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
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
TShs		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

Economic activity as well as prospects about business conditions continued to strengthen as shown by the high-frequency indicators of economic activity (CIEA, PMI and BTI) which all increased.
The Composite Index of Economic Activity (CIEA) increased by 1.9% to 156.32 in March 2023 from 153.41 the previous month. This signaled an improvement in economic activity mainly driven by an increase in output in the agriculture, services and industry sectors.
The Purchasing Manager’s Index (PMI) also increased by 4.1% to 55.4 in April 2023 from 53.2 in March 2023. This increase indicated further improvements in business conditions across the country as new orders, output and employment increased during the month.
Investors’ sentiments about doing business in the country remained optimistic hence maintaining a positive outlook on the economy. This was shown by the Business Tendency Index (BTI) which increased to 55.65 in April 2023 from 54.79 the previous month.
Annual headline inflation reduced further to 8.0% in April 2023 from 9.0% recorded March 2023. This was mainly on account of a reduction in prices of building materials, fuel and electricity charges as well as a slowdown in the increase of prices for food (both manufactured food and food crops), beverages and charcoal. Improving weather conditions and easing international fuel prices supported this decline in inflation.

Financial Sector

In April 2023, the Shilling remained relatively stable depreciating marginally by 0.03% against the US dollar. This resulted in a monthly average exchange rate of Shs 3,745.82/USD, which was slightly higher than the rate of Shs 3,744.52/USD in March 2023.
Commercial bank shilling-denominated lending rates reduced to 18.76 percent in March 2023 from 20.24 percent recorded the previous month. This was attributed to the declining inflation rate, reduced participation of Government in the domestic credit market and an increase in prime borrowers who were able to access credit at lower rates due to their good credit rating with banks.
The stock of total outstanding Private Sector Credit grew by 1.5 percent to Shs 20,396.5 billion in March 2023 from Shs. 20,103.6 billion the previous month. This growth was partly attributed to increased demand for credit as borrowers were more optimistic about interest rates declining with the expectation of an accommodative monetary policy and a pick-up in economic recovery going forward.
Treasury Bill yields for the 91- and 182-day tenors remained the same as the previous month, at 9.76% and 9.75%, respectively, while the yield for the 364-day tenor decreased to 11.11% in April, from 11.32% recorded in March 2023.

External Sector

During March 2023, Uganda’s trade deficit with the rest of the world narrowed to USD 241.93 million, from USD 297.66 million registered in February 2023. This was on account of an increase in export earnings which more than offset the increase in the import bill during the month.
Uganda exported merchandise worth USD 674.54 million in March 2023. This represented a 93.0% percent increase when compared to USD 349.44 million exported during February 2023. This increase was mainly on account of higher export earnings from mineral products, tobacco, maize and cotton during the month.
The value of merchandise imports increased by 41.6 percent from USD 647.09 million in February 2023 to USD 916.47 million in March 2023. This was mainly attributed to higher private sector imports particularly mineral products (excluding petroleum products), vegetable products, beverages, fats and oils, as well as animal products.

Fiscal Sector

Preliminary data shows that Government operations resulted into a fiscal deficit of Shs 601.31 billion in April 2023. This was lower than the planned Shs 1,115.55 billion deficit, mainly on account of lower than programmed expenditure for the month
Domestic revenue collections during the month of April 2023 amounted to Shs 1,844.68 billion, an 89.5% performance rate against the Shs 2,060.11 billion target as both tax and non-tax revenue collections fell short of their targets for the month. Of the total amount collected, Shs 1,752.95 billion was tax while Shs 91.74 billion was non-tax collections.
Government expenditure amounted to Shs 2,451.78 billion during the month. This was lower than the plan of Shs 3,302.04 billion for the month as recurrent expenditure(wage and non-wage) and development expenditure performed below their targets for the month.

