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Uganda: Economy

Economy Uganda
Economy - overview:
Uganda has substantial natural resources, including fertile soils, regular rainfall, and sizable mineral deposits of copper and cobalt. 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. Ongoing Ugandan involvement in the war in the Democratic Republic of the Congo, corruption within the government, and slippage in the government's determination to press reforms raise doubts about the continuation of strong growth. 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. Growth for 2001-02 was solid despite continued decline in the price of coffee, Uganda's principal export. Prospects for 2003 are mixed, with probable strengthening of coffee prices yet with halting growth in the economies of major export customers.
GDP:
purchasing power parity - $30.49 billion (2002 est.)
GDP - real growth rate:
5.5% (2002 est.)
GDP - per capita:
purchasing power parity - $1,200 (2002 est.)
GDP - composition by sector:
agriculture: 43%
industry: 19%
services: 38% (2001 est.)
Population below poverty line:
35% (2001 est.)
Household income or consumption by percentage share:
lowest 10%: 4%
highest 10%: 21% (2000)
Distribution of family income - Gini index:
37.4 (1996)
Inflation rate (consumer prices):
0.1% (2002 est.)
Labor force:
12 million (2001 est.)
Labor force - by occupation:
agriculture 82%, industry 5%, services 13% (1999 est.)
Unemployment rate:
NA%
Budget:
revenues: $959 million
expenditures: $1.04 billion, including capital expenditures of $NA (FY98/99 est.)
Industries:
sugar, brewing, tobacco, cotton textiles, cement
Industrial production growth rate:
6.3% (2002 est.)
Electricity - production:
1.928 billion kWh (2001)
Electricity - production by source:
fossil fuel: 0.9%
hydro: 99.1%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
1.62 billion kWh (2001)
Electricity - exports:
174 million kWh (2001)
Electricity - imports:
1 million kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
8,750 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
coffee, tea, cotton, tobacco, cassava (tapioca), potatoes, corn, millet, pulses; beef, goat meat, milk, poultry, cut flowers
Exports:
$476 million f.o.b. (2002 est.)
Exports - commodities:
coffee, fish and fish products, tea; gold, cotton, flowers, horticultural products
Exports - partners:
Belgium 16.2%, Netherlands 13.7%, Germany 7.5%, Spain 5.5%, Hong Kong 4.9%, US 4.6%, UK 4.3%, Italy 4.1%, Portugal 4.1% (2002)
Imports:
$1.14 billion f.o.b. (2002 est.)
Imports - commodities:
capital equipment, vehicles, petroleum, medical supplies; cereals
Imports - partners:
Kenya 45.3%, South Africa 6.8%, India 5.7%, UK 5.5% (2002)
Debt - external:
$2.8 billion (2002 est.)
Economic aid - recipient:
$1.4 billion (2000)
Currency:
Ugandan shilling (UGX)
Currency code:
UGX
Exchange rates:
Ugandan shillings per US dollar - 1,797.55 (2002), 1,755.66 (2001), 1,644.48 (2000), 1,454.83 (1999), 1,240.31 (1998)
Fiscal year:
1 July - 30 June

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Source: The CIA World Fact Book 2003

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