In this page: Economic Indicators | Foreign Trade in Figures | Sources of General Economic Information | Political Outline | COVID-19 Country Response
Despite a challenging regional context and international circumstances, Togo demonstrates robust growth, propelled by strong domestic demand and sustained public and private investments. In 2023, growth reached an estimated 5.4%. However, this marked a moderation from the 5.8% recorded in 2022, reflecting a government transition from an expansionary fiscal policy stance to a more restrained approach. Economic growth is expected to stabilize at 5.3% this year and in 2025, as further fiscal consolidation measures are offset by increased consumer spending and private investment.
Concerning public finances, a sluggish implementation of scheduled public investment and proposed additional spending cuts outlined in the revised 2023 budget led to a reduction in the fiscal deficit to 5.8% of GDP, compared to 8.3% in 2022 (World Bank). In December 2023, the IMF staff and Togolese authorities reached a staff-level agreement on economic policies and reforms. This agreement will be supported by a new 42-month arrangement under the Extended Credit Facility (ECF), amounting to approximately USD 390 million. The aim is to address urgent spending needs, particularly arising from escalating security concerns, and to uphold stability and social inclusion. The primary reforms aim to achieve a reduction in the budget deficit to 3% of GDP by 2025 while safeguarding spending that can foster growth and improve economic inclusion. The fiscal strategy partly depends on implementing measures to boost domestic resource mobilization by 0.5% of GDP annually. Additionally, the authorities will streamline public expenditure. Public debt increased to 67.2% of GDP in 2023 and is expected to follow a downward trend over the forecast horizon, landing at 66% in 2025 (IMF). Meanwhile, inflation is projected to fall from 5% in 2023 to 2.8% in 2024 thanks to purchasing power support from the government.
In 2022, the unemployment rate in the country was at 3.8% (World Bank, ILO estimate). The poverty rate is anticipated to decrease to 24.8% in 2025, marking a significant decline from the estimated 28.4% in 2022 (World Bank). Poverty rates are higher in female-headed households (45.7%) compared to male-headed households (45.2%). Women continue to face greater vulnerability due to limited access to economic opportunities, education, healthcare, and other essential socioeconomic resources. The country’s GDP per capita (PPP) was estimated at USD 2,601 in 2022 by the World Bank.
Main Indicators | 2022 | 2023 (E) | 2024 (E) | 2025 (E) | 2026 (E) |
---|---|---|---|---|---|
GDP (billions USD) | 8.14 | 9.06 | 9.83 | 10.56 | 11.34 |
GDP (Constant Prices, Annual % Change) | 5.8 | 5.4 | 5.3 | 5.3 | 5.5 |
GDP per Capita (USD) | 920 | 998 | 1,058 | 1,110 | 1,163 |
General Government Gross Debt (in % of GDP) | 66.5 | 67.2 | 68.3 | 66.5 | 64.7 |
Inflation Rate (%) | 7.6 | 5.1 | 2.7 | 2.0 | 2.0 |
Current Account (billions USD) | -0.34 | -0.31 | -0.38 | -0.38 | -0.38 |
Current Account (in % of GDP) | -4.2 | -3.4 | -3.9 | -3.6 | -3.4 |
Source: IMF – World Economic Outlook Database , Latest available data
Note: (e) Estimated Data
The agricultural sector contributes to 18.3% of GDP and employs 31% of the active workforce (World Bank). The main food crops include cassava, yams, maize, millet, and sorghum, with cocoa, coffee, and cotton as cash crops (generating about 20% of export earnings). Although many farmers practice subsistence farming, some basic foodstuffs still need to be imported. The agricultural sector is vulnerable to climate conditions and parasite infestation. For the agricultural campaign 2023/24, more than 1.5 million tons of cereals are expected according to the production forecasts of the Directorate of Agricultural Statistics, Computing, and Documentation (DSID).
