Economy of Uganda
From Wikipedia, the free encyclopedia
The economy of Uganda has a great potential and appears poised for rapid growth and development.[17] Uganda is endowed with significant natural resources, including ample fertile land, regular rainfall, and mineral deposits.
This article's factual accuracy may be compromised due to out-of-date information. (October 2019) |
Currency | Ugandan shilling (USh) |
---|---|
1 July – 30 June | |
Trade organisations | AU, EAC, COMESA, WTO |
Country group | |
Statistics | |
GDP | |
GDP rank | 90th (nominal, 2017) |
GDP growth | |
GDP per capita | |
GDP by sector |
|
3.2% (2019)[3] | |
19.1% (31 December 2017 est.)[5] | |
Population below poverty line | |
42.8 medium (2016)[8] | |
Labour force | |
Labour force by occupation |
|
Main industries | sugar processing, brewing, tobacco, cotton textiles, cement, steel production[6] |
External | |
Exports | $3.339 billion (2017 est.)[6] |
Export goods | coffee, fish and fish products, tea, cotton, flowers, horticultural products, gold[6] |
Main export partners | |
Imports | $5.036 billion (2017 est.)[6] |
Import goods | capital equipment, vehicles, petroleum, medical supplies, cereals[6] |
Main import partners |
|
FDI stock | $10.909 billion (2016)[13] |
−$1.212 billion (2017 est.)[6] | |
Gross external debt | $7.163 billion (31 December 2017 est.)[6] |
Public finances | |
$11.2 billion ($3.8 billion, domestic) (2018)[14] | |
–4.1% (of GDP) (2017 est.)[6] | |
Revenues | $3.98 billion (2017)[15] |
Expenses | $7.66 billion (2017)[15] |
Economic aid | $3.68 billion (2017)[15] |
Standard & Poor's: B[16] | |
$3.654 billion (31 December 2017 est.)[6] | |
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.[18] The informal economy, which is predominantly female, is broadly defined as a group of vulnerable individuals without protections in regards to their work.[19] 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.[20][21] The national energy needs have historically exceeded the domestic energy generation, though large petroleum reserves have been found in the country's west.[22]
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.[23]
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,[24] whereas real GDP per capita grew at 3.3% per annum during the same period.[24] 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%.[24]