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 and prospects about business conditions continued to recover although at a slower pace as shown by the high-frequency indicators of economic activity (CIEA, PMI and BTI).
The Composite Index of Economic Activity (CIEA) increased by 1.5% to 159.54 in June 2023 from 157.19 in May 2023. This was mainly driven by an increase in output from the agriculture and industry sectors.
The Purchasing Managers’ Index (PMI) remained above the threshold of 50, signaling a sustained improvement in business conditions. However, it reduced to 53.9 in July 2023 from 56.4 the previous month but maintained its position above the series average of 52.6 since its inception (June 2016).
Investors’ sentiments about doing business in the country remained optimistic as shown by the Business Tendency Index (BTI), which increased to 64.21 in July 2023 from 62.24 the previous month.
Headline inflation reduced further to 3.9% in July 2023 from 4.9% recorded June 2023. This was mainly on account of a reduction in transportation costs as well as a continued slow-down in the rate at which prices for manufactured foods and food crops were increasing when compared to the same month a year back.

Financial Sector

During July 2023, the Shilling appreciated by 1.3% against the US dollar, trading at an average mid-rate of Shs 3,661.23 per USD from Shs 3,707.79 per USD the previous month. This was mainly on account of an increase in offshore portfolio inflows, the global weakening of the US Dollar, a tight monetary policy environment and the liquidation of foreign currency by corporate companies in order to meet their financial obligations to the Uganda Revenue Authority (URA) during the month.
The weighted average lending rates for Shilling-denominated credit reduced from 20.14% in May 2023 to 18.41% in June 2023. This was partly due to an increase in prime borrowers who received credit at lower rates owing to their good credit rating with banks.
The stock of total outstanding Private Sector Credit declined by 0.6% to Shs. 20,407.3 billion in June 2023 from Shs. 20,530.5 billion in May 2023. This decline was partly attributed to the valuation loss of foreign credit brought about by the appreciation of the Shilling against the US dollar in June 2023.
Treasury Bill yields for the 91-day tenor remained unchanged at 9.8% in July 2023. However, the yields for the 182-day and 364-day tenors fell from 11.7% and 12.3% in June to 11% and 12% respectively in July largely due to increased demand for Government securities.

External Sector

During June 2023, Uganda’s trade deficit with the rest of the world narrowed by 12.3% to USD 247.43 million from USD 282.08 million in May 2023. This was on account of an increase in export receipts which more than offset the rise in the import bill during the month.
Uganda exported merchandise worth USD 650.57 million in June 2023. This represented an 11.1% increase when compared to USD 585.81 million exported during May 2023. This increase was mainly on account of higher export earnings from beans, maize, cotton and gold registered during the month.
The value of merchandise imports increased by 3.5% from USD 867.89 million in May 2023 to USD 898.0 million in June 2023. This growth was largely attributed to higher private sector imports, particularly animals and animal products, petroleum products, vegetable products, beverages, fats & oils, as well as textiles and textile products.

Fiscal Sector

Government operations during the month of July 2023 resulted into an overall fiscal deficit worth Shs 486.16 billion, this was higher than the Shs 438.13 billion programmed for the month as revenue and grants received fell short of their targets during the month.
Domestic revenue collections in July 2023 amounted to Shs 1,834.71 billion hence a 96.4% performance rate against the Shs 1,903.10 billion target for the month. Of the total collections, Shs 1,734.69 billion was tax while Shs 100.06 billion was non-tax revenue collections as all the main tax heads registered shortfalls during the month.
Government expenditure during the month amounted to Shs 2,339.97 billion. This was lower than the planned Shs 2,433.64 billion, mainly driven by lower-than-anticipated expenditure for externally financed development projects during the month.

East African Community

Inflation slowed in Uganda, Kenya, Rwanda and Tanzania in July 2023. This was attributed to a continued reduction in fuel prices as well as reduced food prices resulting from increased supply as weather conditions improved.
All currencies of the EAC Partner States for which data was available recorded depreciations against the US dollar except for the Ugandan Shilling which appreciated by 1.3%. Rwanda recorded the highest depreciation rate at 2% followed by Kenya and Tanzania at 1.3% and 1% respectively.
In June 2023, Uganda registered a trade deficit with the EAC amounting to USD 21.03 million. This was higher than the USD 6.63 million deficit recorded in May 2023. The increase in the trade deficit was largely on account of a decline in exports to the region during the month.

