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Uganda Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Uganda Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
Uganda has substantial natural resources, including fertile soils, regular rainfall, small deposits of copper, gold, and other minerals, and recently discovered oil. Agriculture is the most important sector of the economy, employing more than one-third of the work force. Coffee accounts for the bulk of export revenues. Uganda has a small industrial sector that is dependent on imported inputs like oil and equipment. Overall productivity is hampered by a number of supply-side constraints, including underinvestment in an agricultural sector that continues to rely on rudimentary technology. Industrial growth is impeded by high-costs due to poor infrastructure, low levels of private investment, and the depreciation of the Ugandan shilling.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 were especially aimed at dampening inflation while encouraging foreign investment to boost production and export earnings. Since 1990, economic reforms ushered in an era of solid economic growth based on continued investment in infrastructure, improved incentives for production and exports, lower inflation, and better domestic security.The global economic downturn in 2008 hurt Uganda's exports; however, Uganda's GDP growth has recovered due to past reforms and a rapidly growing urban consumer population. Oil revenues and taxes are expected to become a larger source of government funding as production starts in the next five to 10 years. However, lower oil prices since 2014 and protracted negotiations and legal disputes between the Ugandan government and oil companies may prove a stumbling block to further exploration and development.Uganda faces many economic challenges. Instability in South Sudan has led to a sharp increase in Sudanese refugees and is disrupting Uganda's main export market. High energy costs, inadequate transportation and energy infrastructure, insufficient budgetary discipline, and corruption inhibit economic development and investor confidence. Between 2015 and 2017, the Uganda shilling depreciated 50% against the dollar.The budget is dominated by energy and road infrastructure spending, while relying on donor support for long-term drivers of growth, including agriculture, health, and education. The largest infrastructure projects are externally financed through low-interest concessional loans. As a result, debt servicing for these loans is expected to rise.

GDP (purchasing power parity):
$88.61 billion (2017 est.) $84.84 billion (2016 est.) $82.91 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 90

GDP (official exchange rate):
$26.39 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4.4% (2017 est.) 2.3% (2016 est.) 5.7% (2015 est.)
country comparison to the world: 57
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$2,400 (2017 est.) $2,300 (2016 est.) $2,300 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 200

Gross national saving:
19.8% of GDP (2017 est.) 20.1% of GDP (2016 est.) 17.7% of GDP (2015 est.)
country comparison to the world: 91
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 71.7%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 10%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 23.9%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.3%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 18.8%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -24.7% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 24.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 23.2%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 52.3% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
coffee, tea, cotton, tobacco, cassava (manioc, tapioca), potatoes, corn, millet, pulses, cut flowers; beef, goat meat, milk, poultry, and fish

Industries:
sugar processing, brewing, tobacco, cotton textiles; cement, steel production

Industrial production growth rate:
6.5% (2017 est.)
country comparison to the world: 30
[see also: Industrial production growth rate country ranks ]

Labor force:
20.05 million (2017 est.)
country comparison to the world: 31
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 71.9%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 4.4%
[see also: Labor force - by occupation - industry country ranks ]
services: 23.7% (2013 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
9.4% (2013 est.)
country comparison to the world: 131
[see also: Unemployment rate country ranks ]

Population below poverty line:
19.7% (2013 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.4%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 36.1% (2009 est.)

Distribution of family income - Gini index:
39.5 (2013) 45.7 (2002)
country comparison to the world: 65
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $4.019 billion
[see also: Budget - revenues country ranks ]
expenditures: $5.268 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
15.2% of GDP (2017 est.)
country comparison to the world: 186
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-4.7% of GDP (2017 est.)
country comparison to the world: 154
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
38.2% of GDP (2017 est.) 37.8% of GDP (2016 est.)
country comparison to the world: 142
[see also: Public debt country ranks ]

Fiscal year:
1 July - 30 June

Inflation rate (consumer prices):
5.8% (2017 est.) 5.5% (2016 est.)
country comparison to the world: 180
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
14% (December 2014) 17% (30 March 2016)
country comparison to the world: 12
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
19.1% (31 December 2017 est.) 23.89% (31 December 2016 est.)
country comparison to the world: 20
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$2.543 billion (31 December 2017 est.) $2.167 billion (31 December 2016 est.)
country comparison to the world: 126
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$4.331 billion (31 December 2017 est.) $3.674 billion (31 December 2016 est.)
country comparison to the world: 135
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$4.772 billion (31 December 2017 est.) $3.989 billion (31 December 2016 est.)
country comparison to the world: 130
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$7.294 billion (31 December 2012 est.) $7.727 billion (31 December 2011 est.) $1.788 billion (31 December 2011 est.)
country comparison to the world: 77
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$1.476 billion (2017 est.) -$1.09 billion (2016 est.)
country comparison to the world: 147
[see also: Current account balance country ranks ]

Exports:
$3.172 billion (2017 est.) $2.921 billion (2016 est.)
country comparison to the world: 123
[see also: Exports country ranks ]

Exports - commodities:
coffee, fish and fish products, tea, cotton, flowers, horticultural products; gold

Exports - partners:
Kenya 20.9%, UAE 11.2%, Rwanda 9.5%, Democratic Republic of the Congo 8.9%, Italy 4.5% (2016)

Imports:
$4.592 billion (2017 est.) $4.326 billion (2016 est.)
country comparison to the world: 125
[see also: Imports country ranks ]

Imports - commodities:
capital equipment, vehicles, petroleum, medical supplies; cereals

Imports - partners:
China 17.9%, India 17.2%, UAE 9.5%, Kenya 9.2%, Japan 5.2%, South Africa 4.5%, Saudi Arabia 4.4% (2016)

Reserves of foreign exchange and gold:
$3.045 billion (31 December 2017 est.) $3.034 billion (31 December 2016 est.)
note: excludes gold
country comparison to the world: 107
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$7.163 billion (31 December 2017 est.) $6.408 billion (31 December 2016 est.)
country comparison to the world: 126
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$NA
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$NA
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Ugandan shillings (UGX) per US dollar - 3,606 (2017 est.) 3,420.1 (2016 est.) 3,420.1 (2015 est.) 3,234.1 (2014 est.) 2,599.8 (2013 est.)


NOTE: 1) The information regarding Uganda on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Uganda Economy 2018 information contained here. All suggestions for corrections of any errors about Uganda Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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