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Uganda Economy 2017
https://theodora.com/wfbcurrent/uganda/uganda_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Uganda Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

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 one third of the work force. Coffee accounts for the bulk of export revenues. Uganda’s economy remains predominantly agricultural with 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 are 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, better domestic security, and the return of exiled Indian-Ugandan entrepreneurs.The global economic downturn in 2008 hurt Uganda's exports; however, Uganda's GDP growth has largely 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 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. During 2015 the Uganda shilling depreciated 22% against the dollar, and inflation rose from 3% to 9%, which led to the Bank of Uganda hiking interest rates from 11% to 17%. As a result, inflation remained below double digits; however, trade and capital-intensive industries were negatively impacted.The budget for FY 2015/16 is dominated by energy and road infrastructure spending, while relying on donor support for long-term economic 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 in 2016/2017 by 22% and consume 15% the domestic budget.

GDP (purchasing power parity):
$84.93 billion (2016 est.) $80.92 billion (2015 est.) $77.21 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 92
[see also: GDP country ranks ]

GDP (official exchange rate):
$25.61 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4.9% (2016 est.) 4.8% (2015 est.) 4.9% (2014 est.)
country comparison to the world: 42
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$2,100 (2016 est.) $2,000 (2015 est.) $2,000 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 203
[see also: GDP - per capita country ranks ]

Gross national saving:
16.9% of GDP (2016 est.) 15.3% of GDP (2015 est.) 17.7% of GDP (2014 est.)
country comparison to the world: 106
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 73.7%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 9.7%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 24.6%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.2%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 20.5%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -28.7% (2016 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: 21%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 54.4% (2016 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, brewing, tobacco, cotton textiles; cement, steel production

Industrial production growth rate:
5% (2016 est.)
country comparison to the world: 33
[see also: Industrial production growth rate country ranks ]

Labor force:
19.03 million (2016 est.)
country comparison to the world: 32
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 40%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 10%
[see also: Labor force - by occupation - industry country ranks ]
services: 50% (2015 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
NA% 9.4% (2013 est.)
[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.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
39.5 (2013) 45.7 (2002)
country comparison to the world: 66
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $3.748 billion
[see also: Budget revenues country ranks ]
expenditures: $5.41 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
14.6% of GDP (2016 est.)
country comparison to the world: 193
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-6.5% of GDP (2016 est.)
country comparison to the world: 180
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
35.4% of GDP (2016 est.) 29.6% of GDP (2015 est.)
country comparison to the world: 131
[see also: Public debt country ranks ]

Fiscal year:
1 July - 30 June

Inflation rate (consumer prices):
5.6% (2016 est.) 4% (2015 est.)
country comparison to the world: 179
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
14% (December 2014) 17% (30 March 2016)
country comparison to the world: 13
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
22.6% (31 December 2016 est.) 22.6% (31 December 2015 est.)
country comparison to the world: 13
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$2.046 billion (31 December 2016 est.) $2.043 billion (31 December 2015 est.)
country comparison to the world: 131
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$4.262 billion (31 December 2014 est.) $3.705 billion (31 December 2013 est.)
country comparison to the world: 136
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$4.287 billion (31 December 2016 est.) $3.973 billion (31 December 2015 est.)
country comparison to the world: 127
[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: 79
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$2.23 billion (2016 est.) -$2.29 billion (2015 est.)
country comparison to the world: 150
[see also: Current account balance country ranks ]

Exports:
$2.723 billion (2016 est.) $2.667 billion (2015 est.)
country comparison to the world: 131
[see also: Exports country ranks ]

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

Exports - partners:
Rwanda 10.7%, UAE 9.9%, Democratic Republic of the Congo 9.8%, Kenya 9.7%, Italy 5.8%, Netherlands 4.8%, Germany 4.7%, China 4.1% (2015)

Imports:
$4.677 billion (2016 est.) $4.911 billion (2015 est.)
country comparison to the world: 125
[see also: Imports country ranks ]

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

Imports - partners:
Kenya 16.4%, UAE 15.5%, India 13.4%, China 13.1% (2015)

Reserves of foreign exchange and gold:
$2.851 billion (31 December 2016 est.) $2.909 billion (31 December 2015 est.)
note: excludes gold
country comparison to the world: 106
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$6.241 billion (31 December 2016 est.) $5.649 billion (31 December 2015 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 - 3,427 (2016 est.) 3,234.1 (2015 est.) 3,234.1 (2014 est.) 2,599.8 (2013 est.) 2,505.6 (2012 est.)


NOTE: The information regarding Uganda on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Uganda Economy 2017 information contained here. All suggestions for corrections of any errors about Uganda Economy 2017 should be addressed to the CIA.




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