Uganda Economy - 2024

Economic overview

low-income, primarily agrarian East African economy; COVID-19 hurt economic growth and poverty reduction; lower oil prices threaten prior sector investments; endemic corruption; natural resource rich; high female labor force participation but undervalued

Real GDP (purchasing power parity)

$103.007 billion (2021 est.)
$99.488 billion (2020 est.)
$96.636 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

3.54% (2021 est.)
2.95% (2020 est.)
6.44% (2019 est.)

Real GDP per capita

$2,200 (2021 est.)
$2,200 (2020 est.)
$2,300 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$34.683 billion (2019 est.)

Inflation rate (consumer prices)

2.2% (2021 est.)
3.31% (2020 est.)
2.87% (2019 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

3.47% (2021 est.)

Labor force

16.995 million (2021 est.)

Unemployment rate

2.94% (2021 est.)
2.77% (2020 est.)
1.92% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 4.3% (2021 est.)

male: 3.4%

female: 5.3%

Population below poverty line

21.4% (2016 est.)

Gini Index coefficient - distribution of family income

42.7 (2019 est.)

Average household expenditures

on food: 44.2% of household expenditures (2018 est.)

on alcohol and tobacco: 1% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 2.4%

highest 10%: 36.1% (2009 est.)

Remittances

2.82% of GDP (2020 est.)
4.03% of GDP (2019 est.)
4.06% of GDP (2018 est.)

Budget

revenues: $5.088 billion (2019 est.)

expenditures: $6.896 billion (2019 est.)

Budget surplus (+) or deficit (-)

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

Public debt

44.19% of GDP (2020 est.)
38.48% of GDP (2019 est.)
34.67% of GDP (2018 est.)

Taxes and other revenues

11.39% (of GDP) (2020 est.)

Fiscal year

1 July - 30 June

Current account balance

-$3.553 billion (2021 est.)
-$3.552 billion (2020 est.)
-$2.508 billion (2019 est.)

Exports

$6.177 billion (2021 est.) note: data are in current year dollars
$5.562 billion (2020 est.) note: data are in current year dollars
$6.172 billion (2019 est.)

Exports - partners

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

Exports - commodities

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

Imports

$10.705 billion (2021 est.) note: data are in current year dollars
$10.197 billion (2020 est.) note: data are in current year dollars
$9.795 billion (2019 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

$3.359 billion (31 December 2018 est.)
$3.721 billion (31 December 2017 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 -

Exchange rates:
3,587.052 (2021 est.)
3,718.249 (2020 est.)
3,704.049 (2019 est.)
3,727.069 (2018 est.)
3,611.224 (2017 est.)