Uganda Economy 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):
$9.294 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.)

Labor force:
14.05 million (2007 est.)

Labor force - by occupation:
agriculture: 82%
industry: 5%
services: 13% (1999 est.)

Unemployment rate:
NA%

Population below poverty line:
35% (2001 est.)

Household income or consumption by percentage share:
lowest 10%: 2.3%
highest 10%: 37.7% (2002)

Distribution of family income - Gini index:
45.7 (2002)

Inflation rate (consumer prices):
5.8% (2007 est.)

Investment (gross fixed):
24.3% of GDP (2007 est.)

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

Public debt:
20.6% of GDP (2007 est.)

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

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 - exports:
0 bbl/day (2004)

Oil - imports:
10,870 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.)

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

Economic aid - recipient:
$1.198 billion (2005)

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)

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)