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Gross Domestic Product (GDP): Approximately .5 billion USD (2020)
GDP per Capita: Approximately USD (2020)
Main Economic Activities: Agriculture, mining, manufacturing, and services
Currency: West African CFA franc (XOF)
Economic Overview
Togo's economy is diverse, with agriculture, mining, manufacturing, and services playing significant roles. The country faces economic challenges, including poverty and the need for infrastructure development.
Agriculture
Agriculture is a vital sector, employing a majority of the population. Key crops include cassava, maize, and cotton. Togo is known for its coffee and cocoa production.
Industry and Mining
The industrial sector includes manufacturing, mining, and construction. Togo has mineral resources like phosphate, which is a major export.
Services
The services sector contributes to the economy through sectors like finance, telecommunications, and trade. Togo's strategic location on the Gulf of Guinea has implications for trade and transport.
Challenges
Togo faces various economic challenges, including poverty, unemployment, and the need for improved infrastructure and education.
Mining
Phosphate mining is a key industry in Togo, and the country is one of the largest phosphate producers in Africa.
Trade
Togo engages in trade with neighboring countries and international partners, exporting goods such as phosphates, agricultural products, and manufactured goods.
