Uganda economic outlook 2017 pdf

Credit to the private sector has stalled, driven by rising nonperforming loans that partly reflect government arrears. The african economic outlook 2017 presents the continents current state of affairs and forecasts its situation for the coming two years. Edition of the kenya economic update seeks to contribute to this discussion. The informal economy, which is predominantly female, is broadly defined as a group of vulnerable individuals without protections in regards to their work. Uganda has been affected by the drought in the horn of africa and regional conflicts. Economic development and human capital in uganda a case for investing more in education world bank group 20190529 the world banks analysis of crosscountry data on human capital indicates that uganda is underinvesting in the future productivity of its citizens. Looking forward, we estimate gdp annual growth rate in uganda to stand at 4. The east africa economic outlook 2019 was prepared in the vice presidency for economic governance and knowledge man. Uganda s real gdp in the year to the end of june grew 6.

During fy 201516, the sector accounted for around 18% of gdp. Uganda gdp annual growth rate 20092019 data 20202022. It highlights how oecd countries and partner economies are taking advantage of information and communication technologies icts and the internet to meet their public. According to the latest forecast from the economic intelligence unit, tanzania, kenya and rwanda will be among the 20 fastest growing economies in 2017. Broadbased upward revisions in the euro area, japan, emerging asia, emerging europe, and russia more than offset downward revisions for the united states and the united kingdom. Uganda economic update 8th edition, january 2017 step by step lets solve the finance puzzle to accelerate growth and shared. Retail, construction, and telecommunications were key economic drivers. The growth will be driven mainly by strong performances in the industry and services sectors, and also by public.

In the five years to 2016, average annual growth was 4. Despite these challenges, uganda s economic outlook remains positive now that the electoral cycle has ended and private sector activity can start picking up. Economic survey 2017 outline international scene highlights of the countrys economic performance in 2016 highlights of key social and governance statistics in 2016 economic outlook for 2017. Uganda economic outlook april june 2017 5 2bank of uganda mpc report february 2017 with a favorable in. Looking forward, african economic growth is projected to accelerate to 4percent in 2019 and 4. This page has economic forecasts for uganda including a longterm outlook for the next decades, plus mediumterm expectations for the next four quarters and shortterm market predictions for the next release affecting the uganda economy. Sep 27, 2017 pwc forecasts growth for ugandas economy. This projection is anchored on strong macroeconomic fundamentals and the expected political calm following the signing of the constitutional. Uganda economic update, 10th edition, december 2017. Seventh edition, april 2016 uganda economic update. Uganda annualr e p o r t united nations development. Uganda s overall economic outlook remained positive with a growth rate projected to increase to 5. Ugandas economy has grown at a slower pace, reducing its impact on poverty.

Uganda country strategy paper 2017 2021 rdgecoug june 2017. It highlights how oecd countries and partner economies are taking advantage of information and communication technologies icts and the internet to meet their public policy objectives. Private investment has plateaued in recent years and is skewed toward real estate. The economy is poised to grow at a faster rate than observed last year. The biennial oecd digital economy outlook examines and documents evolutions and emerging opportunities and challenges in the digital economy. The private sector pmi improved in q4 compared to q3, underpinned by increasing customer numbers.

The recent instability in the banking system has further contributed to low consumer confidence in financial institutions, while longterm savings products such as pensions and. Pwc has released the latest uganda economic outlook which forecasts economic growth for the 201718 financial year to reach 5 per cent. All content, including opinion, analysis and forecasts. High expectations particularly with regards to private sector growth and foreign direct investment linked to. Access the latest politics analysis and economic growth summary through 2011 for uganda from the economist intelligence unit uganda economy, politics and gdp growth summary the economist intelligence unit. Uganda has made limited progress in improving human development but the national development plan ndp ii envisages significant investments that could. The 2017 debt sustainability assessment indicated that uganda is at a low risk of debt distress. Instability in south sudan has led to a sharp increase in sudanese refugees and is disrupting uganda s main export market. The poverty rate fell during the past two decades but rebounded in 201617. Uganda has one of the lowest electrification rates in africa only 22% of ugandans have access to electricity at the national level, and this figure drops to 10% in rural areas. Uganda economic outlook 2016 the story behind the numbers. Uganda african economic outlook 2015 in 2014, uganda saw the consolidation of macroeconomic stability and a gradual recovery of economic activity.

