Uganda's Economy

Economy - overview

Uganda has substantial natural resources, including fertile soils, regular rainfall, small deposits of copper, gold, and other minerals, and recently discovered oil. Uganda has never conducted a national minerals survey. Agriculture is the most important sector of the economy, employing over 80% of the work force. Coffee 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. 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. Uganda has received about $2 billion in multilateral and bilateral debt relief. In 2007 Uganda received $10 million for a Millennium Challenge Account Threshold Program. The global economic downturn has hurt Uganda's exports; however, Uganda's GDP growth is still relatively strong due to past reforms and sound management of the downturn. Oil revenues and taxes will become a larger source of government funding as oil comes on line in the next few years. Instability in southern Sudan is the biggest risk for the Ugandan economy in 2011 because Uganda's main export partner is Sudan, and Uganda is a key destination for Sudanese refugees.

GDP (purchasing power parity)

$42.15 billion (2010 est.)

$40.08 billion (2009 est.)

$37.37 billion (2008 est.)

note: data are in 2010 US dollars

GDP (official exchange rate)

$17.01 billion (2010 est.)

GDP - real growth rate

5.2% (2010 est.)

7.2% (2009 est.)

8.7% (2008 est.)

GDP - per capita (PPP)

$1,300 (2010 est.)

$1,200 (2009 est.)

$1,200 (2008 est.)

note: data are in 2010 US dollars

GDP - composition by sector

agriculture: 23.6%

industry: 24.5%

services: 51.9% (2010 est.)

Population below poverty line

35% (2001 est.)

Labor force

15.51 million (2010 est.)

Labor force - by occupation

agriculture: 82%

industry: 5%

services: 13% (1999 est.)

Unemployment rate

NA%

Household income or consumption by percentage share

lowest 10%: 2.6%

highest 10%: 34.1% (2005)

Distribution of family income - Gini index

45.7 (2002)

37.4 (1996)

Investment (gross fixed)

20.9% of GDP (2010 est.)

Budget

revenues: $2.457 billion

expenditures: $2.938 billion (2010 est.)

Public debt

20.4% of GDP (2010 est.)

20.2% of GDP (2009 est.)

Inflation rate (consumer prices)

9.4% (2010 est.)

14.2% (2009 est.)

Central bank discount rate

9.65% (31 December 2009)

19.42% (31 December 2008)

Commercial bank prime lending rate

20.96% (31 December 2009 est.)

20.45% (31 December 2008 est.)

Stock of money

$1.483 billion (31 December 2008)

$1.347 billion (31 December 2007)

Stock of quasi money

$1.485 billion (31 December 2008)

$1.258 billion (31 December 2007)

Stock of domestic credit

$1.882 billion (31 December 2010 est.)

$1.716 billion (31 December 2009 est.)

Industries

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

Industrial production growth rate

6% (2010 est.)

Electricity - production

2.256 billion kWh (2007 est.)

Electricity - production by source

fossil fuel: 0.9%

hydro: 99.1%

nuclear: 0%

other: 0% (2001)

Electricity - consumption

2.068 billion kWh (2007 est.)

Electricity - exports

30 million kWh (2007)

Electricity - imports

0 kWh (2008 est.)

Oil - production

0 bbl/day (2009 est.)

Oil - consumption

13,000 bbl/day (2009 est.)

Oil - imports

13,090 bbl/day (2007 est.)

Oil - exports

0 bbl/day (2007 est.)

Oil - proved reserves

1.5 billion bbl (1 January 2010 est.)

Natural gas - production

0 cu m (2008 est.)

Natural gas - consumption

0 cu m (2008 est.)

Natural gas - exports

0 cu m (2008 est.)

Natural gas - imports

0 cu m (2008 est.)

Natural gas - proved reserves

0 cu m (1 January 2010 est.)

Current Account Balance

$-784 million (2010 est.)

$-451 million (2009 est.)

Agriculture - products

coffee, tea, cotton, tobacco, cassava (tapioca), potatoes, corn, millet, pulses, cut flowers; beef, goat meat, milk, poultry

Exports

$2.941 billion (2010 est.)

$2.7 billion (2009 est.)

Exports - commodities

coffee, fish and fish products, tea, cotton, flowers, horticultural products; gold

Exports - partners

Sudan 14.3%, Kenya 9.5%, UAE 8%, Rwanda 7.9%, Democratic Republic of the Congo 7.3%, Netherlands 6%, Belgium 6%, Germany 5.5%, Italy 4.6% (2009)

Imports

$4.474 billion (2010 est.)

$3.844 billion (2009 est.)

Imports - commodities

capital equipment, vehicles, petroleum, medical supplies; cereals

Imports - partners

Kenya 15.8%, UAE 12.7%, China 9%, India 8.1%, South Africa 5.8%, France 5.2%, Japan 5%, US 4.6% (2009)

Reserves of foreign exchange and gold

$3.743 billion (31 December 2010 est.)

$2.995 billion (31 December 2009 est.)

note: excludes gold

Debt - external

$2.888 billion (31 December 2010 est.)

$2.554 billion (31 December 2009 est.)

Stock of direct foreign investment - at home

$NA

Stock of direct foreign investment - abroad

$NA

Market value of publicly traded shares

$NA (31 December 2010)

$116.3 million

Exchange rates

Ugandan shillings (UGX) per US dollar -

2,166 (2010)

2,030 (2009)

1,658.1 (2008)

1,685.8 (2007)

1,834.9 (2006)

               

        

Source: CIA World Factbook

Unless otherwise noted, information in this page is accurate as of July 12, 2011