WILL UGANDA'S ECONOMY GROW IN 2011?

The way things are, it may be a miracle for Uganda's economy to register real growth in 2011. What is on ground talks volumes. Once more, Uganda simply needs prayers and fasting to get out of the mess in which the NRM leaders have put it.
William Kituuka Kiwanuka

UGANDA'S ECONOMY PROFILE 2011!
Source: IndexMundi
Home > Uganda
Economy - overview

Uganda has substantial natural resources, including fertile soils, regular rainfall, small deposits of copper, gold, and other minerals, and recently discovered oil. Uganda has never conducted a national minerals survey. 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. Since 1990 economic reforms ushered in an era of solid economic growth based on continued investment in infrastructure, improved incentives for production and exports, lower inflation, better domestic security, and the return of exiled Indian-Ugandan entrepreneurs. Uganda has received about $2 billion in multilateral and bilateral debt relief. In 2007 Uganda received $10 million for a Millennium Challenge Account Threshold Program. The global economic downturn has hurt Uganda's exports; however, Uganda's GDP growth is still relatively strong due to past reforms and sound management of the downturn. Oil revenues and taxes will become a larger source of government funding as oil comes on line in the next few years. Instability in southern Sudan is the biggest risk for the Ugandan economy in 2011 because Uganda's main export partner is Sudan, and Uganda is a key destination for Sudanese refugees.
GDP (purchasing power parity)

$42.15 billion (2010 est.)
$40.08 billion (2009 est.)
$37.37 billion (2008 est.)
note: data are in 2010 US dollars
GDP (official exchange rate)

$17.01 billion (2010 est.)
GDP - real growth rate

5.2% (2010 est.)
7.2% (2009 est.)
8.7% (2008 est.)
GDP - per capita (PPP)

$1,300 (2010 est.)
$1,200 (2009 est.)
$1,200 (2008 est.)
note: data are in 2010 US dollars
GDP - composition by sector

agriculture: 23.6%
industry: 24.5%
services: 51.9% (2010 est.)
Population below poverty line

35% (2001 est.)
Labor force

15.51 million (2010 est.)
Labor force - by occupation

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

NA%
Household income or consumption by percentage share

lowest 10%: 2.4%
highest 10%: 36.1% (2009)
Distribution of family income - Gini index

44.3 (2009)
45.7 (2002)
Investment (gross fixed)

20.7% of GDP (2010 est.)
Budget

revenues: $2.444 billion
expenditures: $2.922 billion (2010 est.)
Taxes and other revenues

14.4% of GDP (2010 est.)
Budget surplus (+) or deficit (-)

-2.8% of GDP (2010 est.)
Public debt

21.1% of GDP (2010 est.)
20.5% of GDP (2009 est.)
Inflation rate (consumer prices)

4% (2010 est.)
13.4% (2009 est.)
Central bank discount rate

9.65% (31 December 2009)
19.42% (31 December 2008)
Commercial bank prime lending rate

20.17% (31 December 2010 est.)
20.96% (31 December 2009 est.)
Stock of narrow money

$2.041 billion (31 December 2010 est.)
$1.881 billion (31 December 2009 est.)
Stock of money

$1.483 billion (31 December 2008)
$1.347 billion (31 December 2007)
Stock of quasi money

$1.485 billion (31 December 2008)
$1.258 billion (31 December 2007)
Stock of broad money

$4.199 billion (31 December 2010 est.)
$3.718 billion (31 December 2009 est.)
Stock of domestic credit

$2.541 billion (31 December 2010 est.)
$1.834 billion (31 December 2009 est.)
Market value of publicly traded shares

$NA (31 December 2010)
$NA (#REF!)
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

6% (2010 est.)
Electricity - production

2.176 billion kWh (2008 est.)
Electricity - production by source

fossil fuel: 0.9%
hydro: 99.1%
nuclear: 0%
other: 0% (2001)
Electricity - consumption

1.958 billion kWh (2008 est.)
Electricity - exports

82.04 million kWh (2009)
Electricity - imports

82.04 million kWh (2009 est.)
Oil - production

0 bbl/day (2010 est.)
Oil - consumption

14,000 bbl/day (2010 est.)
Oil - exports

0 bbl/day (2009 est.)
Oil - imports

13,770 bbl/day (2009 est.)
Oil - proved reserves

1 billion bbl (1 January 2010 est.)
Natural gas - production

0 cu m (2009 est.)
Natural gas - consumption

0 cu m (2009 est.)
Natural gas - exports

0 cu m (2009 est.)
Natural gas - imports

0 cu m (2009 est.)
Natural gas - proved reserves

14.16 billion cu m (1 January 2011 est.)
Current Account Balance

-$729.1 million (2010 est.)
-$451.1 million (2009 est.)
Exports

$2.972 billion (2010 est.)
$2.988 billion (2009 est.)
Exports - commodities

coffee, fish and fish products, tea, cotton, flowers, horticultural products; gold
Exports - partners

Sudan 15.3%, Kenya 10.2%, Rwanda 8.5%, Democratic Republic of the Congo 7.8%, UAE 7.7%, Netherlands 6.4%, Germany 5.4%, Belgium 4.1% (2010)
Imports

$4.247 billion (2010 est.)
$3.787 billion (2009 est.)
Imports - commodities

capital equipment, vehicles, petroleum, medical supplies; cereals
Imports - partners

Kenya 17.1%, UAE 14.1%, China 8.5%, India 8.2%, South Africa 6.2%, Japan 5.9%, Germany 4.3% (2010)
Reserves of foreign exchange and gold

$2.96 billion (31 December 2010 est.)
$2.995 billion (31 December 2009 est.)
note: excludes gold
Debt - external

$2.854 billion (31 December 2010 est.)
$2.49 billion (31 December 2009 est.)
Stock of direct foreign investment - at home

$NA
Stock of direct foreign investment - abroad

$NA
Exchange rates

Ugandan shillings (UGX) per US dollar -
2,166 (2010)
2,030 (2009)
1,658.1 (2008)
1,685.8 (2007)
1,834.9 (2006)