Togo records higher economic growth rate than expected in 2020

Friday, 16 April 2021 14:39
Togo records higher economic growth rate than expected in 2020

(Togo First) - Togo’s economic growth rate at the end of 2020 was 1.8%. While the figure is way below the 5.5% forecasted at the beginning of the year, it stands above subsequent projections, respectively 1.3% and 0.7%, that took into account the Covid-19’s impact on the economy. 

The actual growth rate was disclosed by Sani Yaya, minister of finance, on April 15 while he was presenting the country’s global economic and financial situation during a meeting of the Conseil National de Crédit, CNC (National Council for Credit).

Comparing the figure to the forecast, Yaya attributed the positive difference to “tax incentives and various measures to foster demand adopted by the government.”

Most importantly, said the official, the performance was a result of the return of dynamism in the secondary (related to the processing of raw commodities produced in the primary sector) and the tertiary sectors (trade, administration, transport, financial and real estate activities, business and personal services, education, health, and action).

Incidentally, the country's debt ratio rose from 51.9% in 2019 to (after rebasing GDP), 59% at the end of 2020.

Séna Akoda

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