East African Community

Inflation reduced in the EAC partner states of Uganda, Kenya, Tanzania, and South Sudan. This was mainly attributed to easing international commodity prices which fed through to domestic prices as well as reduced food prices as supply increased.
All currencies of EAC partner states for which data was available recorded depreciations against the US dollar. Kenya recorded the highest depreciation rate at 3.5% followed by Rwanda at 1.2%. The Ugandan and Tanzanian currencies remained relatively stable depreciating slightly by 0.03% and 0.1% respectively.
In March 2023, Uganda traded at a surplus of USD 15.9 million with the EAC. This was an 84.4% decline from the surplus of USD 102.4 million in the previous month. The decline was largely on account of imports from the Democratic Republic of Congo, Tanzania, and Kenya which increased considerably by USD 60.93 million, USD 60.1 million, and USD 14.19 million respectively. Trade deficits were recorded for Tanzania, and Kenya while surpluses were recorded for Congo, South Sudan, Rwanda, and Burundi.

Real Sector Developments

Inflation

Annual headline inflation continued on a downward trend to 8.0% in April 2023 from 9.0% recorded in the previous month. This was mainly on account of a slowdown in the increase of prices for food (both manufactured food and food crops), beverages and charcoal as well as a reduction prices of building materials, fuel and electricity charges when compared to the same month a year back. All three subcomponents of annual headline inflation declined during the month as shown in figure 1 and 2.

Annual core inflation further eased to 6.8% in April 2023 from 7.6 % in March 2023. This was driven by a slowdown in the increase of prices for several manufactured foods, alcoholic and non-alcoholic beverages as well as a reduction in prices of building materials. Manufactured foods such as maize flour, cassava flour, millet flour, wheat flour, sugar, baked products and rice among others all recorded slowdowns in price increments. In addition, prices of cooking oil and laundry bar soap declined by 9% and 6% respectively in April 2023 when compared to the same month a year back, contributing to the decline in core inflation. Prices of cooking oil and laundry bar soap initially triggered a hike in overall inflation in January 2022 as a result of increased prices of crude palm oil on the international market following the start of the Russia-Ukraine war. These prices have however declined gradually over time as supply of crude palm oil in the international market recovered.

Annual Food and related items inflation also declined to 25.2% from 26.7% the previous month as a majority of food crops registered either slowdowns in price increases or reductions in prices. This was attributed to increased food supplies on the market as weather conditions continued to improve. Foods such as; papayas, mangoes, passion fruits, cabbages, tomatoes, fresh beans, carrots, cassava and yams all registered slowdowns in price increments while prices of avocados, oranges, watermelons, green peppers, onions and garlic declined.

Annual Energy, Fuels and Utilities inflation continued to decline to 2.1% in April from 4.4% recorded the previous month. This was mainly due to a reduction in fuel prices and electricity charges as well as a significant slowdown in the increase of prices for charcoal. The charcoal price index recorded an annual increase of 2.5% in April 2023 which was significantly lower than the 7.7% recorded in March 2023. Fuel prices have been on a downward trend since October 2022 in line with a reduction in international oil prices. Additionally, the electricity price index dropped by 0.4% between March and April 2023 reflecting the decision by the Electricity Regulatory Authority to reduce quarter 4 end-user consumer tariffs. This decision was on account of a number of factors that altogether lowered the costs needed to generate electricity. These included; a stable exchange rate, reduced fuel prices, declining inflation, and increased rainfall which enables generation of power from cheaper sources of energy (hydro).

Economic Activity

Overall, economic activity as well as prospects about business conditions continued to strengthen. This is shown by the high-frequency indicators of economic activity (CIEA, PMI and BTI) which all edged upwards.

The Composite Index of Economic Activity (CIEA) regained its upward trend increasing to 156.32 in March 2023 from 153.41 the previous month hence signaling an improvement in economic activity. Growth in the CIEA was majorly attributed to increased activity in the agriculture, services and industry sectors.

