Solid growth to resume after Covid-19

C3

SENSITIVE RISK for enterprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

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GDP USD 37.37bn (World Ranking 94, World Bank 2020)
Population

45.74mn (World ranking 31, World Bank 2020)

Form of state Presidential Republic
Head of government Yoweri Kaguta MUSEVENI
Next elections 2026, general elections
  • The political system is relatively stable, compared to a chequered history, and transition to a multi-party democracy is being instituted
  • Good record of GDP growth in recent years, albeit from a low base
  • Reasonable relations with the IFIs and donor community, despite periodic concerns relating to achievement of some economic targets and perceptions of corruption
  • Government has strong record of MDGs implementation
  • Oil and gas potential
  • Trade and communication links are vital because the country is landlocked. Disruption to these can have detrimental effects on business and the overall economy
  • There are perceptions that President Museveni is becoming increasingly autocratic
  • Instability in South Sudan and eastern Congo can spill over to Uganda
  • Dependence on the primary sector exposes economic development to the vagaries of climatic changes, including periodic drought, and to internationally-determined commodity prices
  • Fiscal and current account deficits are translating into (reasonably) increasing debt

Trade structure by destination/origin

(% of total, 2020)

Exports Rank Imports
United Arab Emirates 43.0%
1
15.5% China
Kenya 10.1%
2
11.7% India
Sudan 8.9%
3
10.2% Kenya
Algeria 4.2%
4
7.0% United Arab Emirates
Democratic Republic of Congo 4.1%
5
5.0% Japan

Trade structure by product

(% of total, 2020)

Exports Rank Imports
Gold, non-monetary (excluding gold ores and concentrates) 42.4%
1
20.3% Gold, non-monetary (excluding gold ores and concentrates)
Coffee, tea, cocoa, spices, and manufactures thereof 20.9%
2
10.3% Petroleum, petroleum products and related materials
Cereals and cereal preparations 3.9%
3
6.1% Road vehicles
Fish, crustaceans, molluscs and preparations thereof 3.1%
4
5.4% Medicinal and pharmaceutical products
Vegetables and fruits 2.3%
5
4.2% Cereals and cereal preparations
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