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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
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 continued to improve as shown by the high frequency indicators of economic activity. The Composite Index of Economic Activity (CIEA) has been on an upward trend in the course of this financial year despite a slight decline to 154.33 in April from 155.41 in March.

  • The Purchasing Manager’s Index (PMI) increased to 57.4 in May 2023 from 55.4 in April on account of increased output, new orders and staffing levels.

  • There was increased optimism about doing business in Uganda as reflected by the increase in the Business Tendency Index (BTI) for a fourth consecutive month to 57.58 in May 2023 from 55.64 the previous month.

  • Inflation continued on a downward trend declining to 6.2% in May 2023 from 8.0% in April 2023. A slowdown in the increase of prices for food items like maize flour, cassava flour, matoke and sweet potatoes during the month contributed to the drop in inflation. The decline was further supported by a drop in transport and fuel prices during the month.

Financial Sector

  • The Shilling strengthened by 0.4% against the US Dollar trading at an average rate of Shs 3,729.6/USD in May 2023 from Shs 3,745.8/USD recorded the previous month. The recent strengthening of the Shilling has partly been supported by the tight monetary policy stance.

  • Yields (Interest Rates) on treasury bills and bonds continued to decline for the 364 day tenor but remained unchanged for the 91 and 182 day tenors at 10.4% and 10.5% respectively. A combination of the higher demand from the market and the reduced issuance from Government explains the decline in the yields. The annualised yield for the 364 day tenor decreased to 11.9% in May 2023 from 12.5% recorded the previous month. Total issuances reduced from a monthly average of Shs. 1,077 billion between January and March 2023 to Shs 670.6 billion in April and Shs 585.5 billion in May.

  • The average lending rates on shilling denominated credit increased to 19.27% in April 2023 from 18.76% recorded the previous month. Lending rates remain elevated as a response to the tight monetary policy stance being implemented to control inflation.

  • The stock of outstanding private sector credit increased by 0.3% to Shs. 20,464.6 billion in April 2023 from Shs. 20,396.5 billion in March 2023 as optimism continues to increase in the business community amidst expectations of a continued pick-up in economic activity.

External Sector

  • Uganda’s merchandise trade deficit with the rest of the world increased to US$ 240.79 million in April 2023 from US$ 239.28 million recorded in the same month last year. However, total merchandise trade increased over the review period on account of higher exports and imports.

  • The total earnings from merchandise exports amounted to US$ 538.87 million in April 2023, a 59.3% increase from US$ 338.34 million realized in the same month last year. The increase was mainly driven by higher earnings from mineral products and Maize exports.

  • Likewise, the import bill increased to US$ 779.66 million in April 2023 from 577.62 US$ million recorded in the same month last year. The 35.0% increase in the value of imports was on account of more volumes of goods imported in the period under review.

Fiscal Sector

  • Government operations in May 2023 resulted in a fiscal deficit of Shs 1,425.44 billion which was higher than the Shs 833.86 billion deficit that had been programmed for the month. The higher deficit was due to a combination of shortfalls in revenues and higher than programmed expenditure for the month

  • Domestic revenue collections amounted to Shs 2,029.65 billion, of which Shs 1,882.60 billion was tax revenue while Shs 147.05 billion was non-tax revenue. The collections of tax and non-tax revenue performed at 99.4% and 96.0% respectively against their targets for the month.

  • Government expenditure during May 2023 amounted to Shs 3,499.61 billion, which was higher than the planned Shs 2,984.98 billion for the month. This was partly due to higher absorption by majority of MDA’S towards the end of the financial year and higher domestic interest payments stemming from higher interest rates.

East African Community

  • Inflation in Rwanda, Tanzania and Uganda declined in May 2023 due to a slowdown in price increases for food and fuel. However, annual headline inflation in Kenya increased slightly to 8.0% from 7.9% in May 2023 on account of increasing food and non-alcoholic beverage prices.

  • The local currencies of Burundi, Kenya, Rwanda and Tanzania depreciated against the US dollar by 30.7%, 2.1%, 1.2% and 0.2% respectively in May, 2023. On the other hand, the Uganda Shilling strengthened by 0.4% against the US dollar.

  • Uganda registered a trade surplus with Kenya, Rwanda, South Sudan, Congo and a deficit with Burundi and Tanzania in April 2023. Trade with South Sudan resulted in the highest surplus in the region amounting to US$ 43.01 million. The importation of mineral products and unprocessed Robusta coffee from Burundi during the month significantly increased the import bill thus resulting in a trade deficit.

