Togo flag Togo: Visió econòmica i política

El context econòmic de Togo

Economic Indicators

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 20222023 (E)2024 (E)2025 (E)2026 (E)
GDP (billions USD)
GDP (Constant Prices, Annual % Change)
GDP per Capita (USD) 9209981,0581,1101,163
General Government Gross Debt (in % of GDP) 66.567.268.366.564.7
Inflation Rate (%)
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, October 2021

Main Sectors of Industry

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. Because of rounding, the sum of the percentages may be smaller/greater than 100%.


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Indicator of Economic Freedom


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.}}

World Rank:
Regional Rank:

Economic freedom in the world (interactive map)
Source: Index of Economic Freedom, Heritage Foundation


Country Risk

See the country risk analysis provided by Coface.

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Actualitzacions: May 2024

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