logo

List of Acronyms

Acronym Expansion
B.Franc Burundian Franc
BOU Bank of Uganda
BTI Business Tendency Index
CBR Central Bank Rate
CIEA Composite Index of Economic Activity
EAC East African Community
EFU Energy, Fuels and Utilities
FOB Free on Board
FX Foreign Currency
FY Financial Year
GBP British Pound Sterling
ICBT Informal Cross Border Trade
KShs Kenyan Shilling
MDAs Ministries, Departments and Agencies
MOFPED Ministry of Finance, Planning and Economic Development
NGOs Non-Government Organisations
PAYE Pay as You Earn
PMI Purchasing Manager’s Index
PSC Private Sector Credit
R.Franc Rwandan Franc
T-Bills Treasury Bills
T-Bonds Treasury Bonds
TzShs Tanzanian Shilling
UBOS Uganda Bureau of Statistics
UShs / Shs Ugandan Shilling
US$ / USD United States Dollar
VAT Value Added Tax
YTM Yield to Maturity

Summary1

Real Sector

  • Annual headline inflation further increased to 7.9% in July 2022 from 6.8% recorded in June 2022, reflecting a continued rise in prices of consumer goods and services across the country. The increase in inflation was mainly on account of higher food crop prices and higher fuel prices which led to a rise in transport costs.

  • As shown by trends in the Composite Index of Economic Activity (CIEA), economic activity was on a recovery trajectory since September, 2021 to June, 2022 with CIEA recorded at 153.03 in June 2022, up from 144.34 recorded in September, 2021.

  • For the first time in this calendar year, the headline Purchasing Managers Index (PMI) was recorded below the 50.0 mark in July 2022, with the index falling to 48.2 from 50.9 in June, 2022. This indicates weakening business activity among the private sector due to cost push inflationary pressures.

  • There is still some optimism, although the Business Tendency Index (BTI) dropped to 55.75 in July 2022 from 58.61 in June 2022. The reduction was largely on account of the effects of current and anticipated inflationary pressures on business activity.

  • The above developments coupled with monetary and fiscal policy instituted to control inflation are expected to lead to a decline in domestic demand. Therefore, the economic growth projection for FY 2022/23 has been revised from 6.0% to between 5.0-5.5%.

Financial Sector

  • During July 2022, the Shilling depreciated against the US dollar by 1.2%, majorly on account of the global strengthening of the dollar. The monthly average exchange rate was recorded at Shs 3,791.59/USD up from Shs 3,747.38/USD in June 2022.

  • In a bid to fight inflation, Bank of Uganda has continued to increase the Central Bank Rate (CBR) to 9% in August, 2022 from 8.5% and 7.5% in July and June 2022, respectively.

  • Similar to the previous month, yields (interest rates) continued on an upward trend for the 91, 182 and 364 day tenors following an increase in the Central Bank Rate and rising inflation during the month.

  • The stock of total outstanding private sector credit grew by 1.5% to Shs 19,809.13 billion in June 2022 from Shs. 19,525.75 billion in May 2022. This was mostly on account of large borrowing by prime multinational entities in the manufacturing and trade sectors during the month.

External Sector

  • The merchandise trade deficit widened to USD 339.0 million in June 2022, compared to USD 278.1 million in May 2022. This was due to a faster increase in the value of imports that more than offset the rise in export receipts.

  • Merchandise export receipts increased to USD 371.1 million in June 2022, from USD 357.4 million in May 2022, reflecting a growth rate of 3.8%. This was mainly due to higher coffee exports.

  • The value of merchandise imports increased by 11.7% to USD 710.1 million in June 2022, from USD 635.48 million in May 2022. This growth was majorly attributed to the rise in private sector imports.

  • In June 2022, Uganda traded at a surplus with EAC (USD 94.9 million), European Union (USD 30.63 million) and Rest of Africa (USD 8.22 million). However, the country continued to register largest trade deficits with Asia (USD 286.37 million), followed by Middle East (USD 155.83 million).

