February 2023
Performance of the Economy Report
Ministry of Finance, Planning and Economic Development
2023-03-16
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 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 | |
| SOPs | Standard Operating Procedures | |
| 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 declined to 9.2% in February, down from 10.4% registered in January, mainly on account of a slowdown in price increase of goods such as maize flour, laundry bar soap, refined cooking oil, rice, sugar, fuels, and several food items compared to the same month last year. Month on month inflation followed a similar trend, declining by 0.1% in February, majorly on account of petrol and diesel prices.
The economy continued on its recovery path, with an improvement in economic activity being recorded in January 2023. The Composite Indicator of Economic Activity (CIEA) grew by 1.3% on the back of some cooling of inflationary pressures.
Sentiments about doing business in Uganda were more optimistic, with the Business Tendency Index (BTI) improving to 52.07 in February from 51.73 in January 2023. Optimism was mainly expressed by players in the construction, manufacturing, and services sectors.
Business conditions remained positive during the month as the Purchasing Managers’ Index (PMI) remained above the 50.0 threshold in February 2023.The PMI was recorded at 51.2, with increases in new orders and output for private firms during the month.
Financial Sector
The Uganda Shilling was fairly stable against the US Dollar, trading at an average rate of Shs 3,685.7/USD in February from Shs 3,693.6/USD recorded the previous month. This represents an appreciation of just 0.2%, as dollar demand and supply nearly cancelled out.
Commercial banks’ Shilling denominated lending rates continued on a downward path, declining to 18.54% in January 2023, from a weighted average of 18.91% in December 2022, partly due to a higher share of lending going to large multinational corporations, which borrow at lower rates due to their high creditworthiness.
The stock of private sector credit declined slightly in January by 0.08% to Shs. 20,138.9 billion from Shs. 20,155.6 billion in December 2022. Analysis of sectoral allocation of credit showed that the largest portion of credit went towards; Building, Construction and Real Estate, Personal Loans and Households loans and Trade sectors.
Yields (interest rates) on two shorter term tenors (91 and 364-day tenors) increased slightly in February. The annualized yields for the 91 and 364-day increased to 10.38% and 12.50% compared to 10.36% and 12.38% registered the previous month. Conversely, the yield on the 182 day tenor reduced to 10.46% in February from 10.95% for the previous month.
External Sector
The merchandise trade deficit narrowed from US$ 280.33 million in January 2022 to US$ 231.80 million in January 2023, largely on account of higher exports realized in the period under review.
Export receipts grew by 38.9% in January 2023 compared to the same period last year, largely owing to higher export earnings from commodities such as; maize, coffee, tea and Tobacco. The value of merchandise exported in January 2023 amounted to US$ 404.46 million up from US$ 371.81 million registered the previous month.
The value of the import bill increased by 11.3% in January 2023 when compared to January 2022, majorly on account of higher volumes of private sector imports recorded during the period under review.
Fiscal Sector
Government operations in February 2023 resulted in an overall fiscal deficit of Shs 645.79 billion compared to a planned deficit of Shs 400.32 billion, largely attributed to shortfalls registered in revenues and grants collections during the month.
Domestic revenue collections amounted to Shs 1,884.18 billion, representing a 97.1% performance against the target for the month. This development followed higher than planned collections for indirect taxes (excise duty and VAT) and taxes on international trade.
Total expenditure for February 2023 amounted to Shs.2539.88 billion translating into 101.3% performance against target. This performance was mainly driven by higher recurrent and domestically financed development expenditure.
East African Community
Inflation within the EAC region remains high, and increased in Kenya and Rwanda to 9.2% and 20.8% in February from 9.0% and 20.7% in January. The rise in inflation for both countries was largely attributed to an increase in prices of commodities under food and nonalcoholic beverages; housing, water, electricity, gas and other fuels. Uganda and Tanzania’s annual headline inflation remained on a downward trend during the month.
