Togo scales down growth forecast from 6.6% to 6.4% for 2023

Friday, 29 September 2023 10:39
Togo scales down growth forecast from 6.6% to 6.4% for 2023

(Togo First) - Togo has revised its growth forecast for 2023 to 6.4%, compared with the 6.6% initially anticipated. Sani Yaya, Minister of Economy and Finance, disclosed the new prospect on September 27th.

In contrast with the downscaled growth, the government expects an improvement in its budget deficit, from 8.3% in 2022 to 6.6% this year. “But achieving these results requires overcoming some challenges linked to tighter financing conditions,emphasized Minister Yaya.

Port and airport activities on the rise

During Q1 2023, activities at the port and airport of Togo improved, driving up trade flows and consolidating receivables from the economy.

Regarding trade, exports rose by CFA52.3 billion year-on-year compared with the first quarter of 2022, while imports shot up by CFA84.9 billion. This did not help the country's trade balance, still in deficit vis-à-vis the rest of the world.

Falling inflation

The inflation rate in Togo slumped from 7.8% at the end of June 2022 to 6.3% at the end of June 2023, a situation attributable to "measures taken by the government to combat high living costs."

There are plans to revise the state budget for this year, with a rectifying finance bill, to respond to state pressures and priorities. For now, Lomé said it wants to "bolster means to fight terrorism" and "keep implementing development policies in line with the priorities of the government's 2020-2025 roadmap."

It is worth noting that Togo had initially adopted a budget of CFA1,950 billion for 2023. 

Ayi Renaud Dossavi

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