Fiscal Sector

  • Preliminary data shows that government operations in July 2022 amounted to an overall deficit of Shs 185.32 billion. This was lower than the initially planned deficit of Shs 1,334.97 billion mainly on account of lower expenditure during the month.

  • Domestic revenue registered a surplus worth Shs 94.01 billion in July 2022 against the Shs 1,642.38 billion target for the month. This performance was majorly on account of higher collections for taxes on international trade during the month.

  • Preliminary data shows government expenditure in July 2022 amounted to Shs 1,982.50 billion, a 61.6% performance rate against the planned Shs 3,219.29 billion for the month. This performance was mainly driven by lower expenditure under all major expenditure categories during the month except for interest payments. This follows deliberate fiscal policy by Government to cut down its expenditure in order to support monetary policy in curbing the rising inflation.

East African Community

  • Inflation has remained high within the EAC region. As at July 2022, headline inflation was highest in Rwanda at 19.6%, followed by Kenya at 8.3% and Tanzania at 4.5%.

  • All national currencies of the EAC Partner States depreciated against the US Dollar in July 2022. The Ugandan, Kenyan and Tanzanian shillings depreciated by 1.2%, 0.9% and 0.3% respectively, while the Burundian and Rwandan Francs depreciated by 0.2% and 0.3% respectively.

  • In June 2022, Uganda continued to register a trade surplus amounting to USD 94.90 million with EAC partner states. At country specific level, the largest trade surplus was recorded with Democratic Republic of Congo (USD 63.21 million) followed by South Sudan (USD 54.50 million) and Burundi (USD 11.54 million).

Real Sector Developments

Inflation

Annual headline inflation in July 2022, further increased to 7.9% compared to 6.8% registered in June 2022, reflecting a continued rise in prices of consumer goods and services across the country. The increase in inflation was mainly on account of higher transport costs as well as higher food and fuel prices.

All three subcomponents of headline inflation edged upwards as follows;

Annual Core inflation increased to 6.3% in July 2022 from 5.5% in June 2022. This was mainly on account of an annual increase in prices of manufactured foods and service costs during the month. In particular, costs of services (like public transport fares) increased by 2% in July 2022 from 1.1% in June 2022 while significant annual increases in prices were recorded for manufactured foods such as; maize flour, simsim grains, sorghum grains, and rice.

The increase in prices of services and manufactured foods was largely attributed to a rise in input costs such as whole grain maize, wheat flour and transport costs whose prices went up by 107.8%, 30.7% and 4.6% respectively in July 2022, compared to the same month in 2021.

Annual Food crops inflation increased further to 16.4% in July 2022 from 14.5% in June 2022. The rise in food crop inflation was largely attributed to; a reduction in food supply following prolonged dry weather conditions in most parts of the country as well as an increase in transportation costs of food from farm gates to the markets. Significant annual price increases were recorded in July 2022 for food items such as; pineapples, bananas, cucumber, green pepper, carrots, round onions, ground nuts, fresh beans, yams, matooke and Irish potatoes.

Annual EFU inflation also increased to 17.2% in July 2022 from 14.2% in June 2022 mainly driven by a continued increase in domestic fuel prices as well as an increase in water charges. The continued increase in domestic fuel prices was attributed to the rise in international oil and gas prices. In addition, there was a rise in the price for water charges following a decision by the National Water and Sewerage Corporation (NWSC) to raise water tariffs effective July 2022; due to the high costs of diesel which is used to run the water stations.

Economic Activity

There was a continued recovery in economic activity as shown by both the CIEA and PMI up to June, 2022. However, these indicators (specifically the PMI) started falling in July, 2022 showing the effects of shocks on the domestic economy and hence the slowdown in economic activity.

CIEA

As shown by trends in the Composite Index of Economic Activity (CIEA), economic activity was on a recovery trajectory since September, 2021 to June 2022. CIEA was recorded at a monthly average of 153.03 up from 144.34 recorded in September, 2021. However, the recent global and domestic shocks may reverse this trend going forward.