Save for Uganda, local currencies for Kenya, Rwanda, Burundi registered losses against the US Dollar by 1.3%, 1.1% and 0.2% respectively in February 2023. However, the Tanzanian shilling remained relatively stable against the US Dollar
Uganda traded at a surplus with all EAC Partner States during the month of January 2023. South Sudan and DRC accounted for the largest surpluses, while Kenya remained Uganda’s main trade partner in the region and took up the largest share of her exports to the region.
Real Sector Developments
Inflation
Annual headline inflation declined to 9.2% in February 2023 from 10.4% the previous month, with downward movement registered in all three components, namely:Core, Energy, Fuel & Utilities (EFU); and Food crops and related items inflation. Specifically, there was a slowdown in the rate of price increase for commodities such as; maize flour, laundry bar soap, refined cooking oil, rice, sugar, fuel, and several food items compared to the same month last year.
Month on month inflation followed a similar trend, declining by 0.1% in February, majorly on account of petrol and diesel prices.
Annual core inflation declined to 7.8 % in February from 9.0% the previous month, driven by a slowdown in the rate of price increase for; maize flour (53.3% compared to 90.8% the previous month), laundry bar soap (21.5% from 51.4%), and other goods including refined cooking oil and sugar.
As with Core inflation, Annual EFU inflation also went down, reaching 5.2% from 7.6% the previous month. This was largely driven by the slowing of the increase in prices of liquid fuels particularly diesel (22.6% from 30.5%), petrol (1.5% from 7.1%), propane (0.8% from 8.1%) and charcoal respectively.
Annual Food and related items inflation slowed to 27.4% from 27.6% in the year ending January 2023. This was mainly driven by the slowing pace in the increase of prices for matooke, sweet potatoes, green pepper, and watermelon. Nevertheless, prices of food crops remain relatively high partly on account of the prevalent high domestic and transportation costs incurred which have in turn prompted higher input costs.
Economic Activity
Economic activity continued to recover in the economy as reflected by the Composite Indicator of Economic Activity (CIEA). The CIEA recorded a 1.3% increase in January 2023, to 152.84 from 150.86 recorded in December 2022 signalling an improvement in economic activity. Growth in the CIEA was majorly attributed to increased activity in agriculture (increased production of beans,coffee, and flowers), services (increased financial services) and industry sectors (manufacturing).
The PMI remained above the 50 threshold in February 2023, recorded at 51.2 which signalled an improvement in business activity particularly as new orders and output increased during the month. Higher consumer demand and advertising by companies prompted an increase in output and new orders which was mostly registered under; services and wholesale & retail sectors. Despite this, there was a decline in the PMI from 53.2 in January 2023 to 51.2 in February majorly attributed to prevalent high input costs (electricity and water) and a reduction in low staffing levels in the private sector.
Business Perceptions
Sentiments in the business community were more optimistic in February 2023, with the Business Tendency Index (BTI) rising to 52.07 during the month, from 51.73 registered in January. Optimism was mainly registered in the construction, manufacturing, and services sectors as key indicators like; order volumes with suppliers, business situation in three months, competition and average selling price signalled an improving outlook in the economy.
Financial Sector Developments
Exchange Rate Movements
The Uganda Shilling was fairly stable against the US Dollar, trading at an average rate of Shs 3,685.7/USD in February from Shs 3,693.6/USD recorded the previous month. This represents an appreciation of just 0.2%, as dollar demand (mostly from corporate entities) and supply (mostly from remittances and exports) nearly cancelled out.
The Shilling gained value against the Euro and Pound Sterling during the month, posting appreciation rates of 0.6% and 1.2% respectively compared to the previous month.
Interest Rate Movements
Bank of Uganda maintained the Central Bank Rate (CBR) at 10% in February 2023. This was done in response to the easing of inflationary pressures in the economy while supporting economic growth.
Lending Rates2
Shilling denominated lending rates continued on a downward trend, decreasing to a weighted average of 18.54% in January 2023 from 18.91% the previous month. The declining trend in lending rates was partly due to substantial borrowing by large multinational corporations that are considered less risk averse by commercial banks. This trend is also consistent with the declining level of inflation in the economy over that period.
