Uganda Economy Profile 2009

Economy - overview

Uganda has substantial natural resources, including fertile soils, regular rainfall, and sizable mineral deposits of copper, cobalt, gold, and other minerals. 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. During 1990-2001, the economy turned in a solid performance based on continued investment in the rehabilitation of infrastructure, improved incentives for production and exports, reduced inflation, gradually improved domestic security, and the return of exiled Indian-Ugandan entrepreneurs. Growth continues to be solid, despite variability in the price of coffee, Uganda's principal export, and a consistent upturn in Uganda's export markets. In 2000, Uganda qualified for enhanced Highly Indebted Poor Countries (HIPC) debt relief worth $1.3 billion and Paris Club debt relief worth $145 million. These amounts combined with the original HIPC debt relief added up to about $2 billion.

GDP (purchasing power parity)

$39.38 billion (2008 est.)
$36.84 billion (2007 est.)
$33.91 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$14.53 billion (2008 est.)

GDP - real growth rate

6.9% (2008 est.)
8.6% (2007 est.)
6.6% (2006 est.)

GDP - per capita (PPP)

$1,300 (2008 est.)
$1,200 (2007 est.)
$1,200 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 21.5%
industry: 24.6%
services: 53.9% (2008 est.)

Population below poverty line

35% (2001 est.)

Labor force

14.54 million (2008 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)

23.2% of GDP (2008 est.)

Budget

revenues: $2.621 billion
expenditures: $2.939 billion; including capital expenditures of $NA (2008 est.)

Public debt

17.4% of GDP (2008 est.)
73.9% of GDP (2004 est.)

Inflation rate (consumer prices)

12% (2008 est.)
6.1% (2007 est.)

Central bank discount rate

NA% (31 December 2008)
14.68% (31 December 2007)

Commercial bank prime lending rate

NA% (31 December 2008)
19.11% (31 December 2007)

Stock of money

$NA (31 December 2008)
$1.347 billion (31 December 2007)

Stock of quasi money

$NA (31 December 2008)
$1.258 billion (31 December 2007)

Stock of domestic credit

$NA (31 December 2008)
$640.3 million (31 December 2007)

Industries

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

Industrial production growth rate

7% (2008 est.)

Electricity - production

1.161 billion kWh (2006 est.)

Electricity - production by source

fossil fuel: 0.9%
hydro: 99.1%
nuclear: 0%
other: 0% (2001)

Electricity - consumption

899.7 million kWh (2006 est.)

Electricity - exports

180 million kWh (2006)

Electricity - imports

0 kWh (2007 est.)

Oil - production

0 bbl/day (2007 est.)

Oil - consumption

11,570 bbl/day (2006 est.)

Oil - imports

11,540 bbl/day (2005)

Oil - exports

115.2 bbl/day (2005)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2007 est.)

Natural gas - consumption

0 cu m (2007 est.)

Natural gas - exports

0 cu m (2007 est.)

Natural gas - imports

0 cu m (2007 est.)

Natural gas - proved reserves

0 cu m (1 January 2006 est.)

Current Account Balance

-$1.273 billion (2008 est.)
-$744.7 million (2007 est.)

Agriculture - products

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

Exports

$2.017 billion (2008 est.)
$1.686 billion (2007 est.)

Exports - commodities

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

Exports - partners

Belgium 11.6%, Netherlands 9.8%, Germany 8.5%, Italy 6.6%, Rwanda 5.2%, France 4.9%, US 4.7%, UAE 4% (2008)

Imports

$3.594 billion (2008 est.)
$2.983 billion (2007 est.)

Imports - commodities

capital equipment, vehicles, petroleum, medical supplies; cereals

Imports - partners

Kenya 31.1%, UAE 8.7%, China 7.6%, Japan 6.2%, South Africa 6%, India 5.1% (2008)

Reserves of foreign exchange and gold

$2.301 billion (31 December 2008 est.)
$2.56 billion (31 December 2007 est.)

Debt - external

$1.718 billion (31 December 2008 est.)
$1.498 billion (31 December 2007 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 2008)
$NA (31 December 2007)
$116.3 million (31 December 2006)

Economic aid - recipient

$1.198 billion (2005)

Currency (code)

UGX

Currency (code)

Ugandan shilling (UGX)

Exchange rates

Ugandan shillings (UGX) per US dollar - 1,658.1 (2008 est.), 1,685.8 (2007), 1,834.9 (2006), 1,780.7 (2005), 1,810.3 (2004)

Fiscal year

1 July - 30 June