The Purchasing Managers’ Index (PMI) also increased by 4.1% to 55.4 in April 2023 from 53.2 in March 2023 signaling an improvement in business conditions during the month. This increase was supported by a continued strengthening of consumer demand, leading to an expansion in new orders, output as well as employment. It’s worth noting that employment increased for the first time in three months to match the increasing demand.

A sectoral analysis of the index showed output growth across all five monitored sectors i.e. agriculture, construction, industry, services and wholesale & retail.

Business Perceptions

Investors were more optimistic about the business environment especially in the construction, manufacturing, wholesale trade, and agricultural sectors.

This is shown by the BTI which remained above the 50-mark threshold increasing to 55.65 in April 2023 from 54.79 the previous month. Key indicators measured by the index show that the business community was more optimistic about business conditions in the next three months, and increased order volumes by suppliers hence maintaining a positive outlook of the economy.

Financial Sector Developments

Exchange Rate Movements

During April 2023, the Shilling remained relatively stable depreciating marginally by 0.03% against the US dollar. This resulted in a monthly average exchange rate of Shs 3,745.82/USD, which was slightly higher than the rate of Shs 3,744.52/USD in March 2023.

The Shilling also lost value against the Euro and Pound Sterling during the month, posting depreciation rates of 2.4% and 2.6% respectively as shown by the figure below.

Interest Rate Movements

During April 2023, interest rates particularly commercial bank lending rates and yields on short term Government securities decreased despite the Central Bank Rate (CBR) being maintained at 10%. The decision to keep the CBR at 10% was made based on the assessment that while inflation was declining, there were still significant risks to the outlook with considerable uncertainty.

Lending Rates²

In March 2023, the weighted average commercial bank lending rates reduced to 18.76 percent from 20.24 percent recorded the previous month. The declining trend in lending rates was partly due to the declining inflation rate, reduced participation of Government in the domestic credit market and an increase in prime borrowers who were able to access credit at lower rates due to their good credit rating with banks.

On the other hand, the lending rates for foreign currency-denominated credit increased to 7.91 percent in March 2023, up from 7.50 percent in February 2023.

Government Securities

During the month under review, Government carried out three auctions of treasury instruments (two T-bill and one T-Bond). The three auctions resulted in total issuances of Shs. 670.55 billion (at cost), of which Shs. 322.68 billion was from T-Bills, and Shs. 347.88 billion was from T-Bonds. All funds raised from the auctions in April 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
Q1 2022/23	2,344.2	417.1	1,927.1
Q2 2022/23	3,334.8	1,951.7	1,383.1
Q3 2022/23	3,232.4	1,075.9	2,156.5
April 2023	670.6	-670	1,340.5
FY 2022/23 to date	9,582	2,774.8	6,807.2

Annualised Yields (Interest Rates) on Treasury Bills

Annualized yields (interest rates) on short term securities remained unchanged for the 91 and 182-day tenors) and decreased for the 364-day tenor in April. The T-Bill yields for the 91- and 182-day tenors were the same as the previous month, at 9.76% and 9.75%, respectively, while the yield for the 364-day tenor decreased to 11.11% in April, from 11.32% recorded the previous month. The reduction in yields during the month (particularly for the 364- day tenor) is partly attributed to increased demand for Government securities as shown by the Bid to Cover ratio, as well as the decline in inflation in the economy.

All auctions for Treasury Bills were oversubscribed, with an average bid to cover ratio of 3.13 in April 2023.

Yields on Treasury Bonds

There was one bond auction during the month, in which 2-year and 10-year tenors were issued. The Yield to Maturity (YTM) for the 10 -year tenor increased to 15.75% in April from 15.39% registered during the last issuance, while that of the 2-year tenor remained unchanged at 13.5%.

Outstanding Private Sector Credit³

The stock of total outstanding private sector credit grew by 1.5 percent to Shs 20,396.5 billion in March 2023 from Shs. 20,103.6 billion the previous month. This growth was partly attributed to increased demand for credit as borrowers were more optimistic about interest rates declining with the expectation of an accommodative monetary policy and a pickup in economic recovery going forward.