Similarly, foreign currency denominated lending rates reduced from a weighted average of 8.01% in December, to 7.73% in January.
Government Securities
During the month under review, Government carried out three auctions of treasury instruments (two T-bill and one T-Bond), and one bond switch auction. A bond switch3 involves exchanging a bond tending towards maturity with other bonds of different tenors. It is aimed at smoothening the domestic debt redemption profile.
In total, all Government securities auctions held in February 2023 resulted in total issuances of Shs. 1526.87 billion (at cost). Securities worth Shs 366.96 billion was used for the refinancing of maturing domestic debt (including those managed in the bond switch auction); while Shs 1159.90 billion went towards financing other items in the Government budget as shown in Table 1.
| Total Issuances | Financing other items in the Government budget | Refinancing | |
|---|---|---|---|
| Q1 2022/23 | 2,344.2 | 417.1 | 1,927.1 |
| Q2 2022/23 | 3,134.8 | 1,951.7 | 1,183.1 |
| January 2023 | 750.6 | 315.4 | 435.2 |
| February 2023 | 1,526.9 | 1,159.9 | 367 |
| FY 2022/23 to date | 7,756.5 | 3,844.1 | 3,912.4 |
Annualised Yields (Interest Rates) on Treasury Bills
Yields (interest rates) on shorter term tenors increased marginally for both the 91 and 364 day tenors. The annualized yields for the 91 and 364-day tenors increased to 10.38%, 12.50% compared to 10.36% and 12.38% registered the previous month. The yield on the 182 day tenor reduced to 10.46% from 10.95% for the previous month. Nonetheless, yields on all short term instruments have been on a declining trend since Government took the decision to substitute a portion of domestic borrowing with external debt.
All auctions for Treasury Bills were oversubscribed, with the average bid to cover ratio being recorded at 1.51 in February 2023.
Yields on Treasury Bonds
During the month, Government issued two T-bond instruments (both reopened); 5-Year and 20- Year tenors. The Yield to Maturity for the 5 year tenor reduced to 15.0% in February from 16.25% in December 2022 whereas the Yield to Maturity on the 20- year tenor remained unchanged at 17.0% as previously issued.
Outstanding Private Sector Credit4
The stock of private sector credit declined slightly in January by 0.08% to Shs. 20,138.9 billion from Shs. 20,155.6 billion in December 2022. Of this, Shs 14,068.19 billion was shilling denominated credit while Shs 6,070.69 billion was foreign currency denominated credit.
Credit Extensions5
The value of credit approved for disbursement in January 2022 amounted to Shs 1,258.0 billion lower than Shs 1,586.1 billion in December. This represents a lower approval rate of 50.1% compared to 77.6% registered the previous month, largely on account of higher risk aversion by commercial banks as the share of Non-Performing Loans (NPL’s) increased to 5.35% in December 2022 from 5.21% recorded in September 2022.
Similar to last month (December), Building, Construction and Real Estate took the largest share of credit approved in January 2023 at 25.9% (Shs. 326.2 billion). This was followed by Personal and Household loans at 25.2% (Shs. 317.5 billion) and Trade at 23.1% (Shs. 290.9 billion), where these three sectors altogether accounted for more than half of the credit extended to the public during the month. Other notable sectors included Agriculture at 11.1% (Shs. 139.4 billion),Manufacturing at 5.9% (Shs. 74.8 billion), Business, Community, Social & other Services at 7.2% (Shs. 90.68 billion) and Transport at 1.2% (Shs. 15.6 billion).
External Sector Developments
Merchandise Trade Balance6
Uganda’s trade with the rest of the world in January 2023 resulted in a deficit of US$ 231.80 million. Compared to January 2022, the deficit narrowed from US$ 280.33 million mainly due to higher exports realized in the period under review.
