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    Togo Economy - 2002

      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 significant cash crop despite falling prices on the world market. 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 XOF currency by 50% provided an important impetus to renewed structural adjustment. In the industrial sector, phosphate mining is by far the most important activity. Togo is the world's fourth largest producer, and geological advantages keep production costs low. The recently privatized mining operation, Office Togolais des Phosphates (OTP), is slowly recovering from a steep fall in prices in the early 1990's, but continues to face the challenge of tough foreign competition, exacerbated by weakening demand. Togo serves as a regional commercial and trade center. It continues to expand its duty-free export-processing zone (EPZ), launched in 1989, which has attracted enterprises from France, Italy, Scandinavia, the US, India, and China and created jobs for Togolese nationals. 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. Progress depends on following through on privatization, increased openness in government financial operations, progress towards legislative elections, and possible downsizing of the military, on which the regime has depended to stay in place. Lack of large-scale foreign aid, deterioration of the financial sector, energy shortages, and depressed commodity prices continue to constrain economic growth. The takeover of the national power company by a Franco-Canadian consortium in 2000 should ease the energy crisis.

      GDP purchasing power parity - $7.6 billion (2001 est.)

      GDP - real growth rate 2.2% (2001 est.)

      GDP - per capita purchasing power parity - $1,500 (2001 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) 2.3% (2001 est.)

      Labor force 1.74 million (1996)

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

      Unemployment rate NA%

      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%

      Electricity - production 97 million kWh (2000)

      Electricity - production by source
      fossil fuel: 97.94%
      other: 0% (2000)
      hydro: 2.06%
      nuclear: 0%

      Electricity - consumption 525.21 million kWh (2000)

      Electricity - exports 0 kWh (2000)

      Electricity - imports 435 million kWh
      note: electricity supplied by Ghana (2000)

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

      Exports $306 million (f.o.b., 2001)

      Exports - commodities cotton, phosphates, coffee, cocoa

      Exports - partners Benin 12%, Nigeria 9%, Belgium 5%, Ghana 4% (2000)

      Imports $420 million (f.o.b., 2001)

      Imports - commodities machinery and equipment, foodstuffs, petroleum products

      Imports - partners Ghana 26%, France 11%, China 7%, Cote d'Ivoire 7% (2000)

      Debt - external $1.5 billion (1999)

      Economic aid - recipient $201.1 million (1995)

      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 - 741.79 (January 2002), 733.04 (2001), 711.98 (2000), 615.70 (1999), 589.95 (1998), 583.67 (1997); note - from 1 January 1999, the XOF is pegged to the euro at a rate of 655.957 XOF per euro

      Fiscal year calendar year

      NOTE: The information regarding Togo on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Togo Economy 2002 information contained here. All suggestions for corrections of any errors about Togo Economy 2002 should be addressed to the CIA.

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    Revised 30-Jan-03
    Copyright © 2003 Photius Coutsoukis (all rights reserved)