  • Kenya was Uganda’s main trade partner in April 2023 as well as her biggest market for her exports (35.7% market share) during the month.The top earning exports to Kenya during the month were Animal and animal products particularly Day Old Chicks, Milk, Maize, Fermented Black Tea and Sugar.

Real Sector Developments

Inflation

Annual headline inflation slowed down for the fourth month running to 6.2% in May 2023 from 8.0% in April 2023. During the month under review, the increase in prices for both manufactured food and food crops continued to slowdown, contributing to the lower annual inflation figure. The reduction in diesel and petrol prices also contributed to the overall slowdown in the pace of increase in prices.

Annual core inflation slowed down to 5.6% in the year ending May 2023 compared to 6.8% registered in the year ended April 2023. This was mainly on account of a continued slowdown in the increase of prices for maize flour, rice and cassava flour. Moreover, a decline in prices for transport and laundry bar soap by 0.3% and 9.7% respectively further contributed to the slowdown in core inflation.

Annual food and related items inflation significantly dropped to 15.7% in the year ending May 2023 compared to 25.3% in the year ended April 2023. This was mainly driven by a slowdown in the increase of prices for matoke and sweet potatoes recorded at 46.3% and 15.9% in May 2023 compared to 62.9% and 34.8% in the previous month, respectively. Prices for tomatoes also declined by 26.2% during the month compared to an increase of 26.3% registered the previous month. The slowdown in price increases for food crops since the beginning of the calendar year is partly explained by the increased supply from good harvests and a reduction in transport costs.

Annual Energy, Fuels and Utilities inflation likewise slowed down to 0.9% in the year ending May 2023 compared to 2.1% recorded in the year ended April 2023. This was largely on account of declining prices for petrol and diesel, which fell by 7.0% and 9.0% respectively in the month of May. The reduction in petrol and diesel prices is consistent with reducing prices of international oil prices, with a barrel of Brent crude oil falling from US$ 120 in June 2022 to US$ 75 at the end of May 2023 (fig. 3).

International Oil Prices [World Bank]

International Oil Prices [World Bank]

Economic Activity

Overall, economic activity as well as prospects about business conditions continued to strengthen. This is shown by the upward trend in the high-frequency indicators.

Economic activity has improved significantly in the course of this financial year. Despite a slight 0.7% reduction from 155.41 in March to 154.33 in April, the Composite Index of Economic Activity (CIEA) has been on an upward trajectory over the last 12 months, as shown in Figure 4.

The general improvement in economic activity is also reflected in the performance of the Purchasing Managers’ Index (PMI), which continued its upward trend to 57.4 in May 2023 from 55.4 in April. This marked the seventh consecutive month during which the indicator was above its threshold of 50. The growth was recorded across all the five monitored sectors of Agriculture, Industry, Services, Wholesale and Retail during the month. This growth was supported by an increase in new orders, output, and staffing levels (employment), with prospects of further improvements in customer numbers supporting confidence among firms regarding the 12-month outlook for business activity.

Business Perceptions

Perceptions about doing business in Uganda were more optimistic during the month as reflected by the Business Tendency Index. The BTI was recorded at 57.58 (above the 50- mark threshold) in May 2023 from 55.64 in the month of April, as shown in Figure 5. Assessment of key indicators by sector showed that optimism was reflected in all the five monitored sectors i.e., Agriculture, Construction, Manufacturing, Services, Wholesale and Retail Trade.

Additionally, key indicators measured by the index like the present business situation, order volumes with suppliers, number of employees, and competition signaled optimism within the business community. .

Financial Sector Developments

Exchange Rate Movements

The Shilling was fairly stable against the US Dollar, trading at an average rate of Shs 3,729.6/USD in May 2023 from Shs 3,745.8/USD recorded the previous month. This represents a slight appreciation of 0.4%, partly on account of the tight monetary policy stance which has reduced demand for the dollar while increasing dollar inflows from the offshore investors.

Similarly, the Shilling gained value against the Euro and Pound Sterling in May 2023, appreciating by 1.3% and 0.3%, respectively.

Interest Rate Movements

The Central Bank Rate (CBR) was unchanged in May 2023, remaining at 10% for the tenth consecutive month. This rate is consistent with striking the appropriate balance between controlling inflation while supporting economic recovery.

Lending Rates2

Lending rates for Shilling-denominated credit increased to a weighted average of 19.27% in April 2023 from 18.76% the previous month. The increase in lending rates is in line with the current environment of tight monetary policy.

Similarly, foreign currency denominated lending rates increased from a weighted average of 7.91% in March, to 8.11% in April 2023.