Merchandise Exports7
The value of merchandise exported in January 2023 amounted to US$ 404.46 million up from US$ 371.81 million registered the previous month, mostly due to higher receipts for coffee and maize. Earnings from coffee exports increased by 13.1% because of higher volumes exported to meet the reduced supply from major exporting countries such as Brazil and Vietnam on the international market. Maize export receipts increased by 71.0% from US$ 20.48 million in December 2022 , to US$ 35.01 million in January 2023.
| Product | Jan-2022 | Dec-2022 | Jan-2023 |
Jan-2023 vs Jan-2022 % Change |
Jan-2023 vs Dec-2022 % Change |
|---|---|---|---|---|---|
| Total Exports | 291.17 | 371.81 | 404.46 | 38.91 | 8.78 |
| Coffee | |||||
| Value Exported | 61.98 | 59.54 | 67.35 | 8.66 | 13.12 |
| Volume Exported (Millions of 60 Kg Bags) | 0.4 | 0.42 | 0.49 | 22.88 | 18 |
| Average Unit Value (US$ per Kg of Coffee) | 2.57 | 2.37 | 2.27 | -11.57 | -4.14 |
| Non-Coffee Formal Exports | 187.11 | 270.67 | 295.51 | 57.93 | 9.17 |
| of which: | |||||
| Mineral Products | 0 | 15.32 | 0 | NaN | -100 |
| Cotton | 5.23 | 1.06 | 3.16 | -39.54 | 199.74 |
| Tea | 5.54 | 8.84 | 7.14 | 28.86 | -19.32 |
| Tobacco | 2.37 | 4.89 | 4.22 | 77.77 | -13.75 |
| Fish & Its Prod. (Excl. Regional) | 10.69 | 14.58 | 12.12 | 13.31 | -16.91 |
| Simsim | 3.15 | 2.86 | 4.94 | 56.88 | 72.8 |
| Maize | 6.76 | 20.48 | 35.01 | 417.69 | 70.98 |
| Beans | 14.53 | 14.51 | 7.48 | -48.51 | -48.44 |
| Flowers | 5.57 | 4.1 | 5.62 | 0.95 | 37.11 |
| ICBT Exports | 42.07 | 41.6 | 41.6 | -1.12 | -0.01 |
The value of exports increased by 38.9% in January 2023 compared to the same period last year owing to higher export earnings from maize, coffee, tea and Tobacco. In January 2022, earnings from maize exports were only US$ 6.76 million compared to the US$ 35.01 million recorded in January 2023. This follows the easing of non-tariff barriers in Kenya and the opening of the Uganda-Rwanda border.
Destination of Exports8
EAC was the top destination of Uganda’s exports in January 2023, accounting for 63.0% of exports receipts. Kenya, South Sudan and Congo were the top three destinations of the exports to EAC,taking up 36.3%, 23.5% and 20.3% respectively.
The European Union and Asia were the second and third top destinations taking up 17.6% and 7.5% of Uganda’s total exports, respectively.
Merchandise Imports9
Merchandise worth US$ 636.26 million was imported in January 2023, a decline of 4.6% compared to US$ 667.01 recorded the previous month. The decline was on account of lower volumes for both Government and private sector imports.
However, the value of imports was higher by 11.3% in January 2023 compared to January 2022. The increase was driven by higher private sector imports as more volumes were imported compared to January 2022. This follows increased economic activity over the period of analysis. Imports that registered a significant increase include Electricity, Prepared food stuffs, Beverages and Tobacco and Animal and animal products.
In January 2023, Asia was the largest source of merchandise imported accounting for 21.4% of the total imports. Of the total imports from Asia, 70.1% were from China and India. Asia was followed by the Middle East and EAC accounting for 21.4% and 14.1% of the total imports. In EAC, the top three sources of imports were Kenya, Tanzania and DRC each contributing 78.8%, 11.4% and 6.5% of the total imports from the region.