PMI

For the first time in this calendar year, the headline PMI was recorded below the 50.0 mark in July 2022, with the index falling to 48.2 from 50.9 in June (see figure 3). This indicates weakening business activity among the private sector due to cost push inflationary pressures which affected demand and led to reductions in new orders and output. In addition, some of the surveyed firms scaled back their employment and purchasing activity on account of higher input costs, most notably fuel and transportation.

Business Perceptions 2

Although sentiments about doing business for the next three months remained positive, less optimism was recorded in July 2022 compared to the previous month. This is reflected by the Business Tendency Index (BTI) which dropped to 55.75 in July 2022 from 58.61 in June 2022, largely on account of the effects of current and anticipated inflationary pressures on business activity. Less optimism was majorly recorded for construction, wholesale trade, and agriculture sectors.

Financial Sector Developments

Exchange Rate Movements

During July 2022, the Shilling weakened against the US dollar by 1.2%. The monthly average rate was recorded at Shs 3,791.59/USD up from Shs 3,747.38/USD in June 2022. This depreciation was majorly on account of global strengthening of the dollar, following the increase in the policy rate by the federal reserve of USA, in bid to control their rising inflation. The higher interest rate in USA results in higher demand for the USD as international investors shift assets into USA to benefit from better interest rates. This, in addition to other reasons like perceived safety and better economic growth prospects.

However, compared to the Euro and Pound Sterling, the Shilling gained value during the month posting appreciation rates of 2.4% and 1.4%, respectively compared to the previous month. See figure 5.

Interest Rate Movements

Given the recent increases in inflation and the uncertain inflation outlook, Bank of Uganda continued to increase its policy rate to 9.0% in August, from 8.5% in July, and 7.5% in June 2022. This was done with the objective of controlling for inflation. The high inflation outlook is on account of many factors including; i. Continued rise in global inflation which has feed through effects in domestic prices; ii. Faster depreciation of the Uganda shilling as advanced economies raise their policy rate to control escalating inflation and therefore attract investments into their economies; iii. Potential worsening of disruptions of global production and distribution due to stringent controls of covid-19 outbreaks, particularly in Asia; and iv. Higher domestic food prices due to the effect of prolonged dry weather conditions on food harvests.

Lending Rates3

Despite an increase in the CBR in June 2022, the weighted average commercial bank lending rates reduced by 2 percentage points to 16.33% compared to 18.32% recorded for the previous month. This was on account of a large increase in borrowing by prime multinational entities in the manufacturing and trade sectors during the month, in anticipation of an increase in the CBR owing to rising inflation. Such entities typically enjoy more favorable borrowing terms due to the reduced risk attached to them.

Government Securities

There were 2 T-Bill and 1 T-Bond auctions during July 2022 from which Government raised Shs 600.47 billion (at cost). Of this amount, Shs 383.73 billion was from T-Bills and Shs 216.75 billion was from T-bonds. During the month, all funds raised from the auctions were used for re-financing of maturing debt as shown in Table 1.

Breakdown of Government Securities (UShs Billion) [Source: MOFPED]
Total Issuances Financing other items in the Government budget Refinancing
FY 2021/22 13,247.8 5,228.1 8,019.7
July 2022 600.5 -166.1 766.6
FY 2022/23 to date 600.5 -166.1 766.6

Annualised Yields (Interest Rates) on Treasury Bills

Similar to the previous month, yields (interest rates) continued on an upward trend following an increase in the Central Bank Rate, inflation and government’s domestic borrowing requirements towards the end of FY 2021/22, which affected investors’ perceptions and this led to the rise in these yields. The annualised yields increased to 8.77%, 9.70%, 12.25% for the 91, 182 and 364 day tenors, respectively, in July 2022. This compares with 8.22%, 9.10% and 10.50% for the 91, 182 and 364 day tenors respectively, in June 2022.

Bid to cover ratio: All auctions for Treasury Bills were oversubscribed, with the average bid to cover ratio being recorded at 1.74 in July 2022.

