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Economy of Togo

GDP of Togo $ 7.024 billion(2012) rank 161th in World and GDP growth of Togo in 2012 was 5% and GDP per capita by 2012 was $1,100.

Sectors

Agriculture

Subsistence agriculture is the main economic activity in Togo; the majority of the population depends on subsistence agriculture. Food and cash crop production employs the majority of the labor force and contributes about 42% to the gross domestic product(GDP). Coffee and cocoa are traditionally the major cash crops for export, but cotton cultivation increased rapidly in the 1990s, with 173,000 metric tons produced in 1999.

After a disastrous harvest in 2001 (113,000 metric tons), production rebounded to 168,000 metric tons in 2002. Despite insufficient rainfall in some areas, the Togolese Government has achieved its goal of self-sufficiency in food crops maize, cassava, yams, sorghum, pearl millet, and groundnut. Small and medium-sized farms produce most of the food crop; the average farm size is one to three hectares.

Industry

In the industrial sector, phosphates are Togo's most important commodity, and the country has an estimated 60 million metric tons of phosphate reserves. Togo embarked on an overly ambitious program of large investments in infrastructure while pursuing industrialization and development of state enterprises in manufacturing, textiles, and beverages. However, following declines in world prices for commodities, its economy became burdened with fiscal imbalances, heavy borrowing, and unprofitable state enterprises.

While Togo itself produces no crude oil, it is the namesake of an illegal market for stolen oil off the Niger Delta, called the Togo Triangle.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Togo"

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