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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
DRC Democratic Republic of Congo
EAC East African Community
EFU Energy, Fuels and Utilities
FOB Free on Board
FX Foreign Exchange
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-Governmental Organisations
PAYE Pay as You Earn
PMI Purchasing Managers’ 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 continued to rise to 10.7% in October 2022 from 10.0% the previous month, mainly on account of price increases for food items like maize flour, rice, matooke, irish potatoes, cassava and beans. However, monthly headline inflation slowed down to 0.8% from 1.5% in the previous month, largely due to a continued reduction in the prices for liquid energy fuels (i.e. petrol and diesel) in line with the reduction in global crude oil prices.

  • The Composite Index of Economic Activity (CIEA) grew by 0.7% to 152.51 in September 2022 from 151.52 in August 2022, signalling continued pick-up in economic activity.

  • Sentiments about doing business remained positive as measured by the Business Tendency Index (BTI) which was recorded at 53.3 in October 2022 from 53.1 in September 2022.

  • During October 2022, business conditions remained stable as measured by the Headline Purchasing Managers Index (PMI) which was recorded at 50 (the no-change mark), compared to 51.6 recorded in September 2022.

Financial Sector

  • In October 2022, the Bank of Uganda increased the Central Bank Rate (CBR) by one percentage point to 10% from 9.0% in September 2022. This was done to contain rising inflation amidst an uncertain inflation outlook.

  • The Ugandan Shilling appreciated by 0.1% against the US Dollar in October 2022, trading at an average rate of Shs 3,822.27/US Dollar compared to Shs 3,825.33/US Dollar in September 2022.

  • Commercial bank’s Shilling denominated lending rates increased from a weighted average of 17.29% in August 2022 to 18.24% in September 2022, in line with the recent continued monetary policy tightening.

  • Yields (interest rates) on Treasury Bills increased to 11.48%, 13.69% and 15.25% for the 91-, 182- and 364- day tenors, respectively during the month of October 2022. This compares with 10.39%, 12.23% and 14.25% recorded the previous month, partly due to a tight monetary policy stance.

  • The stock of outstanding private sector credit decreased by 2.5%, from Shs. 20,116 billion in August to Shs. 19,615 billion in September 2022, partly due to higher lending rates during the month.

External Sector

  • The merchandise trade deficit widened by 11.2% to USD 338.5 million in September 2022 from USD 304.5 million in August 2022. This was due to a significant decline (by 35.6%) in exports receipts which more than offset the reduction (by 18.1%) in the imports bill over the period.

  • Uganda exported merchandise worth USD 326.8 million in September 2022, lower than USD 507.5 million realised the previous month. This was mainly due to lower export volumes of mineral products, sugar, maize, crude oil (excluding petroleum products), fruits & vegetables, beans, vanilla, and cement.

  • The value of the import bill dropped by 18.1% to USD 665.3 million in September 2022 from USD 812.0 million in August 2022. This was explained by lower private sector imports especially for petroleum products, chemical & related products, base metals & their products, and wood & wood products.

Fiscal Sector

  • Preliminary data for October 2022 shows that government operations resulted in an overall fiscal deficit of Shs 2,386.45 billion. This was higher than the planned deficit of Shs 1,702.32 billion for the month, owing to a combination of revenue shortfalls and higher than planned expenditure.

  • Domestic revenue collections amounted to Shs 1,764.31 billion in October 2022, of this Shs 1,650.86 billion was tax revenue while Shs 113.45 billion was non-tax revenue. Both tax and non-tax revenue posted shortfalls of Shs 38.97 billion and Shs 2.08 billion respectively.

  • Expenditure and net lending amounted to Shs 4,331.77 billion in October 2022, a 15.4% increase over the planned Shs 3,752.46 billion as MDA’s undertook activities originally planned for Q1 but had not been financed. This followed government’s deliberate decision to reduce spending in that quarter to support monetary policy in reducing inflationary pressures.

East African Community

  • Inflation remained on an upward trend among selected EAC Partner States2 during the month. Headline inflation for Kenya, Tanzania and Rwanda was recorded at 9.6%, 4.9% and 31.0% in October 2022 up from 9.2%, 4.8% and 23.9% in September 2022, respectively. This was largely on account of price increases for transport; food & non-alcoholic beverages; and housing, water, electricity, gas & other fuels utilities.

  • Save for the Ugandan Shilling, national currencies of the selected EAC Partner States3 depreciated against the US Dollar in October 2022. The Kenyan and Tanzanian Shillings depreciated by 0.5% and 0.1% respectively while the Rwandan and Burundian Francs depreciated by 0.6% and 0.3% respectively.