A turbulent 2016 saw no ipos from rwanda and uganda, subdued growth, lacklustre yields and hawkish investors holding on to funds. The eighth edition of the uganda economic update was prepared by a team led by rachel kaggwa sebudde and including. Following nearly a decade of exceptional gdp growth 7% per annum that ended in 2010, the economy has since slowed to 3. The global upswing in economic activity is strengthening, with global growth projected to rise to 3. Uganda bureau of statistics ubos released the final estimates for gross domestic product gdp for fy201718 which.

Uganda economic outlook uganda s economy is projected to grow by 6. But once population growth is factored in, the economy s per capita growth rate is just 3. According to the latest ubos report on the key economic indicators, real gdp for the. Given these predictions together with the enabling regulatory and technological imperatives coupled with renewed commitments of stakeholders to do better, i am. Restrictions on movement of people, goods and services, and containment measures such as factory closures have cut manufacturing and domestic demand sharply in china. Improving domestic revenue mobilization an assessment of ugandas domestic. Economic outlook world bank documents world bank group.

A month later, the agency commented that the suspension of 48 opposition members of parliament for 30 days point to a gradual institutional weakening. After overcoming the political uncertainties that characterized much of 2017, ugandas economic outlook for 2018 is positive. Outlook for 2017 though have promised more return on investment as. Uganda is endowed with significant natural resources, including ample fertile land, regular rainfall, and mineral deposits. Reflecting improved rains, better business sentiment and easing of political uncertainty, real gdp growth is estimated to rebound from 4. Moreover, the governments extensive infrastructure development program should boost local economic activity even if the global economy remains. The uganda economic outlook 2016 report provides an overview of uganda s economic environment and key sectors. Uganda african economic outlook 2017 growth in the ugandan economy slowed down to 4. Uganda economic outlook african development bank building. The projected growth will be supported mainly by the anticipated recovery in private sector credit which should spur consumer spending and. The report also highlights significant allocations in the 2017 18 budget to various sectors of the economy. Outlook is for commodity prices to drop in 2019 owing to dimmer global economic.

In sum, according to pwc, uganda economic outlook 2018, uganda s economy is projected to grow between 5. Accelerating uganda s development, ending child marriage, educating girls world bank 2017 1201 following decades of sustained economic growth during which uganda made dramatic progresstowards poverty reduction, the country has recently experienced a period of economic growthslow down. This fifth edition of the uganda economic update presents evidence that if the urbanization process is well managed, it has the potential to stimulate economic growth and to provide productive jobs for a greater proportion of ugandas young and rapidly expanding population. Table 1 2018 cpi inflation has risen above the upper a b. Women face a plethora of barriers specific to gender when attempting to access the formal economy of uganda, and research showing prejudice against lending to women in the informal sector. Why uganda is a model for dealing with refugees oct 26th 2016, 4.

Ugandas economic outlook for 2018 is positive newz post. The agency affixed the negative outlook a year earlier due to a combination of falling copper revenue and slowing economic growth leading to persistent and large fiscal deficits as well as a doubling of government debt since. The report also highlights significant allocations in the 201718 budget to various sectors of the economy. Recent economic developments and outlook i in 2018, the economy expanded at a brisk pace rwandas 8. Macroeconomic performance and outlook the ugandan economy reported strong. In fy 201617, revenue collections dropped by 4%, as public debt increased from 33. Uganda ranks in 120th place out of 8 countries in affordability of financial services, according to the economic forum global competitiveness report 2016 2017. Supported by improved rains, the dissipation of political uncertainty which held back investment, and the ongoing broadbased recovery in the global economy, gdp growth is expected to recover to 5. This seventh edition of the uganda economic update discusses the importance of accompanying this fiscal strategy with. Uganda economy, politics and gdp growth summary the.

The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of the world bank, its board of executive directors, or the governments. The economy of uganda has great potential and appeared poised for rapid economic growth and development. Infrastructure development is critical for unlocking ugandas binding constraints to economic development in order to enable an economy to realize its full potential. Drought response manual, including emergency household. This work is a product of the staff of the world bank with external contributions. Growth seems to have remained relatively downbeat in the second quarter, after tumbling activity in the mining and quarrying, and construction sectors dragged on growth at the outset of the year.