Yields on Treasury Bonds4

Two T-Bond instruments (3-year and 15-year tenors), were reopened during the T-Bond auction for the month. Similar to shorter term tenors, yields on Treasury Bonds edged upwards. The Yield to Maturity (YTM) on the 3-year and 15-year tenors increased to 14.75% and 16.75% in July from 14.00% and 16.00% in June 2022, respectively.

Outstanding Private Sector Credit5

The stock of total outstanding private sector credit grew by 1.5% to Shs 19,809.13 billion in June 2022 from Shs. 19,525.75 billion in May 2022, with increases recorded for both shillings and foreign currency denominated credit. (see figure 10). The increase in PSC stock was mostly on account of large borrowing by prime multinational entities in the manufacturing and trade sectors during the month.

Credit Extensions6

During June 2022, credit worth Shs 839.2 billion was extended to the private sector, representing an approval rate of 50.4% of the value of credit applied for in the month. This was an improvement compared to the approval rate of 46.8% recorded in May 2022.

In terms of sectoral allocations, trade received the largest share of credit approved in the month, equivalent to 27% (Shs 227.2 billion). This was followed by Personal and household loans at 25% (Shs 209.6 billion); and Building, mortgage, construction and real-estate at 15% (Shs. 127.5 billion).

External Sector Developments

Merchandise Trade Balance7

The trade deficit widened to USD 339.0 million in June 2022, from USD 278.1 million in May 2022. This was due to a faster increase in the value of imported goods that more than offset the rise in export receipts.

Year on year comparison however shows that the trade deficit improved to USD 339.0 million in June 2022, from USD 440.7 million in June 2021. This was due to a higher reduction in imports that more than offset the reduction in exports during the period of reference.

Merchandise Exports

Merchandise export receipts increased to USD 371.1 million in June 2022, from USD 357.4 million in May 2022, reflecting a growth rate of 3.8%. This was mainly due to higher coffee exports which amounted to USD 83.8 million in June 2022, from USD 73.0 million in May 2022; all due to higher volumes of Arabica coffee being exported (see table 2). The quantity of Arabica coffee exported increased due to year-on-year cycle characteristics of Arabica coffee production.

However, coffee exports would have been higher had it not been for the drought in most regions which led to low yields and hence lower quantity of Robusta coffee exported. The drought led to shorter main harvest season in Central and Eastern regions and reduced harvests from Greater Masaka and south-western regions whose peak was expected in July, 2022.

Merchandise Exports by Product (US$ Million) [Source: BOU and MOFPED Calc.]
Product Jun-2021 May-2022 Jun-2022 Jun-2022 vs
Jun-2021
% Change 		Jun-2022 vs
May-2022
% Change
Total Exports 457.24 357.37 371.06 -18.85 3.83
Coffee
Value Exported 58.56 73.01 83.79 43.09 14.76
Volume Exported (Millions of 60 Kg Bags) 0.62 0.46 0.53 -14.23 16.52
Average Unit Value (US$ per Kg of Coffee) 1.58 2.67 2.63 66.83 -1.51
Non-Coffee Formal Exports 352.66 236.76 239.64 -32.05 1.22
of which:
Cotton 2.33 3.01 3.43 47.12 14.15
Fish & Its Prod. (Excl. Regional) 10.04 12.54 13.18 31.3 5.12
Simsim 1.11 3.09 1.13 2.25 -63.46
Beans 13.56 3.09 12.15 -10.42 293.76
Flowers 7.15 6.4 5.6 -21.77 -12.56
Tobacco 2.97 4.06 3.12 4.96 -23.24
Cement 6.8 7.62 6.27 -7.85 -17.7
Plastic Products 3.18 6.79 5.04 58.5 -25.83
Base Metals & Products 11.35 16.37 16.3 43.64 -0.47
Sugar 11.52 18.95 19.67 70.83 3.79
Edible Fats and Oils 2.29 1.61 1.66 -27.54 2.77
ICBT Exports 46.02 47.59 47.62 3.49 0.07

Non-coffee formal exports increased by 1.2% from USD 236.8 million in May, 2022 to USD 239.6 million in June 2022. This performance was mainly explained by higher exports of fish, beans and sugar during the reference period.

