Uganda flag Uganda: Panorama econòmic

Panorama econòmic

Economic indicators

For the latest updates on the key economic responses from governments to address the economic impact of the COVID-19 pandemic, please consult the IMF's policy tracking platform Policy Responses to COVID-19.

Uganda is the third-largest economy in East Africa, after Kenya and Tanzania. The country has achieved astonishing economic performances in the last decades and, although slower, growth remains sustained. Between 1992 and 2010, the country experienced average economic growth of 8%, GDP per capita tripled and the poverty rate was cut in half. In 2021, however, the economy grew 4.7%, and it is expected to continue growing in 2022 and 2023, at an estimated rate of 5.1% and 6.6%, respectively. Public investment was a key driver of growth in 2021. In 2022, growth expected to be more dynamic mainly thanks to household consumption.

In 2021, the country's current account deficit widened to USD 3.85, as the increase in export revenues linked to the recovery in activity following the initial shock of the pandemic was offset by imports of capital goods, especially those needed for the country's hydrocarbon projects. Public debt increased to 49.1%, mainly due to interest on domestic debt, which will continue to weigh on public finances in the coming years. Still, the debt-to-GDP ratio should remain stable in 2022 and 2023, at around 50.2% and 49.3%, respectively. Inflation slightly decrease to 2.2% in 2021, but it is expected to double in 2022, and reach 5% - a trend that should continue in 2023, when the inflation rate is expected to reach 6.2%. To mitigate the effect of the pandemic, the World Bank has provided the country with USD 300 million, which has been essential in Uganda's economic recovery following the crisis. In 2021, recovery has strengthened throughout the country, underpinned by improved business and trading conditions as COVID-19 restrictions eased.

Uganda has surpassed the Millennium Development Goal (MDG) of halving poverty by 2015, but the poverty rate has recently increased. According to the World Bank, one in five people lives in extreme poverty and about a third live on less than USD 1.90 / day . These rates have been heightened by the pandemic, and added to the 8.7 million people living below the poverty line in Uganda. The crisis effect has been worsened by heavy rains, flooding, and a locust invasion that has impacted agricultural production. In 2021, the unemployment rate in the country was at 2.3% (ILO Estimate). However, this figure does not reflect reality since a significant part of the population work in the informal sector.

 
GDP Indicators 201920202021 (e)2022 (e)2023 (e)
GDP (billions USD) 38.00e38.14e43.2447.0049.44
GDP (constant prices, annual % change) 7.7e-0.8e4.75.16.6
GDP per capita (USD) 954e925e1,0181,0751,098
General government gross debt (in % of GDP) 37.044.1e49.150.249.3
Inflation rate (%) 2.32.8e2.25.06.2
Current Account (billions USD) -2.42-3.66e-3.85-3.43-5.10
Current account (in % of GDP) -6.4-9.6e-8.9-7.3-10.3

Font: IMF – World Economic Outlook Database, 2016

Note: (e) Estimated data

 
Monetary indicators 20162017201820192020
Uganda Shilling (UGX) - Average annual exchange rate for 1 EUR 3,638.404,079.274,397.514,198.654,243.37

Font: World Bank, 2015

 

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