Economy Of Uganda
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Economy overview
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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. 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. Solid growth in 2003 reflected an upturn in Uganda's export markets.
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GDP
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purchasing power parity - $36.1 billion (2004 est.)
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GDP - real growth rate
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4.4% (2004 est.)
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GDP - per capita
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purchasing power parity - $1,400 (2004 est.)
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GDP - composition by sector
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agriculture: 36.1%
industry: 21.2%
services: 42.8% (2004 est.)
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Investment gross fixed
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20.3% of GDP (2004 est.)
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Population below poverty line
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35% (2001 est.)
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Household income or consumption by percentage share
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lowest 10%: 4%
highest 10%: 21% (2000)
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Distribution of family income - Gini index
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37.4 (1996)
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Inflation rate consumer prices
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7.9% (2004 est.)
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Labor force
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12.09 million (2004 est.)
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Labor force by occupation
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agriculture 82%, industry 5%, services 13% (1999 est.)
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Unemployment rate
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NA (2002 est.)
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Budget
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revenues: $1.123 billion
expenditures: $1.433 billion, including capital expenditures of $NA (FY98/99 est.) (2004 est.)
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Public debt
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62.2% of GDP (2004 est.)
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Agriculture products
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coffee, tea, cotton, tobacco, cassava (tapioca), potatoes, corn, millet, pulses; beef, goat meat, milk, poultry, cut flowers
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Industries
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sugar, brewing, tobacco, cotton textiles, cement
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Industrial production growth rate
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5% (2004 est.)
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Electricity production
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1.928 billion kWh (2001)
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Electricity production by source
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fossil fuel: 0.9%
hydro: 99.1%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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1.62 billion kWh (2001)
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Electricity exports
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174 million kWh (2001)
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Electricity imports
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1 million kWh (2001)
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Oil production
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0 bbl/day (2001 est.)
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Oil consumption
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8,750 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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Natural gas production
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Natural gas consumption
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Natural gas exports
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Natural gas imports
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Natural gas proved reserves
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Current account balance
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$-237 million (2004 est.)
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Exports
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$495 million f.o.b. (2004 est.)
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Exports commodities
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coffee, fish and fish products, tea; gold, cotton, flowers, horticultural products
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Exports partners
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Kenya 14.7%, Switzerland 13.7%, Netherlands 9.2%, UK 6.4%, South Africa 5.6% (2003)
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Imports
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$1.179 billion f.o.b. (2003 est.)
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Imports commodities
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capital equipment, vehicles, petroleum, medical supplies; cereals
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Imports partners
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Kenya 26%, India 7.4%, South Africa 7.2%, Japan 6.6%, UK 6.3%, UAE 5.8%, US 5.7%, China 5.1% (2003)
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Reserves of foreign exchange gold
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$1.08 billion (2004 est.)
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Debt external
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$3.818 billion (2004 est.)
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Economic aid recipient
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$1.4 billion (2000)
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Currency
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Ugandan shilling (UGX)
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Currency code
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UGX
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Exchange rates
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Ugandan shillings per US dollar - 1,963.72 (2003), 1,797.55 (2002), 1,755.66 (2001), 1,644.48 (2000), 1,454.83 (1999)
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Fiscal year
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1 July - 30 June
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This information was reproduced in part from the CIA World Fact book.
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