Trade Balance by Region
Uganda continued to trade at a deficit with Asia, although the deficit was lower compared to the previous month following higher exports to the region. On the other hand, a trade surplus was registered with the European Union, EAC and the Rest of Africa in January 2023. The trade position with EAC improved on both an annual and monthly basis as shown in Table 3.
| Region | Jan 2022 | Dec 2022 | Jan 2023 |
|---|---|---|---|
| European Union | -2.64 | -9.78 | 10.72 |
| Rest of Europe | -19.53 | -11.24 | -3.73 |
| Middle East | -81.96 | -117.89 | -125.7 |
| Asia | -202.48 | -278.47 | -271.81 |
| EAC | 78.66 | 136.39 | 165.48 |
| Rest of Africa | -1.58 | -11.18 | 0.26 |
| Other Countries | -50.79 | -3.02 | -7.03 |
Fiscal Developments10
Government operations during February 2023 resulted in an overall fiscal deficit of shs.645.79 billion, which was higher than the planned deficit of shs.400.32 billion. The higher deficit was mainly on account of shortfalls registered in revenues and grants collections during the month.
| Shs Billion | Program | Outturn | Performance | Deviation |
|---|---|---|---|---|
| Revenues and grants | 2,107.3 | 1,894.09 | 89.9% | -213.21 |
| Revenues | 1,940.47 | 1,884.18 | 97.1% | -56.29 |
| Tax | 1,794.7 | 1,765.69 | 98.4% | -29 |
| Non-tax | 145.77 | 118.48 | 81.3% | -27.29 |
| Grants | 166.83 | 9.91 | 5.9% | -156.92 |
| o/w Project support | 152.06 | 9.91 | 6.5% | -142.16 |
| Expenditures and lending | 2,507.62 | 2,539.88 | 101.3% | 32.26 |
| Current expenditures | 1,518.31 | 1,647.68 | 108.5% | 129.37 |
| Wages and salaries | 537.37 | 535.45 | 99.6% | -1.92 |
| Interest payments | 172.74 | 223.56 | 129.4% | 50.82 |
| o/w domestic | 124.93 | 175.75 | 140.7% | 50.82 |
| o/w external | 47.81 | 47.81 | 100.0% | 0 |
| Other recurrent expenditure | 808.2 | 888.67 | 110.0% | 80.47 |
| Development expenditures | 900.83 | 885.18 | 98.3% | -15.65 |
| Domestic | 497.5 | 611.28 | 122.9% | 113.78 |
| External | 403.33 | 273.89 | 67.9% | -129.44 |
| Net lending/repayments | 11.38 | 0 | 0.0% | -11.38 |
| o/w HPP GoU | 0 | 0 | __ | 0 |
| HPP Exim | 11.38 | 0 | 0.0% | -11.38 |
| Domestic arrears repayment | 77.1 | 7.02 | 9.1% | -70.07 |
| Domestic fiscal balance | -400.32 | -645.79 | __ | __ |
Domestic Revenues
Revenue and grants in February 2023 amounted to Shs 1,894.09 billion, a performance of 89.9% against the target of Shs 2,107.30 billion. Grants contributed the most to this shortfall after only 5.9% of the target for the month was realized. The non-disbursement of grants is mainly due to absorption challenges faced by Ministries, Departments, and Agencies (MDAs) implementing the projects.
Domestic Revenue collections amounted to Shs 1,884.18 billion against a target of shs 1,940.47 billion implying a shortfall of Shs 56.29 billion as both tax and non-tax revenue performed below their respective targets for the month.
During the month, Shs 1,765.69 billion was collected in form of tax revenue against a target of Shs 1,794.70 billion. This followed lower-than-targeted collections under indirect taxes and taxes on international trade which more than offset the surplus collection registered under direct taxes.
Direct tax collections amounted to Shs. 562.19 billion against the target of shs.480.23 billion. This performance was on account of surplus collections for PAYE (Shs 68.53 billion), corporate tax (Shs 3.79 billion), withholding tax (Shs 9.07 billion), tax on bank interest (Shs 5.68 billion), and rental income tax (Shs 1.46 billion). The higher than anticipated collections in PAYE were due to the increase in salaries for some civil servants and increase in employment in the private sector mainly in the oil and gas sector.
