Being one of the first countries in Sub- Saharan Africa to embark on liberalization in the 1980s, Uganda has gone through a number of economic changes. Between 1990s and 2000s the real GDP growth stood at 7% per year but became more volatile from 2006 onwards.
In 2013, the country’s exports were estimated to have been $3.156 billion. These were coffee, fish, tea, cotton, flowers, horticulture products and gold. A total of $4.858 billion was spent on imports, mainly capital equipment, vehicles, medical supplies and petroleum.
Uganda’s main trading partners are its immediate neighbors – Kenya, Rwanda and Congo. Other trading partners are the Netherlands, United Arab Emirates, China, Germany, South Africa, Japan and Italy.
Tea farm in Uganda
Above: Tea plantation
An agricultural country with a tropical climate of two dry seasons from December to February and from June to August, its people are blessed with fertile soils and rainy days for most of the year. The agricultural sector alone employs more than 80% of the population. The main agricultural and animal products are coffee, tea, tobacco, millet, beef, milk, poultry and flowers. The country has natural resources like cobalt, copper, limestone, salt, hydropower, gold and oil.
In 2013 Uganda saw the consolidation of macroeconomic stability and a gradual recovery of economic activity, with estimates putting annual real gross domestic product (GDP) growth at 5.2%, up from 2.8% in 2012. This has secured an enabling macroeconomic environment for growth with the stabilization of the debt rate. The AEO report projects that the GDP growth of the country will be at 7% in the year 2015 with a balanced and expansionary fiscal policy.
The following websites offer rich useful information about the economic status and investment opportunities in Uganda:
|Real GDP growth (%)||2.8||5.2||6.6||7|
|Real GDP per capita growth (%)||-0.6||1.9||3.2||3.7|
|CPI inflation (%)||14.6||5.5||4.7||4.9|
|Budget balance % GDP||-3||-2.6||-4.6||-4.4|
|Current account balance % GDP||-9||-5.9||-4.4||-4.6|