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List of Acronyms

Acronym Expansion
BTI Business Tendency Index
BOU Bank of Uganda
B.Franc Burundian Franc
CIEA Composite Index of Economic Activity
EAC East African Community
EFU Energy, Fuels and Utilities
FX Foreign currency
FY Financial Year
HIPC Heavily Indebted Poor Countries
HPP Hydro Power Plant
ICBT Informal Cross Border Trade
KShs Kenyan Shilling
MDAs Ministries, Departments and Agencies
MOFPED       Ministry of Finance, Planning and Economic Development
NGO Non-Government Organisation
PAYE Pay as You Earn
PMI Purchasing Managers Index
PSC Private Sector Credit
R.Franc Rwandese Franc
SOPs Standard Operating Procedures
T-Bills Treasury Bills
T-Bonds Treasury Bonds
TShs Tanzanian Shilling
UAE United Arab Emirates
UBOS Uganda Bureau of Statistics
UShs Ugandan Shilling
US$ / USD United States Dollar
VAT Value Added Tax

Summary1

Real Sector

  • There was continued recovery of economic activity in September 2021 following the partial reopening of the economy as shown by the Composite Index of Economic Activity (CIEA) and Purchasing Managers Index(PMI).

  • The PMI improved to 52.5 in September mainly on account of rising new orders and increased output by businesses as normal activity gradually resumes following the lockdown in July 2021. The CIEA also increased to 146.41 in August 2021 from 146.40 in July 2021.

  • The business community exhibited some degree of pessimism despite the improving levels of economic activity as the BTI was recorded at 49.37 in September 2021 which is below the threshold of 50.0. This is mainly because of the perception regarding the uncertainties associated with the COVID-19 pandemic.

  • Annual headline inflation increased to 2.2% in September 2021 from 1.9% recorded in August 2021 as prices for petrol, diesel, vegetables, plantains and others increased. The rise in prices in foodstuffs is due to increased demand while fuel price increases were due to the continued rise in the global crude oil prices.

Financial Sector

  • The Uganda Shilling continued to strengthen against the US Dollar, posting an average mid-rate of Shs 3530.52/USD in September 2021 from Shs 3537.04/USD recorded the previous month. This appreciation was attributed to higher inflows from development partners, coffee export earnings, remittances and portfolio investment that outmatched corporate demand.

  • There was an increase in both commercial banks’ shilling and foreign currency denominated lending rates to 18.29% and 5.75% in August 2021 from 16.28% and 5.44% in July 2021 respectively. This movement was partly due to demand demand for loans during the month.

  • In September 2021, Government raised Shs 1,278.35 billion (at cost) from the primary market auctions. Securities worth Shs 500.65 billion matured and were refinanced; while Shs 777.70 billion went towards financing other items in the Government budget.

  • Yields (interest rates) declined across all Treasury Bill tenors, partly attributed to increased demand for Government securities. The annualized yields for September 2021 were 7.02%, 8.46% and 9.57% for the 91, 182 and 364 day tenors, respectively.

  • The stock of outstanding private sector credit slightly declined to Shs 18,413.78 billion in August 2021 from Shs 18,415.82 billion the previous month. This was mainly on account of foreign currency denominated credit whose stock declined by 0.94% thereby offsetting the 0.47% growth reported for Shilling denominated credit.

External Sector

  • In August 2021, the merchandise trade deficit widened from USD 196.4 million in July 2021 to USD 248.8 million following an increase in the import bill coupled with a decrease in export receipts for the month.

  • Export receipts declined for the third month running. Total receipts amounted to USD 292.67 million in August 2021. The decline in the export receipts was mainly registered under exports of gold during August 2021.

  • Merchandise worth USD 541.5 million was imported during the month of August 2021 hence registering a 8.3% growth from July 2021. This growth was mainly due to increase in importation of prepared foodstuffs, beverages among others in August 2021.

  • Uganda traded at surplus with the EAC and the Rest of Africa but at a deficit with the remaining regions of the world.

Fiscal Sector

  • Preliminary data shows that government operations during the month of September 2021 resulted in an overall fiscal deficit of Shs 377.4 billion which was higher than the planned deficit of Shs 368.54 billion. This performance was attributed to short falls under revenue and grants for the month which more than offset the lower expenditure during the month.

  • Domestic revenue collections amounted to Shs 1,538.39 billion, representing an 88.6% performance against the target for the month. This shortfall resulted from the underperformance of all major tax heads and non-tax revenue categories mainly due to the negative impact of the COVID-19 pandemic on the economy.

