Uganda Economy - 2023

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

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Real GDP growth rate

3.54% (2021 est.)

2.95% (2020 est.)

6.44% (2019 est.)

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Real GDP per capita

$2,200 (2021 est.)

$2,200 (2020 est.)

$2,300 (2019 est.)

note: data are in 2017 dollars

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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.)

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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.)

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Labor force

16.995 million (2021 est.)

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Labor force - by occupation

agriculture: 71%

industry: 7%

services: 22% (2013 est.)

Unemployment rate

2.94% (2021 est.)

2.77% (2020 est.)

1.92% (2019 est.)

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Youth unemployment rate (ages 15-24)

total: 4.3%

male: 3.4%

female: 5.3% (2021 est.)

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Population below poverty line

21.4% (2016 est.)

Gini Index coefficient - distribution of family income

42.7 (2019 est.)

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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.)

Budget

revenues: $5.088 billion (2019 est.)

expenditures: $6.896 billion (2019 est.)

Budget surplus (+) or deficit (-)

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

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Public debt

44.19% of GDP (2020 est.)

38.48% of GDP (2019 est.)

34.67% of GDP (2018 est.)

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Taxes and other revenues

11.39% (of GDP) (2020 est.)

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Fiscal year

1 July - 30 June

Current account balance

-$3.553 billion (2021 est.)

-$3.552 billion (2020 est.)

-$2.508 billion (2019 est.)

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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.)

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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.)

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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

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Debt - external

$6.241 billion (31 December 2016 est.)

$13.85 billion (2019 est.)

$12.187 billion (2018 est.)

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Exchange rates

Ugandan shillings (UGX) per US dollar -

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.)

NOTE: The information regarding Uganda on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Uganda 2023 information contained here. All suggestions for corrections of any errors about Uganda 2023 should be addressed to the CIA or the source cited on each page.