Uganda Economy

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.

Year-on-year economic growth decelerated in Q2 on the heels of softer expansions in household consumption, fixed investment and exports. That said, public spending grew at a faster clip. Shifting to the third quarter, our Consensus is for the economy to lose further steam, and available data backs this projection. Economic activity growth slowed in July–August relative to Q2. Moreover, merchandise exports growth ticked down over the same two-month period. That said, the private-sector PMI average above Q2’s level in Q3, pointing to a stronger improvement in business operating conditions. In other news, the government recently announced the creation of a state-owned mining company to manage its equity interests in the sector. Enhanced equity management bodes well for the public coffers, as the government is entitled to a 15% free carry stake in all mining operations in the country.

Projections out to 2034.

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 2034 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 This means you avoid the risk of relying on out of date, biased or outlier forecasts.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.