Destination of Exports8

EAC remained Uganda’s major destination for exports, accounting for 57.2% of total exports during the month. Particularly, 87.7% of total exports to EAC went towards DRC (USD 66.93 million); Kenya (USD 63.42 million) and South Sudan (USD 55.95 million).

This was followed by European Union (EU) which accounted for 21.0%. At country specific level, 45.2% of the exports to EU went to Italy and 19.4% to Germany. It should be noted that Italy maintained the highest market share of coffee exports during the month of June, 2022, followed by Germany.

Merchandise Imports9

The value of merchandise imports increased by 11.7% to USD 710.10 million in June 2022 from USD 635.48 million in May 2022. This growth was attributed to the rise in private sector imports to USD 693.04 million in June 2022, from USD 612.39 million in May 2022. Both oil and non-oil imports rose by 40.6% and 7.1%, respectively. Specifically, the following non-oil imports increased: miscellaneous manufactured articles (42.2%); machinery equipment, vehicle and accessories (24.6%); base metals and their products (22.4%); plastics, rubber and related products (23.0%); and wood and wood products (22.7%).

Year on year comparison shows that imports dropped by 20.9% to USD 710.10 million from USD 897.90 million in June 2021. This is attributed to a 10.7% reduction in Government imports and 21.1% drop in total private sector imports. Specifically, vegetable products, animal beverages, fats & oil dropped by 34.3%; and textile & textile products by 24.1%.

Origin of Imports

Uganda continued to source most of her imports from Asia (44.3%), followed by Middle East (23.2%) and EAC (16.5%). Within Asia, China and India accounted for the largest share of imports at 45.4% and 30.8%, respectively.

Trade Balance by Region10

In June 2022, Uganda traded at a surplus with EAC (USD 94.9 million), European Union (USD 30.63 million) and Rest of Africa (USD 8.22 million). However, the country continued to register the largest trade deficit with Asia (USD 286.37 million), followed by Middle East (USD 155.83 million).

Merchandise Trade Balance by Region (US$ Million) [Source: BOU]
Region Jun 2021 May 2022 Jun 2022
European Union 4.29 26.03 30.63
Rest of Europe -5 -0.55 -3.67
Middle East 94.91 -112.14 -155.83
Asia -285.61 -267.05 -286.37
EAC -24.85 101.07 94.9
Rest of Africa -210.63 -5.58 8.22
Other Countries -13.77 -19.89 -26.92

Fiscal Developments11

Preliminary data shows that government operations in July 2022 amounted to an overall deficit of Shs 185.32 billion. This was lower than the initially planned deficit of Shs 1,334.97 billion mainly on account of lower than planned expenditure during the month.

Revenues

Overall, revenues and grants during the month amounted to Shs 1,797.17 billion, a 95.4% performance rate against the Shs 1,884.32 billion target for the month. Of this, Shs 1,736.39 billion was domestic revenue collections while Shs 60.79 billion was project support grants for the month.

However, domestic revenue registered a surplus of Shs 94.01 billion in July 2022 against the Shs 1,642.38 billion target for the month. This performance was majorly on account of higher collections for taxes on international trade during the month. Of the total collections, Shs 1,625.35 billion was tax revenue while Shs 111.03 billion was non-tax revenue collections.

Taxes on international trade amounted to Shs 756.04 billion against the Shs 629.25 billion target for the month. This performance was mainly driven by surplus collections for petroleum duty, import duty, VAT and excise duty on imports during the month on account of increased global prices and depreciation of the Ugandan shilling against the USD.

On the other hand, income and consumption taxes both registered shortfalls of Shs 54.25 billion and Shs 18.74 billion respectively during the month. This performance was mainly as a result of;

  1. Lower collections for PAYE, presumptive and withholding tax as there was a general delay in public sector expenditures during the month.

  2. Reduced aggregate demand in the economy which led to a decline in sales and production volumes, in turn leading to lower collections for VAT and excise duty during the month.

