Currency | West African CFA Franc (XOF) |
---|---|
1 USD = 566.06,1 XOF (2018[update]) [1] | |
Trade organisations | AU, AfCFTA, CEN-SAD, ECOWAS, WTO |
Country group | |
Statistics | |
Population | 8,608,444 (2020 est.)[4][note 1] |
GDP | |
GDP rank | |
GDP growth |
|
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
2.0% (2020 est.)[5] | |
Population below poverty line | |
43.1 medium (2015)[9] | |
Labour force | 3,807,000 (2020[update]) |
Labour force by occupation |
|
Unemployment | 3.95% (2020[update]) |
Main industries | phosphate mining, agricultural processing, cement, handicrafts, textiles, beverages |
External | |
Exports | $1.002 billion (2017[update]) |
Export goods | re exports, cotton, phosphates, coffee, cocoa |
Main export partners |
|
Imports | $2.009 billion (2017[update]) |
Import goods | machinery and equipment, foodstuffs, petroleum products |
Main import partners | |
FDI stock | $451 million (2017[update])[14] |
Gross external debt | $1.387 billion (2017[update]) |
Public finances | |
$391 million (2017[update]) | |
Revenues | $1.469 billion (2017[update]) |
Expenses | $1.7 billion (2017[update]) |
$215.1 million (2017[update])[15] | |
All values, unless otherwise stated, are in US dollars. |
The economy of Togo has struggled greatly. The International Monetary Fund (IMF) ranks it as the tenth poorest country in the world,[16] with development undercut by political instability, lowered commodity prices, and external debts. While industry and services play a role, the economy is dependent on subsistence agriculture, with industrialization and regional banking suffering major setbacks.
In January 2017, the IMF signed an Extended Credit Facility arrangement, consisting of a three-year $238 million loan package. Progress depends on follow through on privatization, increased transparency in government financial operations, progress toward legislative elections, and continued support from foreign donors.[17]
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