The industrial sector is quite limited in Togo, accounting for one-fifth of both GDP and total employment. With an estimated 30 million metric tons of reserves (USGS), phosphate is the country's most important commodity, making Togo one of the world's largest producers of phosphate. Hence, mining is the main industrial sub-sector, followed by food processing. The country also has clinker deposits, which fuel a dynamic cement industry. Manufacturing as a whole accounts for 14% of the country’s GDP, while mineral rents have a share of 4.9% (World Bank).
The services sector is estimated to account for 52.1% of GDP, giving employment to 49% of the active population. The sector has been growing consistently in recent years, and trade is its biggest contributor. The Lomé Port, which is one of the largest ports in the region, is a major asset as the transport of goods to neighboring countries is boosting the services industry. The country is also investing in its tourism sector: it welcomed one million tourists in 2022, and in the 2024 budget, the government allocated XOF 2 billion for the development of the tourism sector.
Breakdown of Economic Activity By Sector | Agriculture | Industry | Services |
---|---|---|---|
Employment By Sector (in % of Total Employment) | 30.9 | 20.4 | 48.7 |
Value Added (in % of GDP) | 18.3 | 20.5 | 51.3 |
Value Added (Annual % Change) | 5.0 | 7.3 | 6.2 |
Source: World Bank - Latest available data.
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Monetary Indicators | 2016 | 2017 | 2018 | 2019 | 2020 |
---|---|---|---|---|---|
CFA Franc BCEAO (XOF) - Average Annual Exchange Rate For 1 MUR | 16.68 | 16.88 | 16.38 | 16.50 | 14.63 |
Source: World Bank - Latest available data.
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The Economic freedom index measure ten components of economic freedom, grouped into four broad categories or pillars of economic freedom: Rule of Law (property rights, freedom from corruption); Limited Government (fiscal freedom, government spending); Regulatory Efficiency (business freedom, labour freedom, monetary freedom); and Open Markets (trade freedom, investment freedom, financial freedom). Each of the freedoms within these four broad categories is individually scored on a scale of 0 to 100. A country’s overall economic freedom score is a simple average of its scores on the 10 individual freedoms.
Economic freedom in the world (interactive map)
Source: Index of Economic Freedom, Heritage Foundation
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In Togo, foreign trade represents 58% of the GDP, according to the World Bank’s latest available data. The country has been a member of the WTO since 1995. Key challenges to trade include certain public monopolies and customs procedures. Togo's main exports are phosphates (22.2%), articles for the conveyance or packaging of goods (7.7%), petroleum oils (6.9%), soya beans (5.7%), and beauty or make-up preparations (5.6%); whereas imports are led by petroleum oils (5.4%), polymers of ethylene (3.9%), medicaments (3.7%), motor cars (3.5%), and motorcycles (2.9% - data Comtrade).
Togo’s main export destinations in 2022 were India (17%), Burkina Faso (12.4%), Benin (9.4%), Ivory Coast (8.4%), Mali (7.5%), and France (7%). Imports came chiefly from China (19.8%), France (8.9%), India (6.1%), Nigeria (4.4%), Ghana (4.1%), and Saudi Arabia (3.2% - data Comtrade).
Togo’s trade balance is structurally in deficit, a trend that is expected to continue due to the high oil bill and purchases of capital goods. In 2022, total exports stood at USD 1.4 billion against USD 2.6 billion in imports (+8.3% and +6.8% y-o-y, respectively). As per services, exports totaled USD 548 million, slightly above imports (USD 464 million – data WTO). In the same year, the World Bank estimated the country’s trade deficit at 9.9% of its GDP.