Government Securities

Shs. 586.49 billion (at cost) was raised from three auctions held in the domestic securities market during the month of May 2023. Of the amount raised, Shs. 329.81 billion was from T-Bills and Shs. 256.68 billion was from T-bonds. Securities worth Shs. 339.38 billion was used for the refinancing of maturing domestic debt while Shs.247.11 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
FY 2021/22 13,247.7 5,228.1 8,019.7
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
May 2023 586.5 247.1 339.4
FY 2022/23 to date 10,168.5 3,021.9 7,146.6

Annualised Yields (Interest Rates) on Treasury Bills

During May 2023, yields (interest rates) on Treasury Bills decreased for the 364 day tenor but remained unchanged for the 91 and 182 day tenors at 10.4% and 10.5% as shown in Figure 10. The annualised yield for the 364 day tenor decreased to 11.9% in May 2023 from 12.5% recorded the previous month. A combination of the higher demand from the market and the reduced issuance from Government explains the decline in the yields. Total issuances reduced from a monthly average of Shs. 1,077 billion between January and March 2023 to Shs 670.6 billion in April and Shs 585.5 billion in May.

All auctions for Treasury Bills were oversubscribed, with an average bid to cover ratio of 3.24 in May 2023 which was more than double the 1.5 recorded in February 2023 (Figure 10).

Yields on Treasury Bonds

During the month, Government reopened two T-Bonds of 5 and 20 year tenors. The Yield to Maturity (YTM) reduced for both instruments, with that of the 5-year note falling from 15% in February 2023 (when the instrument was last issued) to 14.75% in May 2023. The YTM on the 20-year note fell from 17% to 16.25% over the same period.

Outstanding Private Sector Credit3

The stock of outstanding private sector credit increased by 0.33% to Shs. 20,464.6 billion in April 2023 from Shs. 20,396.5 billion in March 2023. Of the total stock in April 2023, Shs 14,133.06 billion was shilling denominated credit while Shs 6,331.51 billion was foreign currency denominated. Growth in the stock of private sector credit was largely on account of higher optimism in the business community, amidst expectations of a continued pick-up in economic activity.

Credit Extensions4

The value of credit approved for disbursement in April 2023 amounted to Shs 1,121.5 billion, representing an approval rate of 69.5%. This compares favourably with the 67.9% registered in March 2023.

Building, Construction and Real Estate took the largest share of credit approved in April 2023 at 26.2% (Shs. 293.87 billion). This was followed by Personal and Household loans at 24.6% (Shs. 275.43 billion) and Trade at 18.5% (Shs. 207.61 billion).These three sectors accounted for nearly 70% of the credit extended to the private sector during the month. Other notable recipients of credit included Agriculture at 11.9% (Shs. 133 billion), Business, Community, Social & other Services at 6.2% (Shs. 69.03 billion) Transport and Communication at 5.7% (Shs. 63.89 billion), and Manufacturing at 5.2% (Shs 58.52 billion).

External Sector Developments

Merchandise Trade Balance5

Uganda’s trade with the rest of the world in April 2023 resulted in a deficit of US$ 240.79 million. Compared to April 2022, the deficit slightly increased from US$ 239.28 million, however, total trade increased as shown in Figure 16.

Merchandise Exports6

The value of merchandise exported in April 2023 increased by 59.3% compared to April 2022 mainly due to higher earnings from maize and mineral products exports as shown in table 2. The year-on-year increase in exports of mineral products follows the resumption of gold exportation in FY 2022/23 that was on a halt the previous financial year.

However, merchandise export receipts in April 2023 declined to US$ 538.87 million from US$ 681.08 million registered the previous month. This represents a 20.9% decline in the earnings received from exports during the month mainly driven by lower receipts from exports of coffee, mineral Products and maize. Receipts from mineral products declined by 25.1% partly due to lower volumes of gold exported during the month. Earnings from maize declined by 42.9% following lower volumes of maize exports.

Despite higher prices during the month, earnings from coffee exports decreased by 16.1% compared to March 2023 due to lower coffee export volumes. The quantity and value of coffee exports also declined compared to the same month last year as shown in Table 2. This was partly due to the earlier drought and reduced coffee exports to Sudan caused by the disruptions from the recent conflicts. Furthermore, the market anticipation of a higher output from Brazil, which was expected to intensify in May 2023, contributed to lower prices thus affecting the value of coffee exports.

