Economy of Uganda

Economy of Uganda
	Kampala, the financial centre of Uganda
Currency	Ugandan shilling (USh)
Fiscal year	1 July – 30 June
Trade organisations	AU, EAC, COMESA, WTO
Country group	Least Developed; Low-income economy;
Statistics
GDP	$36.484 billion (nominal, 2020 est.); $113.476 billion (PPP, 2020 est.);
GDP rank	90th (nominal, 2017)
GDP growth	3.9% (2017) 5.9% (2018); 6.1% (2019e) 6.5% (2020f);
GDP per capita	$916.156 (nominal, 2020 est.); $2,752 (PPP, 2020 est.);
GDP by sector	Agriculture: 71.9%; Industry: 4.4%; Services: 23.7%; (2017 est.);
Inflation (CPI)	3.2% (2019)
Base borrowing rate	19.1% (31 December 2017 est.)
Population below poverty line	21.4% (2017 est.); 41.7% on less than $1.90/day (2016);
Gini coefficient	42.8 medium (2016)
Human Development Index	0.525 low (2021) (166th); 0.396 low IHDI (2021);
Labour force	16,833,878 (2019); 48.0% employment rate (2017);
Labour force by occupation	agriculture: 71%; industry: 7%; services: 22%; (2013 est.);
Main industries	sugar processing, brewing, tobacco, cotton textiles, cement, steel production
External
Exports	$3.339 billion (2017 est.)
Export goods	coffee, fish and fish products, tea, cotton, flowers, horticultural products, gold
Main export partners	Kenya 17.7%; UAE 16.7%; DR Congo 6.6%; Rwanda 6.1%; Tanzania 4.8%; (2017);
Imports	$5.036 billion (2017 est.)
Import goods	capital equipment, vehicles, petroleum, medical supplies, cereals
Main import partners	China 17.4%; India 13.4%; UAE 12.2%; Kenya 7.9%; Japan 6.4%; Saudi Arabia 6.3%; Indonesia 4.4%; South Africa 4.1%; (2017);
FDI stock	$10.909 billion (2016)
Current account	−$1.212 billion (2017 est.)
Gross external debt	$7.163 billion (31 December 2017 est.)
Public finances
Government debt	$11.2 billion ($3.8 billion, domestic) (2018)
Budget balance	–4.1% (of GDP) (2017 est.)
Revenues	$3.98 billion (2017)
Expenses	$7.66 billion (2017)
Economic aid	$3.68 billion (2017)
Credit rating	Standard & Poor's: B
Foreign reserves	$3.654 billion (31 December 2017 est.)
	Main data source: CIA World Fact Book ; All values, unless otherwise stated, are in US dollars.

The economy of Uganda has a great potential and appears poised for rapid growth and development. Uganda is endowed with significant natural resources, including ample fertile land, regular rainfall, and mineral deposits.

Chronic political instability and erratic economic management since the implementation of self-rule has produced a record of persistent economic decline that has left Uganda among the world's poorest and least-developed countries. The informal economy, which is predominantly female, is broadly defined as a group of vulnerable individuals without protections in regards to their work. Women face a plethora of barriers specific to gender when attempting to access the formal economy of Uganda, and research revealed prejudice against lending to women in the informal sector. The national energy needs have historically exceeded the domestic energy generation, though large petroleum reserves have been found in the country's west.

After the turmoil of the Amin period, the country began a program of economic recovery in 1981 that received considerable foreign assistance. From mid-1984 onward, overly expansionist fiscal and monetary policies and the renewed outbreak of civil strife led to a setback in economic performance.

The economy has grown since the 1990s; real gross domestic product (GDP) grew at an average of 6.7% annually during the period 1990–2015, whereas real GDP per capita grew at 3.3% per annum during the same period. During this period, the Ugandan economy experienced economic transformation: the share of agriculture value added in GDP declined from 56% in 1990 to 24% in 2015; the share of industry grew from 11% to 20% (with manufacturing increasing at a slower pace, from 6% to 9% of GDP); and the share of services went from 32% to 55%.

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