  • The total expenditure for September 2021 amounted to Shs 1,918.85 billion translating into 88.9% performance against target. This was on account of lower than planned spending under both domestically and externally financed development activities mainly due to delays in execution of projects.

East African Community

  • Annual headline inflation rose in all EAC partner states except Rwanda. Headline inflation for Tanzania, Kenya and Rwanda was 4.04%, 6.91% and minus 3.2% in September 2021 compared to 3.84%, 6.57% and minus 1.8% in August 2021 respectively

  • While the Ugandan Shilling appreciated, the Kenyan shilling, Rwandan and Burundian Franc depreciated against the US Dollar. The dollar value of the Tanzanian shilling remained unchanged.

Real Sector Developments

Inflation

Annual headline inflation increased to 2.2% in September 2021 from the 1.9% that was recorded for August 2021. This was mainly driven by increases in the prices of Energy, Fuels and Utilities as well as food crops and related items. Annual inflation for Energy, Fuels and Utilities (EFU) was 0.2% in September compared to -0.5% the previous month, whereas that of food crops and related items increased to 3.2% in September compared from 0.5% in August 2021.

Annual core inflation in September 2021 was recorded at 2.2%, the same rate as for the preceding month. This followed the continued decrease in the rate at which consumer prices were rising in the categories of transport, Clothing and Footwear which offset the faster price increases recorded under the categories of Health, Insurance and Financial Services.

The rise in the food crops and related items inflation followed major increments in consumer prices for vegetables, tubers, plantains, cooking bananas and pulses among others following increased demand as the level of economic activity continues to pick up.

On the other hand, the increase in EFU inflation was on account of rising prices for liquid energy fuels particularly diesel and petrol resulting from continued rising of the global prices of crude oil. Brent crude oil prices increased from USD 40.95 per barrow at the end of September 2020 to USD 78.31 at the end of September 2021.

Economic Activity

There was continued recovery of economic activity in September 2021 following the partial reopening of the economy as shown by the Composite Index of Economic Activity (CIEA) and Purchasing Managers Index(PMI).

The Composite Index of Economic Activity (CIEA) was recorded at 146.41 in August 2021 up from the 146.40 and 146.10 registered in the previous two months, indicating rising levels of economic activity as the economy continues to recover from the impact of the Covid-19 related lockdown imposed in June 2021.

The improvements in the level of economic activity in September 2021 were also demonstrated by the Purchasing Managers Index (PMI) which is a monthly survey of business conditions in the private sector. The headline PMI improved further to 52.5 in September 2021 up from 50.2 in the previous month, marking two months of recordings above the 50.0 threshold. This was attributed to rising new orders which implies improvement in aggregate demand, as well as increase in output by businesses as they gradually return to full operation following the end of the 42-day lockdown instituted in June 2021.

Economic Perceptions

In spite of the improving levels of economic activity, the business community continued to exhibit some degree of pessimism about the business environment owing to the uncertainties associated with the course of Covid-19 pandemic and the risk of failing to meet the set vaccination targets. The overall Business Tendency Index (BTI), which measures the sentiments of business people, was recorded at 49.37 in September 2021. This is lower than the 50.0 threshold.

Financial Sector Developments

Exchange Rate Movements

During September 2021, the Uganda Shilling continued to gain strength against major global trading currencies. The appreciation of the shilling makes imported goods cheaper but hurts exporters as it reduces the shillings received per unit exported which negatively affects government’s strategy of export promotion and import substitution.

The Shilling traded at an average midrate of Shs 3,530.52/USD in September 2021 compared to an average midrate of Shs 3,537.04/USD in the previous month, translating into an appreciation of 0.2%. Similarly, the Shilling appreciated by 0.2% and 0.7% respectively against Euro and the Great Britain Pound.

The sustained appreciation of the Shilling against major global currencies over the period leading to September 2021 is mainly due to increased inflows of forex from development partners in form of budget support loans, offshore portfolio investors, coffee export earnings, and remittances among others.

Interest Rate Movements

The Central Bank Rate (CBR) was 6.5% in September 2021, the same rate it has been since the start of FY2021/22 as the Central Bank continues engaging an accommodative monetary policy stance aimed at supporting economic recovery.