Indirect taxes amounted to Shs.442.87 billion against the Shs.513.37 billion target for the month as both the excise duty and Value Added Tax were below their respective targets. This is mainly due to slower than the projected level of economic activity and thus demand for items like beer, sugar, cement, cosmetics, cooking oil, etc.
Similarly, taxes on international trade transactions were also lower than the target of Shs 796.27 billion by Shs 39.48 billion. The shortfall was mainly driven by lower collections in import duty, excise duty, and VAT on imports as the volume of imports turned out lower than anticipated during the month.
Expenditure
Overall government expenditure in February 2023 amounted to Shs.2539.88 billion, 1.3% higher than the plan of Shs 2,507.62 billion for the month. This performance was mainly on account of recurrent spending and domestically financed development expenditure both of which were higher than their respective targets for the month.
Expenditure on recurrent items amounted to Shs 1,647.68 billion against a target of shs 1,518.31 billion, with the main driver being non-wage recurrent expenditure. Government spending on non-wage recurrent items was Shs 888.67 billion, 10.0% higher than the plan. This was due to some expenditure planned for January 2023 being executed in February 2023.
Development expenditure in February 2023 amounted to Shs.888.67 billion performing at 98.3% against the plan of Shs.900.83 billion. Whereas domestically financed development spending was higher than its plan for the month by 22.9% mainly to account for the January 2023 payments that were executed in February 2023, overall development spending turned out lower than the plan due to externally financed development expenditure which performed at 67.9% of the plan.
East Africa Community Developments
EAC Inflation11
Just like Uganda, Tanzania’s annual headline inflation trended downwards, slightly reducing to 4.8% from 4.9% registered the previous month. This was majorly on account of a slowdown in the price increase of commodities under food and non-alcoholic beverages.
Conversely, Kenya and Rwanda’s annual headline inflation increased to 9.2% and 20.8% in February from 9.0% and 20.7% respectively. The rise in inflation for both countries was largely attributed to an increase in prices of commodities under food and non-alcoholic beverages; housing, water,electricity, gas and other fuels.
EAC Exchange Rates
Whereas the Ugandan Shilling appreciated, Kenya’s local currency depreciated by 1.3% against the US Dollar during the month under review. Likewise, both the Rwandese and Burundian Francs depreciated by 1.1% and 0.2% against the US Dollar. The Tanzanian Shilling, however, remained unchanged against the US Dollar as shown in Figure 25.
Trade Balance with EAC
Uganda registered a trade surplus with all EAC countries in January 2023. Trade with South Sudan, Uganda’s second top export destination in the region, registered the highest surplus amounting to US$ 58.47 million. Kenya remained Uganda’s main trade partner in the region and took up the largest share of her exports to the region.
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.
Data on Private Sector Credit, CIEA and External sector has a lag of one month.↩︎
Data comes with a month lag.↩︎
The bond switch was the third auction of its kind in Uganda. In the last quarter of this current financial year (2022/23),Government has a maturing Treasury bond instrument that has cumulatively increased to UGX 1,853 billion (at cost) following several re-issuances in the primary domestic securities market. Given that the fact that this enormous sum of money on the maturing instrument will present significant refinancing risks in the last quarter of the year, Government has switched a portion of the maturing bond (Shs 734.1 billion) for five others with tenors of 2-years, 3-years, 5-years, 10-years and 20 years↩︎
Data on private sector credit has a lag of one month.↩︎
Data on private sector credit has a lag of one month.↩︎
Statistics on trade come with a lag of one month.↩︎
Other Countries include: Australia and Iceland.↩︎
Others include: Australia and Iceland.↩︎
Statistics on trade come with a lag of one month.↩︎
Fiscal data is preliminary.↩︎
Data for Burundi and Congo (D.R.) not readily available.↩︎