Real Sector Developments

Inflation

In July 2023, annual headline inflation reduced further to 3.9% from 4.9% the previous month. This was mainly on account of a reduction in transportation costs as well as a continued slow-down in the rate at which prices for manufactured foods and food crops were increasing when compared to the same month a year back. Consequently, both core and food crop inflation declined as shown in Figure 1 and 2.

Annual core inflation remained below the BOU’s 5% target and continued to decline reaching 3.8% in July 2023 from 4.8% in the previous month. This was mainly driven by a reduction in transportation costs as well as a general slowdown in the rate at which prices of manufactured foods were increasing. Manufactured foods such as rice, maize flour, cassava flour, wheat flour and related baked products registered significant slowdowns in price increments while prices of other manufactured foods like whole grain maize, sorghum grains, millet flour, refined oil, and salt, actually reduced. Additionally, fares for long distance bus transportation, taxi transportation as well as motor cycle transportation all registered significant decreases when compared to the same period a year back.

Annual food and related items inflation also declined significantly to 9.3% from 12.3% the previous month as several food crops continued to register either reductions in prices or slowdowns in price increases. This was supported by the favorable weather conditions which increased food supplies on the market. Foods such as; avocados, bananas, groundnuts, green leafy vegetables, beans, peas, carrots, irish potatoes, whole cassava and matooke all registered slowdowns in price increments while prices of pawpaws, pineapples, oranges, tomatoes, cucumbers, green peppers, garlic and sweet potatoes declined when compared to the same period a year back.

Annual Energy, Fuels and Utilities (EFU) basket of goods and services posted a deflation of -1.6% in July 2023. This was slower than the deflation of -3.1% recorded in the previous month implying that general prices within the EFU basket of goods and services continued to decline when compared to the same period a year back albeit at a slower pace.The slower deflation during the month was driven by an increase in prices of charcoal and firewood following the recent ban on charcoal making in efforts to combat intense deforestation and support climate change mitigation in the country. Consequently, charcoal and firewood prices increased by 20.1% and 24.3% respectively in July 2023 compared to an increase of 7.6% and 6.1% respectively in June 2023.

Nonetheless, the negative EFU inflation remained supported by the reduction in both domestic petrol and diesel prices in line with the downward trend of international oil prices. Petrol and diesel price indices decreased further by 21.2% and 20% respectively in July 2023 compared to a decline of 14.7% and 16.5% respectively in the previous month.

There was a continued pickup in economic activity during the month although at a slower pace as shown by the high-frequency indicators of economic activity (CIEA, PMI and BTI).

The Composite Index of Economic Activity (CIEA) improved further by 1.5% to 159.54 in June 2023 from 157.19 in May 2023, indicating an improvement in the level of economic activity. Growth in the CIEA was largely attributed to better performance in the agriculture and industry sectors.

The Purchasing Managers’ Index remained above the 50 mark signaling a sustained improvement in business conditions. Nonetheless, it reduced to 53.9 in July 2023 from 56.4 the previous month but maintained its position above the series average of 52.6 since its inception (June 2016). Improvements in output and new orders in the monitored sectors of the PMI remained the key drivers of the index feeding through to higher purchasing activity and higher employment.

At the same time however, the data highlighted an upward pressure in both purchase prices and staff costs as purchase costs for items such as food products, building materials, and land were reported to have increased.

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

Business Perceptions

Investors remained optimistic about the business environment during the month especially in the construction, manufacturing, wholesale trade, and agriculture sectors.

This is shown by the Business Tendency Index (BTI) which remained above the 50-mark threshold increasing to 64.21 in July 2023 from 62.24 the previous month. Key indicators measured by the index show that the business community was more optimistic about the present business situation, order volumes by suppliers, the financial situation and business conditions in the next three months, hence maintaining a positive outlook of the economy.

Financial Sector Developments

Exchange Rate Movements

During July 2023, the Shilling appreciated by 1.3% against the US dollar, trading at an average mid-rate of Shs 3,661.23 per USD from Shs 3,707.79 per USD the previous month. This was mainly on account of an increase in offshore portfolio inflows, the global weakening of the US Dollar, a tight monetary policy environment and the liquidation of foreign currency by corporate companies in order to meet their financial obligations to the Uganda Revenue Authority (URA) during the month.