Of the total stock in March 2023, Shs 14,018.7 billion was shilling-denominated credit while Shs 6,377.8 billion was foreign currency-denominated credit.

Credit Extensions⁴

The value of credit approved for disbursement in March 2023 amounted to Shs 1,496.6 billion, up from Shs 1,268.1 billion the previous month. This represents an approval rate of 67.9% in comparison to 65.6% in February 2023.

During March 2023, personal and household loans accounted for the largest share of credit extended to the private sector at 23.0 percent (Shs 343.9 billion), this was followed by Building, Mortgage, Construction and Real Estate, and Trade at 20.8% and 15.9%, respectively. Other notable recipients of credit included agriculture at 13.3 percent; manufacturing at 12.1 percent and business, community, social and other services at 8.8 percent. These six sectors constituted 93.8% of all the credit extended to the private sector during the month.

External Sector Developments

Merchandise Trade Balance⁵

During March 2023, Uganda’s trade deficit with the rest of the world narrowed both on a monthly and annual basis owing to an increase in export receipts that more than offset the rise in the import bill. Between February and March 2023, the merchandise trade deficit narrowed by 18.7% from USD 297.66 million to USD 241.93 million.

Year-on-year, the merchandise trade deficit narrowed by 17.4% from USD 292.94 million in March 2022 to USD 241.93 million in March 2023

Merchandise Exports⁶

In March 2023, Uganda exported merchandise worth USD 674.54 million. This represented a 93.0 percent increase when compared to USD 349.44 million exported during February 2023. This increase was mainly on account of higher export earnings from mineral products, tobacco, maize and cotton registered during the month.

Coffee exports during the month amounted to USD 71.54 million, an 8.4 percent increase from USD 66.03 million in February 2023. This growth was mainly attributed to exporters who off-loaded coffee from their warehouses for sale to benefit from the rising international price of Robusta coffee.

In comparison to the same month the previous year, merchandise exports grew by 85.4 percent from USD 363.74 million in March 2022 to USD 674.54 million in March 2023. This was largely attributed to increased export earnings from mineral products, maize and tobacco during the month. Mineral products particularly gold products increased significantly following the resumption of gold trade in August 2022.

Merchandise Exports by Product (US$ Million) [Source: BOU and MOFPED Calc.]
Product	Mar-2022	Feb-2023	Mar-2023	Mar-2023 vs Mar-2022 % Change	Mar-2023 vs Feb-2023 % Change
Total Exports	363.74	349.44	674.54	85.44	93.03
Coffee
Value Exported	80.99	66.03	71.54	-11.66	8.36
Volume Exported (Millions of 60 Kg Bags)	0.48	0.48	0.49	2.04	1.91
Average Unit Value (US$ per Kg of Coffee)	2.82	2.3	2.44	-13.43	6.32
Non-Coffee Formal Exports	240.75	241.81	561.39	133.19	132.16
of which:
Mineral Products	0	11.76	268.1	Inf	2,179.33
Cotton	4.1	3.87	5.34	30.4	37.97
Tea	5.77	7.64	6.64	14.97	-13.17
Tobacco	4.51	4.98	10.83	140.24	117.54
Fish & Its Prod. (Excl. Regional)	11.52	12.46	11.62	0.87	-6.71
Simsim	4.71	3.21	3.51	-25.58	9.17
Maize	5.83	20.85	30.78	427.9	47.6
Beans	7.45	5.67	3.94	-47.12	-30.54
Flowers	5.22	6.25	5.65	8.29	-9.62
Oil Re-Exports	8.47	8.12	9.26	9.41	14.09
Base Metals & Products	20.26	13.81	21.17	4.49	53.27
ICBT Exports	42.01	41.6	41.6	-0.98	0

Destination of Exports⁷

The EAC remained the top destination of Uganda’s exports in March 2023, accounting for 35.7 percent of total exports for the month. This was followed by the Middle East at 32.3 percent and Asia at 14.6 percent.