In the longterm, the uganda gdp annual growth rate is projected to trend around 6. This bulletin comes at a very crucial time for the uganda economy when growth is slowing down, private sector credit is on a decline, consumer demand is low. The median current account deficit is estimated to have widened from 5. The economic outlook for fy 2017 18 is positive and very promising with real gdp growth expected to reach 5% 2imf uganda country report 2017 government is optimistic that the economy will grow by at least 5% this. As a consequence of the foregoing structural deficiencies of the private sector, ugandas economy has been experiencing steadily declining contribution of total factor productivity tfp to real gdp growth. In october 2019, ugandas economic structure was significantly changed following a rebasing of the national accounts, resulting into a significant change in the structure of the economy. Ugandas economic growth has slowed since 2016, with the growth rate dropping from 5. The report also highlights significant allocations from the 201617 budget to various sectors in the country. We are pleased to share with you a copy of our latest edition of the pwc economic outlook. Economic outlook 2016 3 preamble the uganda economic outlook 2016 report provides an overview of ugandas economic environment and key sectors. Uganda economic outlook the ugandan economy reported strong growth in 2019, estimated at 6. In the 2016 state of the nation address the president, recognised this and stated that the slow pace of. Tfp fell from about 34% during 19902000 to 28% during 20012010, and to 15% during 201112.

Monetary fund imf team who visited uganda in november 2017 emphasised the importance of increasing revenue collection by 0. The current account deficit marginally improved from 1. Ugandas economy is underperforming compared to its peers in the eac. Ugandas 201718 economic growth beats forecasts uganda. The republic of uganda, a landlocked country located in east africa, is at a critical juncture in its economic transformation.

Data on the sustainable development goals are now presented in a new companion publication, atlas of sustainable development goals 2017, which analyzes and visualizes world development indicators data to explore progress toward the goals for 2030 and catalyzes discussion of measurement issues and data needs. Despite these challenges, ugandas economic outlook remains positive now that the electoral cycle has ended and private sector activity can start picking up. Meanwhile, economic activity softened in q4, while merchandise export growth eased in the same period on slower growth of coffee exports. The national treasury expects the economy to grow by 1. Uganda towards attaining the east africa monetary union eamu convergence criteria in 2021. The positive growth outlook in 2018 will be driven mainly by public infrastructure investments. Pwc forecasts growth for ugandas economy cnbc africa. The impact of the covid19 outbreak on economic prospects is severe growth was weak but stabilising until the coronavirus covid19 hit. A strong rebound in agriculture in kenya, rwanda, and uganda, following prior droughts, underpinned the pickup in activity in east africa. The poverty rate fell during the past two decades but rebounded in 2016 17. This annual report examines africas performance in crucial areas. African economic outlook 2017 entrepreneurship and. Uganda market overviewuganda market overview discusses key economic indicators and trade statistics, which countries are dominant in the market, the u.

Oecd digital economy outlook 2017 the biennial oecd digital economy outlook examines and documents evolutions and emerging opportunities and challenges in the digital economy. Industrial sector development is at a nascent stage in uganda. Macroeconomic performance and outlook the ugandan economy reported strong growth in 2019, estimated at 6. With reduced capital inflows, the overall bop was financed by a drawdown in. Our forecasts show that the ugandan economy will be growing at an average rate of about six. Political environment tanzania has continued to enjoy political stability since it became independent in the early 1960s. In a bid to accelerate growth and make it more inclusive, uganda has made industrial development an integral part of the governments overall development strategy in the ndp ii period. Incoming figures for the final quarter of 2019 are mixed, following a marked slowdown in the third quarter. Drought response manual, including emergency household payments via the. Economic outlook according to the bank of ugandas latest report on the state of the economy, the economy is projected to grow by around 5% in this. Uganda economy gdp, inflation, cpi and interest rate. First, after multiple headwinds dampened growth in 2017, the incipient rebound in economic activity in kenya is gaining momentum. Uganda s economic performance in the last decade has. The tanzania economic outlook 2017 report provides an overview of tanzanias economic environment and key sectors.