  • Uganda traded at a surplus worth USD 86.88 million with the rest of the EAC Partner States in September 2022. At a country specific level, Uganda traded at surpluses with South Sudan, Democratic Republic of Congo, Burundi, and Rwanda while deficits were recorded with Kenya and Tanzania.

Real Sector Developments

Inflation

Annual Headline inflation for the year ending October 2022 continued on an upward trend, rising to 10.7% from 10.0% recorded in September 2022. This was mainly on account of increases recorded for core inflation (to 8.9% from 8.1%) and food crop & related items inflation (to 25.6% from 21.6%), as prices of food items increased within the month.

Particularly, core inflation was affected by price increases for processed foods like maize flour and rice while food crop & related items inflation was mainly affected by price increases for matooke, irish potatoes, cassava and beans. This was on account of reduced supply of the commodities in the markets, following poor harvests occasioned by the dry weather conditions experienced in the early months of calendar year 2022.

On the contrary, annual energy, fuel and utilities inflation continued to reduce for the second month in a row to 15.2% in October 2022 from 18.7% recorded in the previous month. This was due to slower price increases of liquid energy fuels (such as petrol and diesel) in the month as the international prices of crude oil continued to drop. The average fuel pump prices reduced in October 2022 compared to the month before.

Economic Activity4

The Composite Index of Economic Activity (CIEA) increased by 0.7% to 152.51 in September 2022 from 151.52 in August 2022. This was the second month in a row that posted growth since the slump in July 2022, signalling continued pick-up in economic activity. The major driver of this increase was the good performance of tax revenue and exports receipts during September 2022.

During October 2022, business conditions remained stable as measured by the Headline Purchasing Managers Index (PMI) which was recorded at 50 (the no-change mark), compared to 51.6 recorded in September 2022.
There was continued increase in new orders and output for the third consecutive month in row which boosted renewed expansion in employment for the first time in the past five months. This, however, was dampened by a continued rise in input costs for companies mainly from increased charges for electricity, fuel, water alongside higher purchase and staff costs which induced companies to rise their selling prices for output leading to a reduction in inventories and purchasing activity.

Business Perceptions

Sentiments about doing business remained positive as measured by the BTI, which was recorded at 53.3 in October 2022 from 53.1 in September 2022. More optimism was registered in manufacturing and agriculture; mainly centred around expectations of continued growth of new order volumes, average selling price, and competition.

Financial Sector Developments

Exchange Rate Movements

The Ugandan Shilling appreciated by 0.1% against the US Dollar in October 2022, trading at an average rate of Shs 3,822.27/US Dollar compared to an average rate of Shs 3,825.33/US Dollar in September 2022 as supply for the dollar outstripped its demand during the month. The supply for the US dollar was supported by;

  1. increase in offshore investors seeking to leverage the elevated yields on the treasury bills, and
  2. receipts from coffee, remittances and NGOs.

Similarly, the Shilling appreciated against the Pound Sterling and Euro by 0.3% and 0.9% respectively. The Pound Sterling and the Euro traded at monthly averages of Shs 4,319.4/Pound and Shs 3,755.5/Euro in October 2022, down from 4,331.6/Pound and 3,790.1/Euro in the previous month, respectively.

Interest Rate Movements

In October 2022, the Bank of Uganda increased the Central Bank Rate (CBR) by one percentage point to 10% from 9.0% in order to contain the rising inflation amidst an uncertain outlook. According to the Monetary Policy Statement of October 2022, the inflation outlook remains highly uncertain with the balance of risks mostly tilted to the upside. These upside risks include:

  1. The entrenchment of higher inflation expectations,
  2. Escalation of geo-political tensions in Europe and associated supply chain constraints,
  3. Stronger monetary policy tightening in advanced economies that could further weaken the exchange rate,
  4. Impacts of adverse weather conditions on food production

Lending Rates5

Commercial bank’s Shilling denominated lending rates increased from a weighted average of 17.29% in August 2022 to a weighted average of 18.24% in September 2022. This shift was in line with the rising inflation and continued monetary policy tightening (increase in the CBR). The CBR has increased steadily from 6.5% in May 2022 (where it had been maintained for 11 months) to 10% in October 2022.

Similarly, foreign currency denominated lending rates increased from a weighted average of 6.42% in August 2022 to a weighted average of 7.19% in September 2022.

Government Securities

There were three auctions of Government securities during the month of October 2022, from which, Shs 561.60 billion (at cost) was raised. Of this, Shs 489.32 billion was from Treasury Bills while Shs 72.27 billion was from Treasury Bonds. Securities worth Shs. 352.75 billion were issued for the refinancing of maturing debt whilst Shs 208.84 billion went towards financing other items in the Government budget as shown in Table 1.