It is worth noting that Uganda’s export earnings from the Middle East significantly increased from USD 21.41 million the previous month to USD 217.99 million in March 2023, owing to the growth in exports of mineral products to the region.

Merchandise Imports⁸

The value of merchandise imports increased by 41.6 percent from USD 647.09 million in February 2023 to USD 916.47 million in March 2023. This growth was mainly attributed to higher private sector imports particularly mineral products (excluding petroleum products), vegetable products, beverages, fats and oils, as well as animal products.

Comparison with the same month last year shows that merchandise imports grew by 39.6 percent from USD 656.69 million in March 2022, to USD 916.47 million in March 2023. This increase was mainly driven by increased import volumes for mineral products (excluding petroleum products), machinery, equipment and vehicles, among others.

Origin of Imports

In March 2023, Asia remained Uganda’s largest source of imports accounting for 31.4 percent of the total imports. Within Asia, China and India were the major contributors, accounting for 71.6 percent of the total imports from the region.

Other notable regions included the EAC, the Rest of Africa, and the Middle East, which accounted for 24.5 percent, 20.1 percent, and 15.5 percent of the total imports, respectively.

Trade Balance by Region

In March 2023, Uganda traded at a deficit with Asia, Rest of Africa and Rest of Europe at USD 189.1 million, USD 158.3 million and USD 8.0 million, respectively.

On the other hand, trade surpluses were recorded with the Middle East (USD 75.7 million), the European Union (USD 35.3 million), and the EAC (USD 15.9 million).

Merchandise Trade Balance by Region (US$ Million) [Source: BOU]
Region	Mar 2022	Feb 2023	Mar 2023
European Union	26.52	-19.01	35.28
Rest of Europe	-4.75	-20.42	-8.01
Middle East	-135.41	-103.4	75.68
Asia	-256.97	-245.28	-189.08
EAC	124.77	102.38	15.92
Rest of Africa	0.95	-4.47	-158.3
Other Countries	-48.06	-7.45	-13.42

Fiscal Developments⁹

Government operations in April 2023 resulted into a fiscal deficit of Shs 601.31 billion. This was lower than the planned Shs 1,115.55 billion deficit for the month owing to lower than programmed expenditure for the month. Government spending was short of the plan for the month by Shs 849.25 billion. Similarly, revenue and grants were short of their target for the month by Shs 335.01 billion.

Summary Table of Fiscal Operations April 2023 (UShs Billion) [Source: MOFPED]
Shs Billion	Program	Outturn	Performance	Deviation
Revenues and grants	2,185.48	1,850.47	84.7%	-335.01
Revenues	2,060.11	1,844.68	89.5%	-215.42
Tax	1,922.15	1,752.95	91.2%	-169.2
Non-tax	137.96	91.74	66.5%	-46.22
Grants	125.38	5.79	4.6%	-119.59
o/w Project support	125.38	5.79	4.6%	-119.59
Expenditures and lending	3,301.04	2,451.78	74.3%	-849.25
Current expenditures	1,926.68	1,658.52	86.1%	-268.16
Wages and salaries	525.81	423.76	80.6%	-102.05
Interest payments	312.97	424.15	135.5%	111.18
o/w domestic	273.29	384.47	140.7%	111.18
o/w external	39.68	39.68	100.0%	0
Other recurrent expenditure	1,087.9	810.61	74.5%	-277.28
Development expenditures	1,348.51	780.69	57.9%	-567.82
Domestic	888.87	738.91	83.1%	-149.96
External	459.64	41.78	9.1%	-417.86
Net lending/repayments	21.05	0	0.0%	-21.05
o/w HPP GoU	0	0	__	0
HPP Exim	21.05	0	0.0%	-21.05
Domestic arrears repayment	4.8	12.58	262.2%	7.78
Domestic fiscal balance	-1,115.55	-601.31	__	__

Domestic Revenues

Domestic revenue collections during April 2023 amounted to Shs 1,844.68 billion, an 89.5% performance rate against the Shs 2,060.11 billion target as both tax and non-tax revenue collections fell short of their targets for the month. Of the total amount collected, Shs 1,752.95 billion was tax while Shs 91.74 billion was non-tax collections.

