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Uganda Economy 1996

Overview:

Uganda has substantial natural resources, including fertile soils, regular rainfall, and sizable mineral deposits of copper and cobalt. Agriculture is the most important sector of the economy, employing over 80% of the work force. Coffee is the major export crop and accounts for the bulk of export revenues. Since 1986 the government - with the support of foreign countries and international agencies - has acted to rehabilitate and stabilize the economy by undertaking currency reform, raising producer prices on export crops, increasing prices of petroleum products, and improving civil service wages. The policy changes are especially aimed at dampening inflation and boosting production and export earnings. In 1990-94, the economy turned in a solid performance based on continued investment in the rehabilitation of infrastructure, improved incentives for production and exports, and gradually improving domestic security. The economy again prospered in 1994 with rapid growth, low inflation, growing foreign investment, a trimmed bureaucracy, and the continued return of exiled Indian-Ugandan entrepreneurs.

National product:

GDP - purchasing power parity - $16.2 billion (1994 est.)

National product real growth rate:

6% (1994 est.)

National product per capita:

$850 (1994 est.)

Inflation rate (consumer prices):

5% (1994 est.)

Unemployment rate:

NA%

Budget:

revenues:

$365 million

expenditures:

$545 million, including capital expenditures of $165 million (1989 est.)

Exports:

$237 million (f.o.b., 1993 est.)

commodities:

coffee 97%, cotton, tea

partners:

US 25%, UK 18%, France 11%, Spain 10%

Imports:

$696 million (c.i.f., 1993 est.)

commodities:

petroleum products, machinery, cotton piece goods, metals, transportation equipment, food

partners:

Kenya 25%, UK 14%, Italy 13%

External debt:

$2.9 billion (1993 est.)

Industrial production:

growth rate 1.5% (1992); accounts for 5% of GDP

Electricity:

capacity:

160,000 kW

production:

780 million kWh

consumption per capita:

32 kWh (1993)

Industries:

sugar, brewing, tobacco, cotton textiles, cement

Agriculture:

mainly subsistence; accounts for 57% of GDP and over 80% of labor force; cash crops - coffee, tea, cotton, tobacco; food crops - cassava, potatoes, corn, millet, pulses; livestock products - beef, goat meat, milk, poultry; self-sufficient in food

Economic aid:

recipient:

US commitments, including Ex-Im (1970-89), $145 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $1.4 billion; OPEC bilateral aid (1979-89), $60 million; Communist countries (1970-89), $169 million

Currency:

1 Ugandan shilling (USh) = 100 cents

Exchange rates:

Ugandan shillings (USh) per US$1 - 1,195 (December 1994), 1,195.0 (1993), 1.133.8 (1992), 734.0 (1991), 428.85 (1990), 223.1 (1989)

Fiscal year:

1 July - 30 June

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