Breakdown of Government Securities (UShs Billion) [Source: MOFPED]
Total Issuances Financing other items in the Government budget Refinancing
August 2022 498.2 -15.7 513.9
September 2022 1,245.6 598.9 646.6
October 2022 561.6 208.8 352.8
FY 2022/23 to date 2,905.8 625.9 2,279.9

Annualised Yields (Interest Rates) on Treasury Bills

Yields (interest rates) on Treasury Bills increased to 11.48%, 13.69% and 15.25% for the 91-, 182- and 364- day tenors, respectively during the month of October 2022. This compares with 10.39%, 12.23% and 14.25% recorded the previous month. Yields on Government securities have been on an upward trend since June 2022 partly due to a tight monetary policy stance. This implies an increased cost of borrowing for Government which increases its future debt service obligations.

There was an increase in demand for Government securities as reflected by the bid to cover ratio, which rose to 1.90 in October 2022 from 1.74 recorded the previous month. All auctions were oversubscribed during the month.

Yields on Treasury Bonds6

During the month, Government held one auction for longer dated tenors with yields continuing on an upward trend. During the auction, Government reopened two tenors, i.e. 3-year and 15-year tenors. The Yield to Maturity (YTM) on the 3-year tenor saw an increase from 14.75% in July to 15.25% in October. Likewise, the YTM on the 15-year tenor increased from 16.75% in July to 17.985% in October 2022.

Outstanding Private Sector Credit7

The stock of outstanding private sector credit decreased by 2.5%, from Shs. 20,116 billion in August to Shs. 19,615 billion in September 2022. Of this, Shs 13,599 billion was shilling denominated credit while Shs 6,016 billion was foreign currency denominated credit. This decrease was partly due to higher lending rates during the month.

Credit Extensions8

The value of credit approved for disbursement in September 2022 amounted to Shs 1,418.5 billion up from Shs 1,146.9 billion in August 2022. This represents an approval rate of 58.9% compared to 56.9% the previous month, signalling a high uptake for credit by the private sector during the month.

Personal and household loans continued to account for the largest share of credit approved in September 2022 at Shs 413.8 billion (28.6%). Other notable recipients of credit were Trade at Shs 384.0 billion (26.5%); Building, Mortgage, Construction & Real Estate at Shs. 193.1 billion (13.3%); Business, Community, Social & other services at Shs. 140.3 billion (9.7%) and Agriculture at Shs. 133.4 billion (9.2%). These five sectors constituted 87.3% of all the credit extended to the private sector during the month.

External Sector Developments

Merchandise Trade Balance9

The merchandise trade deficit widened by 11.2% to USD 338.5 million in September 2022 from USD 304.5 million in August 2022. This was due to a significant decline (by 35.6%) in exports receipts which more than offset the reduction (by 18.1%) in imports payments over the period under review. Exports receipts were mainly affected by lower export volumes of mineral products, sugar, maize, crude oil (excluding petroleum products), fruits & vegetables, beans, vanilla, and cement over this period.

Compared to September 2021, the merchandise trade deficit widened by 48.7% to USD 338.5 million from USD 227.6 million as imports grew faster (by 29.3%) thereby more than offsetting the rise (by13.9%) in exports receipts.

Merchandise Exports

Uganda exported merchandise worth USD 326.8 million, a decline by 35.6% compared to the levels in the previous month. This drop was due to lower non-coffee formal exports receipts especially for sugar, maize, crude oil (excluding petroleum products), fruits & vegetables, beans, vanilla, and cement on account of their lower export volumes in the month.

Merchandise Exports by Product (US$ Million) [Source: BOU and MOFPED Calc.]
Product Sep-2021 Aug-2022 Sep-2022 Sep-2022 vs
Sep-2021
% Change 		Sep-2022 vs
Aug-2022
% Change
Total Exports 286.97 507.49 326.75 13.86 -35.62
Coffee
Value Exported 66.62 71.15 71.22 6.92 0.1
Volume Exported (Millions of 60 Kg Bags) 0.59 0.5 0.5 -13.98 0.53
Average Unit Value (US$ per Kg of Coffee) 1.9 2.37 2.36 24.3 -0.42
Non-Coffee Formal Exports 173.74 394.76 213.9 23.11 -45.81
of which:
Cotton 0.58 0.03 0 -99.9 -98.09
Tea 5.85 5.14 5.69 -2.77 10.7
Tobacco 6.15 2.8 4.28 -30.35 52.93
Simsim 1.33 1.37 1.82 36.82 33.07
Fish & Its Prod. (Excl. Regional) 8.46 10.9 10.37 22.63 -4.84
Maize 3.35 11.02 5.5 64.38 -50.06
Beans 9.22 5.37 5.12 -44.49 -4.76
Flowers 5.54 4.97 4.02 -27.46 -19.12
Mineral Products 0 171.03 13.38 Inf -92.18
Cement 6.68 7.77 6.1 -8.64 -21.49
Base Metals & Products 12.79 18.37 20.32 58.81 10.61
Plastic Products 4.84 4.59 4.24 -12.25 -7.51
Sugar 5.47 20.33 11.68 113.46 -42.54
Fruits & Vegetables 4.31 6.88 3.98 -7.6 -42.15
Vanilla 0.27 5.15 2.92 967.04 -43.26
ICBT Exports 46.61 41.58 41.62 -10.7 0.1