On the other hand, the Shilling weakened against the Euro and Pound Sterling in July 2023, posting depreciation rates of 0.9% and 0.8% respectively.

Interest Rate Movements

Bank of Uganda maintained the Central Bank Rate (CBR) at 10.0% in July 2023. The decision was made based on the assessment that while inflation was declining, there were still significant risks to the economic outlook. By keeping the CBR at 10%, BOU aimed to maintain price stability while at the same time supporting the ongoing economic recovery.

Lending Rates²

The weighted average lending rates for Shilling-denominated credit reduced from 20.14% in May 2023 to 18.41% in June 2023. The decline in lending rates was partly due to an increase in prime borrowers who were able to access credit at lower rates owing to their good credit rating with banks.

On the other hand, the lending rates for foreign currency-denominated credit increased to 8.83% in June 2023, up from 8.50% recorded in the previous month.

Government Securities

During the month of July 2023, three primary market auctions for securities were undertaken. A total of Shs 1,087.90 billion (at cost) was raised. Of this, Shs 561.62 billion was from Treasury Bills while Shs 526.28 billion was from Treasury Bonds. Of the amount raised, securities worth Shs. 335.29 billion were issued for the refinancing of maturing debt whilst Shs 752.60 billion went towards financing other items in the Government budget.

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
FY 2022/23	11,334.2	3,928	7,406.2
July 2023	1,087.9	335.3	752.6
FY 2023/24 to date	1,087.9	335.3	752.6

Annualised Yields (Interest Rates) on Treasury Bills

There was a general decline in yields of treasury instruments during the month of July. Whereas the yield on the 91-day treasury bill was unchanged at 9.8%, yields for the 182-day and 364-day tenors fell from 11.7% and 12.3% in June 2023 to 11% and 12%, respectively. The decline in yields for these instruments was largely due to increased demand for Government securities during the month.

All auctions for Treasury Bills were oversubscribed, with the average bid to cover ratio being recorded at 3.09 in July 2023.

Yields on Treasury Bonds

During the month, Government issued two T-bond instruments with tenors of 3 years and 20 years. The Yield to Maturity for the 3-year tenor decreased to 13.5% in July from the 14.0% recorded in June. Similarly, the Yield to Maturity for the 20-year tenor lowered to 15%, from 16.25% reported in the previous issuance.

Outstanding Private Sector Credit³

The stock of total outstanding Private Sector Credit declined by 0.6% to Shs 20,407.3 billion in June 2023 from Shs 20,530.5 billion in May 2023. This decline was partly attributed to the valuation loss of foreign credit brought about by the appreciation of the Shilling against the US dollar in June 2023.

Of the total stock in June 2023, Shs 14,315.8 billion was Shilling-denominated credit while Shs 6,091.6 billion was foreign currency-denominated credit.

Credit Extensions⁴

In June 2023, the total value of credit approved for disbursement was Ushs 1,180.7 billion, a decline of 0.2% from Ushs 1,557.1 billion the previous month. This translated into an approval rate of 62.8%, which was lower than the approval rate of 67.6% registered in May 2023. The reduction in the value of approved credit in June was mainly attributed to risk aversion among commercial banks, driven by an increase in the ratio of Non-Performing Loans to total gross loans from 5.57% in May 2023 to 5.93% in June 2023.

During the month, personal and household loans; agriculture; building, construction & real estate and trade accounted for the largest share of credit extended to the private sector at 23.7% (Ushs 279.3 billion), 20.4% (Ushs 240.5 billion), 19.9% (Ushs 234.4 billion) and 16.8% (Ushs 198.4 billion) respectively.

External Sector Developments

Merchandise Trade Balance⁵

During June 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 May and June 2023, the merchandise trade deficit narrowed by 12.3% from USD 282.08 million to USD 247.43 million.

Year-on-year, the merchandise trade deficit narrowed by 32.2% from USD 365.11 million in June 2022 to USD 247.43 million in June 2023.

Merchandise Exports⁶

In June 2023, Uganda exported merchandise worth USD 650.57 million. This represented an 11.1% increase when compared to USD 585.81 million exported during May 2023. This increase was mainly on account of higher export earnings from beans, simsim, cotton and gold registered during the month.

