Mountains in Uganda

Uganda Economy

Uganda's economy in numbers:

Nominal GDP of USD 47.6 billion in 2022.

GDP per capita of USD 1,089 compared to the global average of USD 10,589.

Average real GDP growth of 4.4% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 49% of overall GDP, manufacturing 16%, other industrial activity 11%, and agriculture 24%. Looking at GDP by expenditure, private consumption accounted for 73% of GDP in 2021, government consumption 10%, fixed investment 24%, and net exports -7%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2020, manufactured products made up 13% of total merchandise exports, mineral fuels 2%, food 38%, ores and metals 0% and agricultural raw materials 2%, with other categories accounting for 45% of the total. In the same period, manufactured products made up 51% of total merchandise imports, mineral fuels 12%, food 12%, ores and metals 2% and agricultural raw materials 1%, with other goods accounting for 22% of the total. Total exports were worth USD 4 billion in 2022, while total imports were USD 8 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 4.4% in the decade to 2022. To read more about GDP growth in Uganda, go to our dedicated page.

Fiscal policy:

Uganda's fiscal deficit averaged 4.1% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 3.4% in the decade to 2022. For more information on Uganda's unemployment click here.

Inflation:

Inflation averaged 4.9% in the decade to 2022. Go to our Uganda inflation page for extra insight.

Monetary Policy:

Uganda's monetary policy rate ended 2022 at 10.00%, down from 12.00% a decade earlier. See our Uganda monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the shilling weakened by 27.6% vs the U.S. dollar. For more info on the shilling, click here.
Annual economic growth accelerated to 6.6% in Q1 from 5.2% in Q4 2023. The improvement was driven by a rebound in public spending and a sharp acceleration in fixed investment growth. Moreover, exports fell at a slightly softer rate. On the flip side, household consumption growth more than halved. Our panelists expect the economy to have lost steam in Q2. Nonetheless, available data is fairly upbeat. In April–May, economic activity growth ticked up from Q1’s average. Moreover, the private-sector PMI pointed to sturdier growth in Q2 than in the prior quarter. In the fiscal arena, in mid-June, the government presented its budget for the next fiscal year. The draft envisages a deficit of 5.7% of GDP and a doubling of spending in the oil and gas sector as the country nears the start of production.
Projections out to 2033.

43 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 14 expert analysts.

Want to get insight on the economic outlook for Uganda in the coming years? FocusEconomics collects projections out to 2033 on 43 economic indicators for Uganda from a panel of 14 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Uganda economy. To download a sample report on the Uganda's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page .

Uganda Economic Data

2019 2020 2021 2022 2023
Population (million) 39.8 41.2 42.5 44.0 45.5
GDP (USD bn) 37.7 38.0 42.8 47.5 51.1
GDP per capita (USD) 948 921 1,007 1,080 1,123
GDP (UGX bn) 140,083 141,185 153,413 175,041 190,379
Economic Growth (Nominal GDP, ann. var. %) 10.4 0.8 8.7 14.1 8.8
Economic Growth (GDP, ann. var. %) 7.6 -1.1 5.5 6.3 4.6
Domestic Demand (ann. var. %) 9.0 -2.1 7.8 5.9 6.6
Private Consumption (ann. var. %) 8.8 -3.0 6.9 6.3 9.2
Government Consumption (ann. var. %) 14.1 7.9 2.2 16.1 -8.0
Fixed Investment (ann. var. %) 7.9 -2.9 12.8 1.2 5.1
Exports (G&S, ann. var. %) 34.1 -17.3 -1.2 -8.5 -12.0
Imports (G&S, ann. var. %) 4.5 5.7 7.3 -4.0 0.1
Fiscal Balance (% of GDP) -4.8 -7.8 -7.5 -6.3 -
Public Debt (% of GDP) 37.6 46.3 50.4 49.9 -
Money (ann. var. of M2 %) 16.4 18.6 5.8 8.3 12.6
Inflation (CPI, ann. var. %, eop) 2.4 2.5 2.9 10.2 2.6
Inflation (CPI, ann. var. %, aop) 2.1 2.8 2.2 7.2 5.4
Central Bank Rate (%, eop) 9.00 7.00 6.50 10.00 9.50
Exchange Rate (UGX per USD, eop) 3,685 3,650 3,544 3,714 3,780
Exchange Rate (UGX per USD, aop) 3,712 3,718 3,588 3,687 3,726
Current Account Balance (USD bn) -2.6 -3.6 -3.6 -4.1 -3.8
Current Account Balance (% of GDP) -7.0 -9.5 -8.4 -8.6 -7.4
Merchandise Trade Balance (USD bn) -2.8 -2.6 -3.0 -3.7 -3.1
Merchandise Exports (USD bn) 4.1 4.5 4.5 4.3 7.0
Merchandise Imports (USD bn) 6.9 7.1 7.5 7.9 10.2
Merchandise Exports (ann. var. %) 12.6 8.9 0.7 -4.9 63.8
Merchandise Imports (ann. var. %) 12.5 3.6 6.2 5.4 27.7
Foreign Direct Investment (USD bn) 1.3 1.2 1.6 3.0 2.9
International Reserves (USD bn) 3.2 3.8 4.3 3.6 3.7
International Reserves (months of imports) 5.6 6.5 6.9 5.4 4.4
External Debt (USD bn) 14.0 17.2 19.2 19.5 -
External Debt (% of GDP) 37.0 45.3 44.9 41.0 -

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