Lending Rates2

There was an increase in lending rates charged on both the Shilling and foreign currency denominated credit during August 2021. Lending rates charged on the Shilling denominated credit rose to a weighted average of 18.29% in August from a weighted average of 16.28% recorded for the previous month. During the same period, lending rates charged on the foreign currency denominated credit increased to a weighted average of 5.75% from 5.44%. The month on month increase in lending rates was partly due to higher demand for these loans during August 2021.

Government Securities

During the month of September 2021, four primary market auctions for securities were undertaken. A total of Shs 1,278.35 billion (at cost) was raised, Of this, Shs 736.39 billion was in Treasury Bills while Shs 541.96 billion was in Treasury Bonds. During the month, securities worth Shs. 500.65 billion were issued for the refinancing of maturing debt whilst Shs 777.70 billion went towards financing other items in the Government budget.

Breakdown of Government Securities (Shs Billion) (Source: MoFPED)
Total Issuances Financing other items in the Government budget Refinancing
August 2021 1,020 484.69 535.31
September 2021 1,278.35 777.7 500.65
FY 2021/22 to date 3,318.19 1,593.95 1,724.24

Annualised Yields (Interest Rates) on Treasury Bills

In September, the primary market was characterized by a reduction in yields across all tenors compared with the previous month. The annualised yields for September were 7.02%, 8.46% and 9.57% for the 91, 182 and 364 day tenors, respectively. This compares with 7.25%, 9.00% and 9.93% in August. Low inflation, a low Central Bank Rate and high demand for these instruments continue to explain the decline in yields. Demand for Government securities was high as all Treasury Bill tenors were oversubscribed. The average bid to cover ratio, an indicator of demand was recorded at 1.98 in September.

During the month, demand was highest for the 182-day tenor which had a bid to cover ratio of 2.44 and lowest for the 364-day tenor with a bid to cover ratio of 1.56.

Yields on Treasury Bonds3

During the month, Government issued a new 2-year tenor, and reopened another tenor with a 10-year benchmark maturity. The Yield to Maturity (YTM) on the 2-year tenor decreased to 10% in September as compared to 11.50% for a similar instrument in June 2021, whereas, the rate on the 10-year tenor decreased to 13.50% in September from 13.739% in June 2021.

Outstanding Private Sector Credit4

The stock of outstanding private sector credit was Shs 18,413.78 billion in August 2021 which reflects a slight decline of 0.01% from the Shs 18,415.82 billion recorded in July 2021.

The decline was wholly accounted for by the foreign currency denominated credit whose stock declined by 0.94%, thereby offsetting the 0.47% growth that was registered in the stock of Shilling denominated credit.

Credit Extensions5

The slight decline in the stock of outstanding private sector credit during August 2021 was in spite of more credit being approved for disbursement during the month than in July 2021 as more repayments were made. The value of loans approved for disbursement in August 2021 increased by 24.2% to Shs 821.42 billion from the Shs 661.39 billion registered in the month before.

Personal and Household loans continued to take the biggest share of credit extension, accounting for 30.7% of credit extended in August 2021. This was followed by trade (19.1%), Manufacturing (13.1%) and Agriculture (12.3%).

External Sector Developments

Merchandise Trade Balance6

Uganda’s merchandise trade deficit widened on both an annual and monthly basis. Compared to July 2021, the deficit widened from USD 196.4 million to USD 248.8 million in August 2021. This was as a result of an increase in the import bill coupled with a slight decrease in the export earnings for the month.

In comparison to August 2020, there was a decline in both export receipts and the import bill with the exports receipts declining at a much faster rate compared to the import bill. As a result, the trade deficit widened from USD 232.5 million in August 2020 to USD 248.8 million in August 2021.

Merchandise Exports

Despite an increase export receipts for items like coffee, tobacco and fish & its products, export receipts declined for the third consecutive month. This is mainly attributed to the decrease in gold exports as government imposed a 5% levy on each refined kilogram of refined gold and a 10% levy on each kilogram of unrefined gold exported out of Uganda which affected exports in July and August 2021. Government is currently reviewing the pros and cons of the new levy inorder resolve the issues being raised by the people dealing in gold.

As a result, exports declined from USD 433.96 million in August 2020 to USD 292.67 million in August 2021.