Coffee export receipts during the month amounted to USD 90.56 million, a 23.6% increase from USD 73.26 million in May 2023. This growth was mainly attributed to the rising international price of Robusta coffee which prompted exporters to off-load coffee from their warehouses for sale.

In comparison to the same month the previous year, merchandise exports grew by 78.2% from USD 365.13 million in June 2022 to USD 650.57 million in June 2023. This was largely attributed to increased export earnings from maize, simsim, gold and hides and skins.

Merchandise Exports by Product (US$ Million) [Source: BOU and MOFPED Calc.]
Product	Jun-2022	May-2023	Jun-2023	Jun-2023 vs Jun-2022 % Change	Jun-2023 vs May-2023 % Change
Total Exports	365.13	585.81	650.57	78.18	11.06
Coffee
Value Exported	83.79	73.26	90.56	8.08	23.62
Volume Exported (Millions of 60 Kg Bags)	0.53	0.45	0.56	6.31	24.42
Average Unit Value (US$ per Kg of Coffee)	2.63	2.69	2.68	1.66	-0.64
Non-Coffee Formal Exports	239.64	464.92	511.31	113.36	9.98
of which:
Mineral Products	0	200.7	253.29	Inf	26.2
Cotton	3.43	2.33	2.95	-14.21	26.52
Tea	8.4	9.43	8.74	4.02	-7.31
Tobacco	3.12	4.9	3.67	17.55	-25.19
Fish & Its Prod. (Excl. Regional)	13.18	9.77	10.67	-19.04	9.21
Simsim	1.13	1.29	1.92	69.47	48.05
Maize	4.52	10.51	12.19	169.78	15.96
Beans	12.15	2.4	4.78	-60.64	98.86
Flowers	5.6	6.62	6.89	23.15	4.02
Oil Re-Exports	11.35	12.19	13.37	17.71	9.6
Base Metals & Products	16.3	37.38	22.12	35.7	-40.84
ICBT Exports	41.69	47.64	48.7	16.81	2.24

Destination of Exports⁷

In June 2023, the EAC remained the top destination of Uganda’s exports, accounting for 33.9% of the total market share. Within the EAC region, the top three destinations for Uganda’s exports were Kenya, South Sudan, and Democratic Republic of Congo, taking up 31.4%, 25.7%, and 24.7% of the total exports respectively. Asia and the Middle East emerged as the second and third top destinations for Uganda’s exports, accounting for 32.8% and 13.8% respectively.

It is worth noting that Uganda’s export earnings from Asia significantly increased from USD 28.12 million in June 2022 to USD 213.53 million in June 2023, owing to the increase in gold exports to the region.

Merchandise Imports⁸

The value of merchandise imports increased by 3.5% from USD 867.89 million in May 2023 to USD 898.0 million in June 2023. This growth was largely attributed to higher private sector imports, particularly animals and animal products, petroleum products, vegetable products, beverages, fats & oils, as well as textiles and textile products.

Comparison with the same month last year shows that merchandise imports grew by 23.0% from USD 730.24 million in June 2022, to USD 898.0 million in June 2023. This increase was mainly driven by increased import volumes for mineral products (excluding petroleum products), vegetable products, animals, beverages, and fats & oils, among others.

Origin of Imports

In June 2023, Asia remained Uganda’s largest source of imports, accounting for 36.9% of the total imports. Within Asia, China and India were the major contributors, accounting for 74.4% of the imports from the region.

Other notable regions included the EAC, the Middle East, and the Rest of Africa, which accounted for 26.9%, 15.3%, and 10.5% of the total imports respectively. Within the EAC region, Tanzania and Kenya emerged as the lead sources of Uganda’s merchandise imports, accounting for 62.5% and 33.5% of the total imports, respectively.

Trade Balance by Region

In June 2023, Uganda traded at deficits with Asia, Rest of Africa, the Middle East, the EAC and Rest of Europe at USD 117.72 million, USD 69.59 million and USD 48.28 million, USD 21.03 million and USD 1.74 million respectively.

On the other hand, a trade surplus of USD 23.69 million was registered with the European Union.