Foreign Trade Indicators | 2019 | 2020 | 2021 | 2022 | 2023 |
---|---|---|---|---|---|
Imports of Goods (million USD) | 2,091 | 2,260 | 2,676 | 3,041 | 3,204 |
Exports of Goods (million USD) | 1,055 | 979 | 1,060 | 1,348 | 1,434 |
Imports of Services (million USD) | 449 | 438 | 445 | 464 | n/a |
Exports of Services (million USD) | 610 | 514 | 570 | 548 | n/a |
Imports of Goods and Services (Annual % Change) | 3.1 | 1.6 | 6.9 | 5.1 | n/a |
Exports of Goods and Services (Annual % Change) | 3.4 | 6.5 | 5.3 | -1.1 | n/a |
Imports of Goods and Services (in % of GDP) | 32.5 | 32.5 | 32.0 | 34.9 | n/a |
Exports of Goods and Services (in % of GDP) | 24.2 | 23.7 | 23.2 | 25.0 | n/a |
Trade Balance (million USD) | -757 | -744 | n/a | n/a | n/a |
Trade Balance (Including Service) (million USD) | -596 | -668 | n/a | n/a | n/a |
Foreign Trade (in % of GDP) | 56.7 | 56.2 | 55.2 | 59.8 | n/a |
Source: WTO – World Trade Organisation ; World Bank , Latest Available Data
Main Customers (% of Exports) |
2023 |
---|---|
India | 22.5% |
Burkina Faso | 9.2% |
Benin | 8.4% |
Mali | 7.8% |
Ivory Coast | 6.8% |
See More Countries | 45.3% |
Main Suppliers (% of Imports) |
2023 |
---|---|
China | 19.0% |
France | 9.0% |
India | 7.9% |
Ghana | 4.8% |
Türkiye | 4.5% |
See More Countries | 54.8% |
Source: Comtrade, Latest Available Data
Source: Comtrade, Latest Available Data
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0.5 bn USD of services exported in 2020 | |
---|---|
35.33% | |
29.05% | |
14.99% | |
Business travelBusiness travel | 8.37% |
Personal travelPersonal travel | 6.62% |
OtherOther | 49.68% |
6.93% | |
6.84% | |
6.08% | |
0.48% | |
0.31% | |
n/a% |
0.4 bn USD of services imported in 2020 | |
---|---|
71.23% | |
12.36% | |
5.51% | |
Personal travelPersonal travel | 3.67% |
OtherOther | 23.26% |
Business travelBusiness travel | 1.84% |
5.16% | |
4.64% | |
0.60% | |
0.41% | |
0.08% |
Source: United Nations Statistics Division, Latest Available Data
The world rankings, published annually, measures violations of press freedom worldwide. It reflects the degree of freedom enjoyed by journalists, the media and digital citizens of each country and the means used by states to respect and uphold this freedom. Finally, a note and a position are assigned to each country. To compile this index, Reporters Without Borders (RWB) prepared a questionnaire incorporating the main criteria (44 in total) to assess the situation of press freedom in a given country. This questionnaire was sent to partner organisations,150 RWB correspondents, journalists, researchers, jurists and human rights activists. It includes every kind of direct attacks against journalists and digital citizens (murders, imprisonment, assault, threats, etc.) or against the media (censorship, confiscation, searches and harassment etc.).
The Indicator of Political Freedom provides an annual evaluation of the state of freedom in a country as experienced by individuals. The survey measures freedom according to two broad categories: political rights and civil liberties. The ratings process is based on a checklist of 10 political rights questions (on Electoral Process, Political Pluralism and Participation, Functioning of Government) and 15 civil liberties questions (on Freedom of Expression, Belief, Associational and Organizational Rights, Rule of Law, Personal Autonomy and Individual Rights). Scores are awarded to each of these questions on a scale of 0 to 4, where a score of 0 represents the smallest degree and 4 the greatest degree of rights or liberties present. The total score awarded to the political rights and civil liberties checklist determines the political rights and civil liberties rating. Each rating of 1 through 7, with 1 representing the highest and 7 the lowest level of freedom, corresponds to a range of total scores.
Political freedom in the world (interactive map)
Source: Freedom in the World Report, Freedom House
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Latest Update: May 2024