Togo Economy 1997

Economy - overview This small sub-Saharan economy is heavily dependent on both commercialand subsistence agriculture, which provides employment for more than 60% ofthe labor force. Cocoa, coffee, and cotton together generate about 30% ofexport earnings. Togo is self-sufficient in basic foodstuffs when harvestsare normal. In the industrial sector, phosphate mining is by far the mostimportant activity, although it has suffered from the collapse of world phosphateprices and increased foreign competition. Togo serves as a regional commercialand trade center. The government's decade-long effort, supported by the WorldBank and the IMF, to implement economic reform measures, encourage foreigninvestment, and bring revenues in line with expenditures has stalled. Politicalunrest, including private and public sector strikes throughout 1992 and 1993,has jeopardized the reform program, shrunk the tax base, and disrupted vitaleconomic activity. Although strikes had ended in 1994, political unrest andlack of funds prevented the government from taking advantage of the 50% currencydevaluation of 12 January 1994. Resumption of World Bank and IMF flows will depend on implementation of several controversial moves toward privatizationand on downsizing the military, on which the regime depends to stay in power.

GDP purchasing power parity - $4.45 billion (1996 est.)

GDP - real growth rate 6% (1996 est.)

GDP - per capita purchasing power parity - $970 (1996 est.)

GDP - composition by sector
agriculture: 35%
industry: 23%
services: 42% (1995 est.)

Inflation rate - consumer price index 7.2% (1995 est.)

Labor force
total: 1.538 million (1993 est.)
by occupation: agriculture 64%, industry 9%, services 21%, unemployed 6% (1981 est.)

Unemployment rate NA%

Budget
revenues: $242 million
expenditures: $262 million, including capital expenditures of $NA (1997 est.)

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

Industrial production growth rate NA%

Electricity - capacity NA kW

Electricity - production NA kWh
note: imports electricity from Ghana

Electricity - consumption per capita NA kWh

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: $265 (f.o.b., 1996 est.)
commodities: phosphates, cotton, coffee, cocoa
partners : Canada 9.2%, US 8.1%, Taiwan 7.5%, Nigeria 6.7% (1995 est.)

Imports
total value: $350 million (c.i.f., 1996 est.)
commodities : machinery and equipment, consumer goods, food, chemical products
partners: Ghana 17.1%, China 13.3%, France 12.5%, Cameroon 6.0% (1995 est.)

Debt - external $1.5 billion (1994)

Economic aid
recipient: ODA, $NA

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

Exchange rates CFA francs (CFAF) per US$1 - 541.69 (January 1997), 511.55 (1996), 499.15(1995), 555.20 (1994), 283.16 (1993), 264.69 (1992)
note: beginning 12 January 1994, the CFA franc was devalued to CFAF 100 perFrench 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 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Togo Economy 1997 information contained here. All suggestions for corrections of any errors about Togo Economy 1997 should be addressed to the CIA.