Uganda Economy - 2022

GEOGRAPHICAL NAMES 

Economic overview

Uganda has substantial natural resources, including fertile soils, regular rainfall, substantial reserves of recoverable oil, and small deposits of copper, gold, and other minerals. Agriculture is one of the most important sectors of the economy, employing 72% of the work force. The country’s export market suffered a major slump following the outbreak of conflict in South Sudan, but has recovered lately, largely due to record coffee harvests, which account for 16% of exports, and increasing gold exports, which account for 10% of exports. Uganda has a small industrial sector that is dependent on imported inputs such as refined oil and heavy equipment. Overall, productivity is hampered by a number of supply-side constraints, including insufficient infrastructure, lack of modern technology in agriculture, and corruption.

 

Uganda’s economic growth has slowed since 2016 as government spending and public debt has grown. Uganda’s budget is dominated by energy and road infrastructure spending, while Uganda relies on donor support for long-term drivers of growth, including agriculture, health, and education. The largest infrastructure projects are externally financed through concessional loans, but at inflated costs. As a result, debt servicing for these loans is expected to rise.

 

Oil revenues and taxes are expected to become a larger source of government funding as oil production starts in the next three to 10 years. Over the next three to five years, foreign investors are planning to invest $9 billion in production facilities projects, $4 billion in an export pipeline, as well as in a $2-3 billion refinery to produce petroleum products for the domestic and East African Community markets. Furthermore, the government is looking to build several hundred million dollars’ worth of highway projects to the oil region.

 

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. Additional economic risks include: poor economic management, endemic corruption, and the government’s failure to invest adequately in the health, education, and economic opportunities for a burgeoning young population. Uganda has one of the lowest electrification rates in Africa - only 22% of Ugandans have access to electricity, dropping to 10% in rural areas.

Real GDP (purchasing power parity)

$99.61 billion (2020 est.)

$96.84 billion (2019 est.)

$90.67 billion (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

4.8% (2017 est.)

2.3% (2016 est.)

5.7% (2015 est.)

Real GDP per capita

$2,200 (2020 est.)

$2,200 (2019 est.)

$2,100 (2018 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$34.683 billion (2019 est.)

Inflation rate (consumer prices)

2.8% (2019 est.)

2.6% (2018 est.)

5.6% (2017 est.)

Credit ratings

Fitch rating: B+ (2015)

Moody's rating: B2 (2016)

Standard & Poors rating: B (2014)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 28.2% (2017 est.)

industry: 21.1% (2017 est.)

services: 50.7% (2017 est.)

GDP - composition, by end use

household consumption: 74.3% (2017 est.)

government consumption: 8% (2017 est.)

investment in fixed capital: 23.9% (2017 est.)

investment in inventories: 0.3% (2017 est.)

exports of goods and services: 18.8% (2017 est.)

imports of goods and services: -25.1% (2017 est.)

Agricultural products

sugar cane, plantains, cassava, maize, sweet potatoes, milk, vegetables, beans, bananas, sorghum

Industries

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

Industrial production growth rate

4.4% (2017 est.)

Labor force

15.84 million (2015 est.)

Labor force - by occupation

agriculture: 71%

industry: 7%

services: 22% (2013 est.)

Unemployment rate

9.4% (2014 est.)

Youth unemployment rate (ages 15-24)

total: 5.8%

male: 5.6%

female: 5.9% (2017 est.)

Population below poverty line

21.4% (2016 est.)

Gini Index coefficient - distribution of family income

42.8 (2016 est.)

45.7 (2002)

Household income or consumption by percentage share

lowest 10%: 2.4%

highest 10%: 36.1% (2009 est.)

Budget

revenues: 3.848 billion (2017 est.)

expenditures: 4.928 billion (2017 est.)

Budget surplus (+) or deficit (-)

-4.1% (of GDP) (2017 est.)

Public debt

40% of GDP (2017 est.)

37.4% of GDP (2016 est.)

Taxes and other revenues

14.5% (of GDP) (2017 est.)

Fiscal year

1 July - 30 June

Current account balance

-$1.212 billion (2017 est.)

-$707 million (2016 est.)

Exports

$6.12 billion (2019 est.) note: data are in current year dollars

$5.63 billion (2018 est.) note: data are in current year dollars

$5.958 billion (2017 est.)

Exports - partners

United Arab Emirates 58%, Kenya 9% (2019)

Exports - commodities

gold, coffee, milk, fish and fish products, tobacco (2019)

Imports

$9.54 billion (2019 est.) note: data are in current year dollars

$8.65 billion (2018 est.) note: data are in current year dollars

$7.44 billion (2017 est.)

Imports - partners

China 19%, India 17%, Kenya 16%, United Arab Emirates 7%, Japan 5% (2019)

Imports - commodities

packaged medicines, aircraft, delivery trucks, cars, wheat (2019)

Reserves of foreign exchange and gold

$3.654 billion (31 December 2017 est.)

$3.034 billion (31 December 2016 est.)

note: excludes gold

Debt - external

$13.85 billion (2019 est.)

$12.187 billion (2018 est.)

$6.241 billion (31 December 2016 est.)

Exchange rates

Ugandan shillings (UGX) per US dollar -

3,680 (2020 est.)

3,685 (2019 est.)

3,735 (2018 est.)

3,234.1 (2014 est.)

2,599.8 (2013 est.)

NOTE: The information regarding Uganda on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Uganda 2022 information contained here. All suggestions for corrections of any errors about Uganda 2022 should be addressed to the CIA or the source cited on each page.