All the three major tax categories registered shortfalls during the month. Direct tax collections amounted to Shs 542.45 billion against a target of Shs 591.10 billion thus a Shs 48.65 billion shortfall during the month. This was driven by lower than planned performance under withholding tax and corporate tax which registered shortfalls of Shs 31.06 billion and Shs 6.09 billion during the month respectively. This more than offset the Shs 7.06 billion and Shs 3.53 billion surplus collections under PAYE and taxes on bank interest respectively.

Similarly, indirect tax collections during the month fell short of the target as both VAT and excise duty collections were lower than the target by Shs 16.95 billion and Shs 12.62 billion respectively. The underperformance for excise duty were mainly on account of lower collections under spirits, soft drinks, phone talk time among others while the lower than planned performance for VAT was driven by lower collections mainly under beer and cement on account of a decline in sales volumes during the month.

Taxes on international trade and transactions continue to post significant shortfalls throughout this financial year. During the month, collections under this category amounted to Shs 724.95 billion, posting a Shs 90.92 billion shortfall against the planned target.

Expenditure

Government expenditure during April 2023 amounted to Shs 2,451.78 billion which was lower than the plan of Shs 3,302.04 billion for the month as all major categories performed below their respective plans for the month.

Expenditure on salaries, non-wage recurrent and domestically financed development expenditure amounted to Shs 423.76 billion, Shs 810.61 billion and Shs 738.91 billion respectively during the month.

Spending on externally financed development projects was recorded at 9.1% of what had been initially planned for the month. However, capital expenditures are made upon presentation of certificates by MDAs and therefore does not necessarily reflect the progress of the physical works.

East Africa Community Developments

EAC Inflation¹⁰

Within the EAC region, inflation slowed in partner states of Uganda, Kenya, Tanzania, and South Sudan. This was mainly attributed to easing international commodity prices which fed through to domestic prices as well as reduced food prices resulting from increased supply as weather conditions improved.

EAC Exchange Rates¹¹

All currencies of EAC partner states for which data was available recorded depreciations against the US dollar. Kenya recorded the highest depreciation rate at 3.5% followed by Rwanda at 1.2%. The Ugandan and Tanzanian currencies remained relatively stable depreciating slightly by 0.03% and 0.1% respectively. The depreciation pressures in recent months for the majority of EAC partner states have been attributed to increased import bills resulting from high international commodity prices as well as the global strengthening of the US dollar.

Trade Balance with EAC¹²

In March 2023, Uganda traded at a surplus of USD 15.9 million with the EAC. This was an 84.4% decline from the surplus of USD 102.4 million in the previous month. The decline was largely on account of imports from the Democratic Republic of Congo, Tanzania, and Kenya which increased considerably by USD 60.93 million, USD 60.1 million, and USD 14.19 million respectively. Trade deficits were recorded for Tanzania, and Kenya while surpluses were recorded for Congo, South Sudan, Rwanda, and Burundi.

Exports to the EAC increased by 26.6 percent from USD 190.2 million to USD 240.9 million in March 2023, with the largest share accounted for by Kenya followed by the Democratic Republic of Congo. Imports were mainly from Kenya followed by Tanzania.

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.↩︎
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 Democratic Republic of Congo not readily available.↩︎
Recent data for Democratic Republic of Congo and South Sudan not readily available.↩︎
Data on trade with the EAC has a one-month lag.↩︎

April 2023

Performance of the Economy Report

Ministry of Finance, Planning and Economic Development

2023-05-22