The performance under non-tax revenue during the month was mainly on account of higher than planned collections from the Directorate of Citizenship and Immigration Control particularly passport and immigration fees.

Summary Table of Fiscal Operations July 2022 (UShs Billion) [Source: MOFPED]
Shs Billion Program Outturn Performance Deviation
Revenues and grants 1,884.32 1,797.17 95.4% -87.14
      Revenues 1,642.38 1,736.39 105.7% 94.01
            Tax 1,567.04 1,625.35 103.7% 58.31
            Non-tax 75.34 111.03 147.4% 35.7
      Grants 241.94 60.79 25.1% -181.15
                  o/w Project support 241.94 60.79 25.1% -181.15
Expenditures and lending 3,219.29 1,982.5 61.6% -1,236.79
      Current expenditures 1,913.01 1,670.54 87.3% -242.47
            Wages and salaries 503.33 464.85 92.4% -38.47
            Interest payments 495.13 618.35 124.9% 123.21
                  o/w domestic 302.86 426.08 140.7% 123.21
                  o/w external 192.27 192.27 100.0% 0
            Other recurrent expenditure 914.55 587.34 64.2% -327.21
      Development expenditures 1,190.86 201.3 16.9% -989.56
            Domestic 697.72 131.36 18.8% -566.36
            External 493.14 69.94 14.2% -423.19
      Net lending/repayments 0 0 __ 0
                  o/w HPP GoU __ __ __ 0
      HPP Exim __ __ __ 0
      Domestic arrears repayment 115.42 110.66 95.9% -4.76
Domestic fiscal balance -1,334.97 -185.32 __ __

Expenditure

Preliminary data shows government expenditure in July 2022 amounted to Shs 1,982.50 billion, a 61.6% performance rate against the planned Shs 3,219.29 billion for the month. This performance was mainly driven by lower expenditure under all major expenditure categories during the month except interest payments.

The performance under wages is explained by the delay in payments of salaries during the month occasioned by changes in the salary structure for some government officers.

Due to the need for fiscal policy to support monetary policy, less funds were released for Quarter 1 so as to curb the rising inflation. As a result, domestic development and non-wage recurrent expenditure for July 2022 amounted to Shs 131.36 billion, translating into an 18.8% against the Shs 697.72 billion target for the month.

East Africa Community Developments

EAC Inflation12

The rise in inflation was not unique to Uganda as all EAC Partner States registered increases in their inflation levels. As at July 2022, headline inflation was highest in Rwanda at 19.6%, followed by Kenya at 8.3%. Uganda followed closely at 7.9%. Tanzania’s inflation was recorded at 4.5%. The rise in inflation across the region is mainly attributed to the high food & non-alcoholic beverages and energy prices in the global economy that have had knock-on effects on domestic prices.

EAC Exchange Rates

During the month of July 2022, all national currencies of the EAC Partner states depreciated against the US Dollar. The Ugandan, Kenyan and Tanzanian shillings depreciated by 1.2%, 0.9% and 0.3% respectively, while the Burundian and Rwandan Francs depreciated by 0.2% and 0.3% respectively. This depreciation was majorly on account of global strengthening of the USD, following continued rising of the policy rate by the federal reserve of United States of America in order to curb rising inflation.

Trade Balance with EAC

Uganda‘s trade with the EAC resulted in a surplus worth USD 94.90 million in June 2022. At country specific level, the largest trade surplus was recorded with Democratic Republic of Congo (USD 63.21 million) followed by South Sudan (USD 54.50 million) and Burundi (USD 11.54 million).

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 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 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. The Key indicators in the BTI are Present business situation, business situation in 3 months, order volumes with suppliers, number of employees, competition, average selling price, financial situation and access to credit↩︎

  3. Data comes with a month lag.↩︎

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

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

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

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

  8. Others include: Australia and Iceland.↩︎

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

  10. Other Countries included Americas & others↩︎

  11. Fiscal data is preliminary.↩︎

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