Merchandise Exports by Product (US$ Million) (Source: BoU and MoFPED Calc.)
Product Aug-2020 Jul-2021 Aug-2021 Aug-2021 vs
Aug-2020
% Change 		Aug-2021 vs
Jul-2021
% Change
Total Exports 433.96 300.39 292.67 -32.56 -2.57
Coffee
Value Exported 46.06 69.93 75.09 63.04 7.38
Volume Exported (Millions of 60 Kg Bags) 0.52 0.7 0.7 34.89 0.14
Average Unit Value (US$ per Kg of Coffee) 1.48 1.66 1.79 20.87 7.23
Non-Coffee Formal Exports 369.14 184.43 170.82 -53.72 -7.38
of which:-
Mineral Products 221.71 0 0 -100 NaN
Cotton 2 0.68 0.37 -81.52 -45.56
Tea 6.26 6.72 4.3 -31.41 -36.09
Tobacco 3.01 2.24 2.69 -10.73 19.95
Fish & Its Prod. (Excl. Regional) 8.87 6.61 9.32 5.16 40.97
Oil Re-Exports 4.04 8.24 8.46 109.48 2.64
Base Metals & Products 7.26 12.84 13.32 83.31 3.7
Maize 11.49 2.91 2.68 -76.7 -7.84
Beans 2.41 10.92 8.89 269.27 -18.59
Flowers 5.21 7.48 7.04 35.03 -5.88
ICBT Exports 18.77 46.03 46.75 149.11 1.57

Compared to July 2021, export receipts declined by 2.75% from USD 433.96 million to USD 292.67 million in August 2021. This decline was mainly attributed to decline in cotton, maize and tobacco among others over the period.

Destination of Exports7

For the second month running, the EAC was Uganda’s largest destination of exports accounting for 36.6% of the total export receipts in August 2021. This was followed by exports to the Rest of Africa and European Union at 28.25 and 21.4% of total exports respectively.

Notably, exports to the Middle East in August 2021 fell to USD 5.69 million from USD 225.35 million in August 2020 following a drop in exports of mineral products to that region.

Merchandise Imports8

In August 2021, Uganda’s import bill amounted to USD 541.5 million, an 8.3% growth from the USD 496.8 million recorded in July 2021. This growth was mainly on account of increase in imports for prepared foodstuffs, beverages, tobacco and petroleum products in August 2021 as economic activity continued to pick up after the lock down imposed to cub the spread of COVID-19 in June 2021.

Over the same period, government imports grew from USD 18.65 million to USD 37.81 million while formal private sector imports grew by 5.1% as economic activity continued to recover.

Compared to August 2020, the import bill declined by 23.1% from USD 666.47 million to USD 541.48 million in August 2021. This was mainly due to a reduction in the mineral products(excluding petroleum products) following the imposition of a 5% levy on each kilogram of refined gold and a 10% levy on each kilogram of unrefined gold which disincentivized the importation of this product.

Asia remained the largest source of Uganda’s imports in August 2021 accounting for 45.8% of all total imports during the month. Other notable sources were the EAC, Middle East and European Union at 15.1%, 14.6% and 12.1% respectively.

Trade Balance by Region

During the month of August 2021, Uganda traded at surplus with the EAC (USD 25.32 million) and the Rest of Africa (USD 24.96 million) while registering deficits with the European union, Middle East, Asia and other countries. The largest deficit was registered with Asia, followed by the Middle East registering USD 225.45 million and USD 73.43 million respectively.

Merchandise Trade Balance by Region (US$ Million) (Source: BoU)
Region Aug 2020 Jul 2021 Aug 2021
European Union -34.04 -1.63 -3.05
Rest of Europe -19.5 -14.42 -0.04
Middle East 179.86 -54.7 -73.43
Asia -213.95 -212.12 -225.45
EAC -64.96 44.32 25.32
Rest of Africa -63.61 60.33 45.96
Other Countries -16.31 -18.16 -18.11

Compared to August 2020, there was a turn around in Uganda’s trade position with the Middle East from a surplus of USD 179.86 million to a deficit of USD 73.43 million in August 2021 mainly due to a slowdown in exports of Gold to that region.

However, over the same period, Uganda’s trade position with the EAC and the Rest of Africa improved from deficits of USD 64.93 million and USD 63.61 million to surpluses of USD 25.32 million and USD 45.96 million respectively.

Fiscal Developments

Preliminary data shows that government operations during the month of September 2021 resulted into an overall fiscal deficit worth Shs 377.4 billion which was higher than the planned deficit of Shs 368.54 billion. This was mainly on account of shortfalls in revenue and grants which more than offset the lower than planned expenditure for the month.