Merchandise Exports by Product (US$ Million) [Source: BOU and MOFPED Calc.]
Product Apr-2022 Mar-2023 Apr-2023 Apr-2023 vs
Apr-2022
% Change 		Apr-2023 vs
Mar-2023
% Change
Total Exports 338.34 681.08 538.87 59.27 -20.88
Coffee
Value Exported 70.85 71.54 59.99 -15.33 -16.15
Volume Exported (Millions of 60 Kg Bags) 0.41 0.49 0.37 -8.38 -23.41
Average Unit Value (US$ per Kg of Coffee) 2.9 2.44 2.68 -7.59 9.48
Non-Coffee Formal Exports 225.89 561.39 428.56 89.72 -23.66
of which:
Mineral Products 0 268.1 200.85 Inf -25.09
Cotton 5 5.34 1.65 -66.96 -69.1
Tea 6.34 6.64 6.89 8.76 3.87
Tobacco 2.78 10.83 4.87 74.84 -55.08
Fish & Its Prod. (Excl. Regional) 10.72 11.62 10.19 -4.95 -12.36
Simsim 2.39 3.51 2.08 -12.78 -40.58
Maize 4.7 30.78 17.59 274.43 -42.85
Beans 3.35 3.94 1.77 -47.09 -55.04
Flowers 4.84 5.65 5.01 3.49 -11.4
Oil Re-Exports 8.57 9.26 10.09 17.68 8.9
Base Metals & Products 16.41 21.17 14.58 -11.17 -31.14
ICBT Exports 41.61 48.14 50.32 20.94 4.53

Destination of Exports7

EAC was the top destination of Uganda’s exports in April 2023, accounting for 39.3% of the total market share. Kenya, Congo and South Sudan merged as the top three destinations of the exports to EAC, taking up 35.7%, 25.0% and 21.3% respectively. Some of the top earning export commodities to Kenya during the month were animal products particularly day old chicks, milk, maize, fermented black tea and sugar.

Middle East and Asia were the second and third top destinations taking up 25.3% and 19.1% of Uganda’s total exports, respectively.

Merchandise Imports8

Merchandise worth US$ 779.66 million was imported in April 2023, representing a decline of 15.1% compared to the US$ 918.74 recorded the previous month. The decline was registered for both Government and private sector imports.

However, the value of imports was 35% higher in April 2023 compared to the same month the previous year, on account of significantly higher private sector imports. This follows increased economic activity over the period of analysis. Imports that registered a significant increase include mineral products (excluding petroleum products), textile and textile products, vegetable products, animal, beverages, fats & oil.

Origin of Imports

In April 2023, Asia continued to be the largest source of imports, accounting for 21.4% of the total. China and India accounted for 70.7% of imports from Asia. Asia was followed by the EAC and the Rest of Africa, which accounted for 26.6% and 18.0% of the total imports, respectively. Within the EAC, Tanzania, Kenya and DRC contributed 47.3%, 32.3% and 14.5% of the total imports from the region, respectively.

Trade Balance by Region

The trade surplus with EAC continues to narrow as shown in Table 3 due to an increase in the import bill stemming from the importation of mineral products from the region.

The resumption of exportation of Gold products in FY 2022/23 has equally resulted in trade surpluses with the Middle East.

Merchandise Trade Balance by Region (US$ Million) [Source: BOU]
Region Apr 2022 Mar 2023 Apr 2023
European Union 27.33 35.18 24.49
Rest of Europe 0.75 -8.05 -5.22
Middle East -135.59 75.33 23.65
Asia -232.57 -189.79 -155.58
EAC 116.09 21.91 4.73
Rest of Africa -6.59 -158.75 -126.09
Other Countries -8.71 -13.48 -6.77

Fiscal Developments9

Government operations in May 2023 resulted in a fiscal deficit of Shs 1,425.44 billion. This is higher than the Shs 833.86 billion deficit that had been programmed for the month. The higher deficit was due to a combination of shortfalls in revenues and higher than programmed expenditure for the month as illustrated in table 4.

