Uganda Economy Profile 2008

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)

$31.47 billion (2007 est.)

GDP (official exchange rate)

$11.14 billion (2007 est.)

GDP - real growth rate

6% (2007 est.)

GDP - per capita (PPP)

$1,100 (2007 est.)

GDP - composition by sector

agriculture: 30.2%
industry: 24.7%
services: 45.2% (2007 est.)

Population below poverty line

35% (2001 est.)

Household income or consumption by percentage share

lowest 10%: 2.3%
highest 10%: 37.7% (2002)

Inflation rate (consumer prices)

5.8% (2007 est.)

Investment (gross fixed)

24.3% of GDP (2007 est.)

Labor force

14.05 million (2007 est.)

Labor force - by occupation

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

Unemployment rate

NA%

Distribution of family income - Gini index

45.7 (2002)

Budget

revenues: $2.298 billion
expenditures: $2.562 billion; including capital expenditures of $NA (2007 est.)

Public debt

20.6% of GDP (2007 est.)

Industries

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

Industrial production growth rate

5.8% (2007 est.)

Electricity - production

1.983 billion kWh (2005)

Electricity - consumption

1.674 billion kWh (2005)

Electricity - exports

170 million kWh (2005)

Electricity - imports

0 kWh (2005)

Oil - production

0 bbl/day (2005 est.)

Oil - consumption

11,000 bbl/day (2005 est.)

Oil - imports

10,870 bbl/day (2004)

Oil - exports

0 bbl/day (2004)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2005 est.)

Natural gas - consumption

0 cu m (2005 est.)

Natural gas - exports

0 cu m (2005 est.)

Natural gas - imports

0 cu m (2005)

Natural gas - proved reserves

0 cu m (1 January 2006 est.)

Current Account Balance

-$241 million (2007 est.)

Agriculture - products

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

Exports

$1.459 billion f.o.b. (2007 est.)

Exports - commodities

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

Exports - partners

Belgium 9.9%, Netherlands 9.4%, France 7.9%, Germany 7.7%, Rwanda 5.6%, Sudan 4.8% (2006)

Imports

$2.726 billion f.o.b. (2007 est.)

Imports - commodities

capital equipment, vehicles, petroleum, medical supplies; cereals

Imports - partners

Kenya 34.1%, UAE 8.5%, China 7.1%, India 5.6%, South Africa 5.4%, Japan 4.2% (2006)

Reserves of foreign exchange and gold

$2.1 billion (31 December 2007 est.)

Debt - external

$1.39 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

$103.4 million (2005)

Economic aid - recipient

$1.198 billion (2005)

Currency (code)

Ugandan shilling (UGX)

Exchange rates

Ugandan shillings per US dollar - 1,685.8 (2007), 1,834.9 (2006), 1,780.7 (2005), 1,810.3 (2004), 1,963.7 (2003)

Fiscal year

1 July - 30 June