On the other hand, compared to the same month last year, export receipts grew by 13.9%, to USD 326.8 million from USD 287.0 million. This was as a result of higher coffee export receipts, maize, sugar, base metals & products, fish & its products, oil re-exports among others.

Destination of Exports10

Most of the country’s exports during the month went to the EAC region which accounted for 57.7% (USD 188.5 million) followed by European Union with a share of 17.3% (USD 56.61 million). Within EAC, 87.5% of the exports went to South Sudan, Democratic Republic of Congo, and Kenya.

Merchandise Imports11

The value of the import bill dropped by 18.1% to USD 665.3 million in September 2022 from USD 812.0 million in August 2022. This was explained by lower private sector imports between the two periods. Specifically, imports of petroleum products, chemical and related products, base metals & their products, and wood & wood products declined.

On the other hand, Government imports increased from USD 8.7 million in August 2022 to USD 24.3 million in September 2022.

On an annual basis, imports increased by 29.3% to USD 665.3 million from USD 514.6 million. This was due to strong performance of private sector imports particularly for petroleum products, chemical & related products, base metals & their products, among others.

Origin of Imports

The biggest source of Uganda’s imports in September 2022, was Asia, accounting for 46.6% (USD 309.8 million) of the total imports. This was followed by the Middle East and EAC that accounted for 19.3% (USD 128.3 million) and 15.3% (USD 101.6 million) respectively. Kenya and Tanzania accounted for the largest share of Uganda’s imports from the EAC at 67.6% and 24.5% respectively.

Trade Balance by Region12

Save for the EAC and European Union, Uganda traded at deficits with the rest of the regions analysed, with the biggest deficit registered with Asia followed by Middle East. Uganda’s trade surplus with the EAC reduced to USD 86.9 million in September 2022 from USD 128.0 million in the previous month, partly due to lower exports of maize and sugar- some of the major exports to the region.

Merchandise Trade Balance by Region (US$ Million) [Source: BOU]
Region Sep 2021 Aug 2022 Sep 2022
European Union 8.07 0.44 4.33
Rest of Europe -3.02 -1.62 -0.74
Middle East -91.51 31.91 -105.85
Asia -206.94 -310.9 -287.53
EAC 73.93 128.03 86.88
Rest of Africa 9.08 -132.28 -12.36
Other Countries -17.22 -20.11 -23.24

Fiscal Developments13

Preliminary data for October 2022 shows that government operations resulted in an overall fiscal deficit of Shs 2,386.45 billion. This was higher than the planned deficit of Shs 1,702.32 billion for the month, owing to a combination of revenue shortfalls and higher than planned expenditure during the month.

Summary Table of Fiscal Operations October 2022 (UShs Billion) [Source: MOFPED]
Shs Billion Program Outturn Performance Deviation
Revenues and grants 2,050.14 1,945.32 94.9% -104.82
      Revenues 1,805.35 1,764.31 97.7% -41.05
            Tax 1,689.83 1,650.86 97.7% -38.97
            Non-tax 115.53 113.45 98.2% -2.08
      Grants 244.79 181.01 73.9% -63.78
                  o/w Project support 244.79 181.01 73.9% -63.78
Expenditures and lending 3,752.46 4,331.77 115.4% 579.31
      Current expenditures 2,129.62 2,793.88 131.2% 664.26
            Wages and salaries 543.51 556.05 102.3% 12.54
            Interest payments 234.23 312.57 133.4% 78.34
                  o/w domestic 192.56 270.9 140.7% 78.34
                  o/w external 41.67 41.67 100.0% 0
            Other recurrent expenditure 1,351.88 1,925.26 142.4% 573.38
      Development expenditures 1,463.6 1,403.19 95.9% -60.41
            Domestic 947.65 1,034.16 109.1% 86.5
            External 515.94 369.03 71.5% -146.92
      Net lending/repayments 33.49 11.25 33.6% -22.24
                  o/w HPP GoU 0 11.25 __ 11.25
      HPP Exim 33.49 0 0.0% -33.49
      Domestic arrears repayment 125.75 123.46 98.2% -2.3
Domestic fiscal balance -1,702.32 -2,386.45 __ __

