Economy of Uganda
Downtown Kampala
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|
| Currency | Ugandan shilling (UGX) |
|---|---|
| 1 July – 30 June | |
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Trade organisations
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EAC, COMESA, AU, WTO |
| Statistics | |
| GDP | $22.6 billion (2013 est.) |
| GDP rank | 104th (nominal, 2013) |
|
GDP growth
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5.6% (46th, 2013 est.) |
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GDP by sector
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Agriculture: 23.1% Industry: 26.9% Services: 50% (2013 est.) |
| 6.2% (2013 est.) | |
| 14% (31 December 2010 est.) | |
|
Population below poverty line
|
24.5% (2009) |
| 44.6 (2012) | |
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Labour force
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17.4 million (2013 est.) |
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Labour force by occupation
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agriculture: 82% (1999 est.) |
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Main industries
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sugar, brewing, tobacco, cotton textiles; cement, steel production |
 115th (2017) |
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| External | |
| Exports | $3.156 billion (2013 est.) (123rd) |
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Export goods
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List
|
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Main export partners
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 Kenya 12.3% Rwanda 10.3% UAE 10.2% DR Congo 9.4% Netherlands 6.1% Germany 5.6% Italy 4.4% (2012) |
| Imports | $4.858 billion (2013 est.) |
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Import goods
|
List
|
|
Main import partners
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Kenya 15.6% UAE 15.4% China 12.8% India 11.7% South Africa 4.1% Japan 4% (2012) |
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FDI stock
|
$8.821 billion (2013) |
| –$1.908 billion (2013 est.) | |
|
Gross external debt
|
$5.223 billion (31 December 2013 est.) |
| Public finances | |
| $10 billion | |
| Revenues | $3.2 billion |
| Expenses | $3.803 billion (2013 est.) |
Standard & Poor's:  B |
|
|
Foreign reserves
|
$3.579 billion (31 December 2013 est.) |
Endowed with significant natural resources, including ample fertile land, regular rainfall, and mineral deposits, it is thought that Uganda could feed all of Africa if it were commercially farmed. The economy of Uganda has great potential, and it appeared poised for rapid economic growth and development.
Chronic political instability and erratic economic management since self-rule has produced a record of persistent economic decline that has left Uganda among the world's poorest and least-developed countries. The national energy needs have historically been more than domestic energy generation, though large petroleum reserves have been found in the 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.
Since assuming power in early 1986, Museveni's government has taken important steps toward economic rehabilitation. The country's infrastructure—notably its transport and communications systems which were destroyed by war and neglect—is being rebuilt. Recognizing the need for increased external support, Uganda negotiated a policy framework paper with the IMF and the World Bank in 1987 “ Uganda subsequently began implementing economic policies designed to restore price stability and sustainable balance of payments, improve capacity utilization, rehabilitate infrastructure, restore producer incentives through proper price policies, and improve resource mobilization and allocation in the public sector. These so-called Structural Adjustment Programs greatly improved the shape of the Ugandan economy, but did not lead to economic growth in the first decade after their implementation. Since 1995, Uganda has experienced rapid economic growth, but it is not clear to what extent this positive development can be attributed to Structural Adjustment.
Uganda is a member of the World Trade Organization.
Uganda began issuing its own currency in 1966 through the Bank of Uganda.
Agricultural products supply nearly all of Uganda's foreign exchange earnings, with coffee alone (of which Uganda is Africa's second largest producer - after Ethiopia) accounting for about 27% of the country's exports in 2002. Exports of apparel, hides, skins, vanilla, vegetables, fruits, cut flowers, and fish are growing, and cotton, tea, and tobacco continue to be mainstays.
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Wikipedia