Togo: Economic Activity Expanded by 6.3% in Q3 2024, YoY

Economic governance
Wednesday, 26 March 2025 15:10
Togo: Economic Activity Expanded by 6.3% in Q3 2024, YoY

(Togo First) - Togo's gross domestic product (GDP) grew by 6.3% in the third quarter of 2024 compared to the same period in 2023. According to the National Institute of Statistics, INSEED, which reported the data, the surge is weaker than the two previous quarters. In Q1 and Q2 2024, Togo’s GDP was up by 14.5% and 12.5% year-on-year, respectively.

According to the INSEED, Q3’s growth was mainly driven by the primary and secondary sectors. They expanded by 10.7% and 21.1%, respectively.

Agricultural Sector

In the primary sector, agriculture, livestock, hunting, and forestry grew by 10.4%, accounting for 98% of the sector's value added. However, fishing declined sharply by 29% due to scarce fish stocks.

Extractive Industries Boom

The secondary sector experienced significant growth in mining and quarrying (+209.5%), food processing (+36.7%), beverages (+21.9%), building materials (+27.8%), and metal products (+30.1%). Construction, however, continued to decline by 16.8%.

Timid Service Sector

The tertiary sector, which accounts for over half of Togo's economy, posted modest growth of 0.8%. While trade, financial services, and leisure activities performed well, declines in public services, including education (-13%) and administration (-24.4%), offset these gains.

By 2024, Togo's GDP was estimated at CFA5,900 billion ($9.8 billion), according to the World Bank.

This article was initially published in French by Ayi Renaud Dossavi

Edited in English by Ola Schad Akinocho

 

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