Revenues

Revenue and grants for October 2022 amounted to Shs 1,945.32 billion, posting a 94.9% performance rate against the planned Shs 2,050.14 billion. Of this, Shs 181.01 biliion was project support grants while Shs 1,764.31 billion was domestic revenue collections for the month.

Domestic revenue collections amounted to Shs 1,764.31 billion, of which Shs 1,650.86 billion was tax collections while Shs 113.45 billion was non-tax revenue collections. Both tax and non-tax revenue posted shortfalls during the month.

The shortfall in tax revenue was Shs 38.97 billion mainly registered under indirect taxes and taxes on international trade, which more than offset the surplus registered for direct taxes.

Indirect tax collections for the month amounted to Shs 431.62 billion, posting a Shs 27.52 billion shortfall as both VAT and excise duty on goods and services such as beer, soft drinks, cooking oil, cement, phone talk time among others fell short of their respective targets for the month.

Similarly, taxes on international trade amounted to Shs 707.45 billion, registering a Shs 37.47 billion shortfall for October 2022. This was mainly on account of lower than planned collections for petroleum duty as import volumes turned out lower than projected for the month.

On the other hand, direct domestic taxes amounted to Shs 525.76 billion against the Shs 480.63 billion target for the month as collections for PAYE, corporate tax, withholding tax among others was higher than anticipated partly on account of pickup in activity in the oil and gas industry.

Expenditure14

Expenditure and net lending in October 2022 amounted to Shs 4,331.77 billion, which was 15.4% higher than the Shs 3,752.46 billion planned for the month. This performance was mainly driven by non-wage recurrent and domestic development expenditures during the month.

Expenditure on recurrent items other than wage was higher than planned for the month as MDA’s undertook activities originally planned for Q1 but had not been financed. This followed government’s deliberate decision to reduce spending in that quarter to support monetary policy in reducing inflationary pressures.

Similarly, expenditure on domestically financed development projects was 9.1% higher than the initial plan for the month as more funds were released for Q2. This was done to support economic recovery without undermining the objective to control the rising inflation.

In a continued bid to support the private sector as it recovers from the COVID-19 shock, Government cleared domestic arrears up to the tune of Shs 123.46 billion in October 2022.

East Africa Community Developments

EAC Inflation15

The annual headline inflation across selected EAC Partner States remained on an upward trend during October 2022. Headline inflation for Kenya, Tanzania and Rwanda was recorded at 9.6%, 4.9% and 31.0% in October 2022, respectively. This compares with 9.2%, 4.8% and 23.9% in September 2022. This was largely on account of price increases for transport; food & non-alcoholic beverages; and housing, water, electricity, gas & other fuels utilities.

EAC Exchange Rates

The national currencies of selected EAC Partner States depreciated against the US Dollar in October 2022, save for the Ugandan Shilling. The Kenyan and Tanzanian Shillings depreciated by 0.5% and 0.1% respectively while the Rwandan and Burundian Francs depreciated by 0.6% and 0.3% respectively.

Trade Balance with EAC

Uganda traded at a surplus worth USD 86.88 million with the EAC Partner States in September 2022. On a country specific level, Uganda traded at surpluses with South Sudan (USD 55.68 million), Democratic Republic of Congo (USD 50.94 million), Burundi (USD 4.55 million) and Rwanda (USD 4.08 million), while deficits were recorded with Kenya and Tanzania at USD 17.08 million and USD 11.30 million respectively.

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.
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. Data for Burundi, DRC and South Sudan not readily available.↩︎

  3. Data for DRC and South Sudan not readily available.↩︎

  4. Data on CIEA has a lag of one month.↩︎

  5. Data comes with a month lag.↩︎

  6. 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.↩︎

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

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

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

  10. Others include: Australia and Iceland.↩︎

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

  12. Other Countries included Americas & others↩︎

  13. Fiscal data is preliminary.↩︎

  14. During appropriation of the budget for FY2022/23 in parliament, the interest bill was revised downwards by Shs 1.3 trillion. However, during budget execution, the interest bill was reinstated hence the higher than planned expenditure on domestic interest payments.↩︎

  15. Data for Burundi, DRC and South Sudan not readily available.↩︎