Uganda Economy Profile 2006

Economy - overview

Uganda has substantial natural resources, including fertile soils, regular rainfall, and sizable mineral deposits of copper and cobalt. 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. 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. Growth for 2001-02 was solid despite continued decline in the price of coffee, Uganda's principal export. Growth in 2003-05 reflected an upturn in Uganda's export markets.

GDP (purchasing power parity)

$47.76 billion (2005 est.)

GDP (official exchange rate)

$7.909 billion (2005 est.)

GDP - real growth rate

4% (2005 est.)

GDP - per capita (PPP)

$1,800 (2005 est.)

GDP - composition by sector

agriculture: 31.1%
industry: 22.2%
services: 46.9% (2004 est.)

Population below poverty line

35% (2001 est.)

Household income or consumption by percentage share

lowest 10%: 4%
highest 10%: 21% (2000)

Inflation rate (consumer prices)

8.1% (2005 est.)

Investment (gross fixed)

23.4% of GDP (2005 est.)

Labor force

13.17 million (2005 est.)

Labor force - by occupation

agriculture: 82%
industry: 5%
services: 13% (1999 est.)

Unemployment rate

NA%

Distribution of family income - Gini index

43 (1999)

Budget

revenues: $1.845 billion
expenditures: $1.904 billion; including capital expenditures of $NA (2005 est.)

Public debt

64.3% of GDP (2005 est.)

Industries

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

Industrial production growth rate

9% (2005 est.)

Electricity - production

1.729 billion kWh (2003)

Electricity - consumption

1.448 billion kWh (2003)

Electricity - exports

160 million kWh (2003)

Electricity - imports

0 kWh (2003)

Oil - production

0 bbl/day (2003 est.)

Oil - consumption

10,000 bbl/day (2003 est.)

Oil - imports

NA bbl/day

Oil - exports

NA bbl/day

Natural gas - production

0 cu m (2003 est.)

Natural gas - consumption

0 cu m (2003 est.)

Current Account Balance

$-355 million (2005 est.)

Agriculture - products

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

Exports

$768 million f.o.b. (2005 est.)

Exports - commodities

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

Exports - partners

Kenya 15.1%, Belgium 9.9%, Netherlands 9.7%, France 7.1%, Germany 5.1%, Rwanda 4% (2005)

Imports

$1.608 billion f.o.b. (2005 est.)

Imports - commodities

capital equipment, vehicles, petroleum, medical supplies; cereals

Imports - partners

Kenya 32%, UAE 8.6%, South Africa 6.4%, India 5.7%, China 5.2%, UK 4.4%, US 4.1%, Japan 4% (2005)

Reserves of foreign exchange and gold

$1.286 billion (2005 est.)

Debt - external

$4.973 billion (2005 est.)

Economic aid - recipient

$959 million (2003)

Currency (code)

Ugandan shilling (UGX)

Exchange rates

Ugandan shillings per US dollar - 1,780.7 (2005), 1,810.3 (2004), 1,963.7 (2003), 1,797.6 (2002), 1,755.7 (2001)

Fiscal year

1 July - 30 June