Economy in Togo

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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

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