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Economy of Togo

Togo is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Togo may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Togo exports around $0.98 billion and imports roughly $1.68 billion. 1.8% of population in the country are unemployed. The total number of unemployed people in Togo is 143,837. In Togo, 32% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Togo is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 4.6% of GDP. The Gini Index of the country is 34.4. Togo is experiencing good equality. The majority of citizens in Togo fall within a narrow range of income, although some cases may show significant differences. Togo has a Human Development Index (HDI) of 0.62. Togo has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The Global Peace Index (GPI) for Togo is 1.944. Due to strong law enforcement presence and high social responsibility, Togo is very safe by international standards. The strength of legal rights index for Togo is 6. Overall, it is considered to be rather adequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available.

Currency

The currency of Togo is West African CFA Franc. The plural form of the word West African CFA Franc is CFA francs. The symbol used for this currency is Fr, and it is abbreviated as XOF. The West African CFA Franc is divided into Centime; there are 100 in one CFA Franc.

Credit rating

Credit rating is the extent to which international investors trust a country in paying debts and upholding the country's obligations in terms of crediting. There is no information on the credit rating of Togo.

Central bank

In Togo, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of West African States. Locally, the central bank of Togo is called Banque Centrale des États de l'Afrique de l'Ouest, BCEAO. The average deposit interest rate offered by local banks in Togo is 3.5%.

Public debt

Togo has a government debt of 58.69% of the country's Gross Domestic Product (GDP), as assessed in 2013.

Tax information

The corporate tax in Togo is set at 29%. Personal income tax ranges from 0% to 35%, depending on your specific situation and income level. VAT in Togo is 18%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Togo is $10162 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Togo was last recorded at $1 million. PPP in Togo is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Togo is 4,158 billion. Based on this statistic, Togo is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in Togo was last recorded at $1 million. The average citizen in Togo has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Togo averaged 5.6% in 2014. According to this percentage, Togo is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well. To read more about financial information click on finances of Togo.

Industry

Major industries in the country are phosphate mining, agricultural processing, cement, handicrafts, textiles, beverages. The total labor force of Togo is 3,533,310 people, wherein 1.8% of population in the country are unemployed. The total number of unemployed people in Togo is 143,837. The Industrial Production growth rate of Togo is 2.5%.To read more about industrial information within Togo click on industry of Togo.

Agriculture

There are 24038 km2 of arable land in Togo, and it comprises 42% of the country's total territory. There are 25186 km2 of cultivated land in Togo. The country's major agricultural crops and products are coffee, cocoa, cotton, yams, cassava, corn, beans, rice, millet, sorghum, livestock, fish.To read more about agriculture click on agriculture of Togo.