Solid growth despite a loss of momentum


SENSITIVE RISK for enterprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

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GDP USD 25.53bn (World Ranking 99, World Bank 2016)
Population 41.5 Million (World Ranking 33, World Bank 2016)
Form of state Republic
Head of government Yoweri Kaguta MUSEVENI
Next elections 2021, presidential 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)

Exports Rank Imports
Kenya 20%
18% China
United Arab Emirates 14%
17% India
Rwanda 9%
9% Kenya
Democratic Republic of Congo 8%
9% United Arab Emirates
Italy 5%
5% Saudi Arabia

Trade structure by product

(% of total)

Exports Rank Imports
Coffee, tea, cocoa, spices, and manufactures thereof 26%
15% Petroleum, petroleum products and related materials
Cereals and cereal preparations 7%
9% Road vehicles
Fish, crustaceans, molluscs and preparations thereof 6%
7% Medicinal and pharmaceutical products
Non metallic mineral manufactures, n.e.s. 5%
4% Specialised machinery
Tobacco and tobacco manufactures 5%
4% Iron and steel

Contact Euler Hermes

Economic Research Team