Summary Table of Fiscal Operations September 2021 (Shs Billion) (Source: MoFPED)
Shs Billion Program Outturn Performance Deviation
Revenues and grants 1,788.85 1,541.45 86.2% -247.39
      Revenues 1,736.34 1,538.39 88.6% -197.94
            Tax 1,626.08 1,450.39 89.2% -175.69
            Non-tax 110.26 88.01 79.8% -22.25
      Grants 52.51 3.06 5.8% -49.45
                  o/w Project support 52.51 3.06 5.8% -49.45
Expenditures and lending 2,157.39 1,918.85 88.9% -238.54
      Current expenditures 1,037.61 1,412.18 136.1% 374.57
            Wages and salaries 371.76 451.04 121.3% 79.28
            Interest payments 392.6 392.6 100.0% 0
                  o/w domestic 326.97 326.97 100.0% 0
                  o/w external 65.63 65.63 100.0% 0
            Other recurrent expenditure 273.25 568.54 208.1% 295.29
      Development expenditures 1,070.64 457.35 42.7% -613.29
            Domestic 538.17 319.17 59.3% -219
            External 532.47 138.18 26.0% -394.29
      Net lending/repayments 26.51 0.38 1.4% -26.13
                  o/w HPP GoU 0 0.38 __ 0.38
      HPP Exim 26.51 0 0.0% -26.51
      Domestic arrears repayment 22.63 48.94 216.3% 26.31
Domestic fiscal balance -368.54 -377.4 __ __

Revenue and Grants

Revenues and Grants for September 2021 amounted to Shs 1,541.45 thereby registering a short fall of Shs 247.39 billion. This was on account of a combination of shortfalls under both domestic revenue and grants received during the month. Grants received during the month amounted to an equivalent of Shs 3.06 billion which was less than the planned Shs 52.51 billion.

Domestic Revenues

Domestic revenue collected during September 2021 amounted to Shs 1,538.39 billion, representing an 88.6% performance against the Shs 1,736.34 billion target and therefore a shortfall of Shs 197.94 billion for the month. This shortfall was registered under all the major tax categories and non-tax collections. This performance was mainly on account of the negative impact of the COVID-19 pandemic on the economy and delays in implementation of some the tax measures proposed in the budget. Tax revenue collections amounted to Shs 1,450.39 billion while non-tax revenue collections amounted to Shs 88.01 billion. This was against there respective targets of Shs 1,626.08 billion and Shs 110.26 billion.

Despite a Shs 27.10 billion surplus under PAYE, Direct Domestic tax collections registered a short fall worth Shs 33.77 billion mainly on account of lower than planned collections under corporate tax, rental income tax and withholding tax collections under government securities.

Indirect tax collections were affected mainly by lower than planned performance under VAT on manufactured goods especially beer, spirits & soft drinks and excise duty on phone talk time and internet data. Total collections under this category amounted to Shs 342.64 billion against the planned target of Shs 485.84 billion for the month.

Taxes on international trade and transactions amounted to Shs 661.01 billion against the planned Shs 681.27 billion for the month. This performance was mainly as result of lower than planned collections under petroleum duty and import duty. However, VAT on imports registered a Shs 29.99 billion surplus as there was a higher than projected imports on which VAT is levied during the month.

Expenditure

Government expenditure for the month of September 2021 amounted to Shs 1,918.85 billion representing an 88.9% performance against the planned target for the month. This performance was mainly attributed to lower than planned expenditure under development projects as only Shs 457.35 billion was spent of the planned 1,070.64 billion for the month.

Domestically financed development expenditure amounted to Shs 319.17 billion against the planned 538.17 billion representing a 59.3% performance for the month.This was on account of some payments for development projects being frontloaded in the first two months of the quarter. External development expenditures registered a 26.0% performance as only Shs 138.18 billion of the planned Shs 532.47 billion was spent. This was on account of lower than planned disbursements under most of externally financed projects during the month.

On the other hand, wages and salaries amounted to Shs 451.04 billion in September 2021 which was higher than the planned Shs 371.76 billion as government cleared pending salary payments for the months of July and August 2021.

East Africa Community Developments

EAC Inflation9

Annual headline inflation rose in all the EAC partner states whose data for the month was available except for Rwanda. Tanzania’s annual headline inflation went up from 3.84% in August 2021 to 4.04% in September 2021 mainly driven by higher rate of price increases for food and non-alcoholic beverages, transport and clothings and foot wear.

Similarly, Kenya registered a rise in annual headline inflation from 6.57% in August to 6.91% in September 2021 mainly driven by a rise in prices of commodities under: food and non-alcoholic beverages; transport; and housing, water, electricity, gas and other fuels.

