, petroleum products
partners: Ghana 17.1%, China 13.3%, France 12.5%, Cameroon 6.0% (1995 est.)

Debt - external $1.4 billion (1995)

Economic aid
recipient: ODA, $NA

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

Exchange rates CFA francs (CFAF) per US$1 - 608.36 (January 1998), 583.67 (1997), 511.55 (1996), 499.15 (1995), 555.20 (1994), 283.16 (1993)
note: beginning 12 January 1994, the CFA franc was devalued to CFAF 100 per French franc from CFAF 50 at which it had been fixed since 1948

Fiscal year calendar year

NOTE: The information regarding Togo on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Togo Economy 1998 information contained here. All suggestions for corrections of any errors about Togo Economy 1998 should be addressed to the CIA.