Summary Table of Fiscal Operations May 2023 (UShs Billion) [Source: MOFPED]
Shs Billion Program Outturn Performance Deviation
Revenues and grants 2,151.11 2,074.17 96.4% -76.94
      Revenues 2,047.38 2,029.65 99.1% -17.72
            Tax 1,894.23 1,882.6 99.4% -11.64
            Non-tax 153.14 147.05 96.0% -6.09
      Grants 103.74 44.52 42.9% -59.22
                  o/w Project support 103.74 44.52 42.9% -59.22
Expenditures and lending 2,984.98 3,499.61 117.2% 514.63
      Current expenditures 1,881.04 2,527.1 134.3% 646.06
            Wages and salaries 527.7 559.38 106.0% 31.68
            Interest payments 401.53 548.93 136.7% 147.4
                  o/w domestic 362.32 509.72 140.7% 147.4
                  o/w external 39.21 39.21 100.0% 0
            Other recurrent expenditure 951.81 1,418.79 149.1% 466.98
      Development expenditures 1,051.06 966.3 91.9% -84.76
            Domestic 569.67 751.75 132.0% 182.07
            External 481.39 214.56 44.6% -266.83
      Net lending/repayments 23.81 0 0.0% -23.81
                  o/w HPP GoU 0 0 __ 0
      HPP Exim 23.81 0 0.0% -23.81
      Domestic arrears repayment 29.06 6.2 21.3% -22.85
Domestic fiscal balance -833.86 -1,425.44 __ __

Domestic Revenues

Government had projected domestic revenue collections worth Shs 2,047.38 billion for May 2023. However, the outturn turned out lower than planned. Domestic revenue collections amounted to Shs 2,029.65 billion, of which Shs 1,882.60 billion was tax revenue while Shs 147.05 billion was non-tax revenue.

The shortfall in total domestic revenue was on account of both tax revenue and non-tax revenue which were below their respective targets for the month by Shs 11.64 billion and Shs 6.09 billion. The shortfall in tax revenue was mainly due to indirect taxes which were short of their target by Shs 107.13 billion, thereby offsetting the Shs 97.95 billion and Shs 2.5 billion surpluses registered for direct taxes and taxes on international trade, respectively.

Expenditure

Government expenditure during May 2023 amounted to Shs 3,499.61 billion, which was higher than the planned Shs 2,984.98 billion for the month. This performance was mainly on account of higher than planned spending on non-wage recurrent items, domestically financed development projects, interest payments and wages & salaries during the month.

Expenditure on non-wage recurrent items amounted to Shs 1,418.79 billion, which is 49.1% higher than the planned Shs 951.81 billion. This followed an increase in absorption by majority of the MDAs in a bid to accomplish all their work plans before close of the financial year. For this same reason, expenditure on domestically financed development projects was higher than planned for the month by Shs 182.07 billion. Majority of the funds under this category went to the works sector, mainly Uganda National Roads Authority which received approximately Shs 300 billion during the month.

Expenditure on wages and salaries amounted to Shs 559.38 billion against a plan of Shs 527.70 billion for the month. This followed payment of some civil servants whose wages and salaries had been pending from the previous months.

Domestic interest payments continue to be higher than planned mainly because of the increase in interest rates during the financial year.

East Africa Community Developments

EAC Inflation10

Domestic prices in Rwanda, Tanzania and Uganda slowed down in May 2023 with annual headline inflation rates recorded at 22.4%, 4.0%, and 6.2% from 28.4%, 4.3% and 8.0% recorded in the year ended April 2023, respectively. The slowdown was mainly driven by the reduced pace of increase in prices for food; as well as a reduction in fuel prices. On the other hand, Kenya’s annual headline inflation increased slightly from 7.9% in April to 8.0% in May 2023 on account of higher prices for food and non-alcoholic beverages.

EAC Exchange Rates11

Whereas the Ugandan Shilling recorded an appreciation between April and May 2023, the currencies of all other EAC partner states depreciated against the US dollar. Burundi recorded the highest depreciation rate of 30.7% due to a shortage in reserves, followed by Kenya (2.1%), Rwanda (1.2%) and Tanzania (0.2%).

Trade Balance with EAC12

Uganda registered a trade surplus with Kenya, Rwanda, South Sudan, Congo and a deficit with Burundi and Tanzania in April 2023 as shown in figure 25. Trade with South Sudan, Uganda’s third top export destination in the region, registered the highest surplus amounting to US$ 43.01 million. Kenya was Uganda’s main trade partner in the region and took up the largest share (35.7%) of her exports to the region. In April 2023, Uganda registered a deficit with Burundi for the first time since December, 2020. This was on account of the importation of mineral products and unprocessed Robusta coffee from Burundi that significantly increased the import bill.

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 comes with a month lag.↩︎

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

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

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

  6. Other Countries include: Australia and Iceland.↩︎

  7. Others include: Australia and Iceland.↩︎

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

  9. Fiscal data is preliminary.↩︎

  10. Data for Burundi and Democratic Republic of Congo not readily available.↩︎

  11. Recent data for Democratic Republic of Congo and South Sudan not readily available.↩︎

  12. Data on trade with the EAC has a one-month lag.↩︎