Rwanda, on other hand, registered a deflation for the third month in a row. Annual headline inflation was recorded at minus 3.2% in September 2021 compared to minus 1.8% the previous month. This was explained by a higher pace of price reductions for food especially vegetables and in the transport sector.

EAC Exchange Rates

The currencies of Kenya, Rwanda and Burundi depreciated against the US Dollar in September 2021 whereas Tanzania’s exchange rate remained unchanged from the previous month. The Rwandan and Burundian Francs depreciated by 0.4% and 0.3% respectively while the Kenyan Shilling depreciated by 0.8%.

Trade Balance with the EAC

For the second month in a row, Uganda traded at a surplus with the East African Community in August 2021. However, the trade surplus recorded for August 2021 (USD 25.32 million) was lower than the one recorded for July 2021 (USD 73.27 million) owing to a decline in exports coupled with an increase in imports between the two months.

The Country exported goods worth USD 107.13 million to the rest of the EAC in August compared to USD 150.98 million in July, implying a reduction of 29.%. During the same period, the value of imports increased from USD 77.7 million to USD 81.82 million. The biggest trading partner within the EAC remained Kenya which accounted for the highest share of both exports and imports.

At Country specific level, Uganda traded at a deficit with Kenya, Tanzania and Rwanda whereas surpluses were recorded for Burundi and South Sudan as shown in figure 25.

Glossary

Term Description
Bid to cover ratio This is an indicator for the demand of Government securities in a given auction. A ratio equal to 1 means that the demand for a particular security is equal to the amount offered by the government. A ratio less than 1 means the auction is under subscribed and a ratio greater than 1 means that the auction is over subscribed.
BTI The Business Tendency Index measures the level of optimism that executives have about current and expected outlook for production, order levels, employment, prices and access to credit. The Index covers the major sectors of the economy, namely construction, manufacturing, wholesale trade, agriculture and other services. The Overall Business Tendency Index above 50 indicates an improving outlook and below 50 a deteriorating outlook.
CIEA CIEA (Composite Index of Economic Activity) is constructed using seven variables, that is; private consumption estimated by VAT, private investment estimated by gross extension of private sector credit, government consumption estimated by its current expenditure, government investment estimated by its development expenditure, excise duty, exports and imports. Data comes with a lag of one month.
Core Inflation This is a subcomponent of headline inflation that excludes items subject to volatility in prices. It excludes energy, fuels, utilities, food crops and related items.
Headline Inflation This refers to the rate at which prices of general goods and services in an economy change over a period of time usually a year.
Non-Performing Loan This is a sum of borrowed money upon which the debtor has not made scheduled payments for a period usually at least 90 days.
Tenor This refers to the time-to-maturity of a financial instrument, for example, if a certain instrument matures after 91 days – it is called a 91-day tenor.
PMI The PMI (Purchasing Managers Index) is a composite index, calculated as a weighted average of five individual sub-components; New Orders (30%), Output (25%), Employment (20%), Suppliers’ Delivery Times (15%), and Stocks of Purchases (10%). It gives an indication of business operating conditions in the Ugandan economy. The PMI above 50.0 signals an improvement in business conditions, while readings below 50.0 show a deterioration. The PMI is compiled on a monthly basis by Stanbic Bank Uganda.
Yield to Maturity (YTM) Yield to maturity (YTM) is the total return anticipated on a treasury instrument if the instrument is held until it matures.

Online Resources

Visit us online at mepd.finance.go.ug.

The entire history of data used for this and previous Performance of the Economy Reports - subject to data revisions - can be downloaded at mepd.finance.go.ug/apps/macro-data-portal.

An interactive display of leading economic indicators and a GDP nowcast is available at mepd.finance.go.ug/apps/macro-monitor.

  1. Data on Private Sector Credit, CIEA and External sector has a lag of one month.↩︎

  2. Data comes with a month’s lag.↩︎

  3. Reopening a bond instrument refers to issuing additional amounts using previously issued bond instrument. The reopened instrument has the same maturity date and coupon interest rate, as the original instrument, but with a different issue date and usually a different purchase price.↩︎

  4. Data on private sector credit has a lag of one month.↩︎

  5. Data on private sector credit has a lag of one month.↩︎

  6. Statistics on trade come with a lag of one month.↩︎

  7. Other Countries include: Australia and Iceland.↩︎

  8. Statistics on trade come with a lag of one month.↩︎

  9. Data for Burundi and South Sudan not readily available.↩︎