Merchandise Trade Balance by Region (US$ Million) [Source: BOU]
Region	Jun 2022	May 2023	Jun 2023
European Union	29.29	15.1	23.69
Rest of Europe	-3.95	-4.13	-1.74
Middle East	-160.5	1.64	-48.28
Asia	-295.29	-204.48	-117.72
EAC	85.63	-6.63	-21.03
Rest of Africa	7.67	-70.31	-69.59
Other Countries	-27.97	-13.27	-12.76

Fiscal Developments⁹

Preliminary data shows that Government operations during the month of July 2023 resulted into a fiscal deficit worth Shs 486.16 billion, higher than the Shs 438.13 billion programmed for the month. The higher-than-planned deficit was on account of shortfalls registered for revenue and grants received during the month as shown in Table 4.

Summary Table of Fiscal Operations July 2023 (UShs Billion) [Source: MOFPED]
Shs Billion	Program	Prel. Outturn	Performance	Deviation
Revenues and grants	1,995.5	1,853.8	92.9%	-141.7
Revenues	1,903.1	1,834.75	96.4%	-68.35
Tax	1,817.96	1,734.69	95.4%	-83.27
Non-tax	85.15	100.06	117.5%	14.91
Grants	92.4	19.05	20.6%	-73.35
o/w Project support	89.52	19.05	21.3%	-70.47
Expenditures and lending	2,433.64	2,339.97	96.2%	-93.67
Current expenditures	1,982.88	2,130.02	107.4%	147.14
Wages and salaries	608.2	539.16	88.6%	-69.04
Interest payments	501.22	501.22	100.0%	0
o/w domestic	295.07	295.07	100.0%	0
o/w external	206.14	206.14	100.0%	0
Other recurrent expenditure	873.47	1,089.65	124.7%	216.18
Development expenditures	406.32	160.91	39.6%	-245.41
Domestic	100	102.59	102.6%	2.59
External	306.32	58.32	19.0%	-248
Net lending/repayments	0	0	__	0
o/w HPP GoU	0	0	__	0
HPP Exim	0	__	__	0
Domestic arrears repayment	44.43	49.03	110.3%	4.59
Domestic fiscal balance	-438.13	-486.16	__	__

Domestic Revenues

Domestic revenue collections for the month of July 2023 amounted to Shs 1,834.75 billion thus posting a 96.4% performance rate against the Shs 1,903.10 billion target for the month. Of the total collections, Shs 1,734.69 billion was tax while Shs 100.06 billion was non-tax revenue collections.

All three main tax heads (direct, indirect, and international trade taxes) registered shortfalls during the month. Direct domestic tax collections during the month amounted to Shs 537.38 billion, a 99.2% performance rate against the planned Shs 541.52 billion. This performance was mainly on account of lower-than-planned collections for Corporate Tax, and Withholding Tax which more than offset the surplus registered for PAYE collections.

Similarly, indirect domestic tax collections posted a 94.6% performance (Shs 506.66 billion) against the planned Shs 535.64 billion as both VAT and excise duty fell short of their respective targets by Shs 22.33 billion and Shs 6.65 billion for the month. This was partly on account of lower than projected sales for goods such as sugar, wines & spirits, soft drinks etc; on which these taxes are collected. Taxes on international trade amounted to Shs 733.63 billion during the month, hence the Shs 52.38 billion shortfall against the programmed Shs 786.01 billion. This performance was mainly on account of lower-than-anticipated collections for VAT on imports as import volumes were less than anticipated at the time of programming.

Non-tax revenue collections for the month amounted to Shs 100.06 billion against a target of Shs 85.15 billion. This performance is attributed to continued improvement in the efficiency of collections following the decision to have URA collect non-tax revenue on behalf of MDAs.

Expenditure

Preliminary data shows that Government expenditure in July 2023 amounted to Shs 2,339.97 billion, which was lower than the planned Shs 2,433.64 billion for the month. This performance was mainly driven by lower-than-anticipated expenditure for externally financed development projects during the month.

Development expenditures during the month amounted to Shs 160.91 billion. Of this, Shs 102.59 billion was domestically funded while Shs 58.32 billion was externally funded spending on development projects. On the other hand, non-wage recurrent expenditure was higher than programmed by Shs 216.18 billion as Shs 500.0 billion was spent towards settling Government’s obligations with the Bank of Uganda.

East Africa Community Developments

EAC Inflation¹⁰

Within the EAC region, inflation slowed in Uganda, Kenya, Rwanda and Tanzania. It slowed from 4.9% to 3.9% in Uganda, 7.9% to 7.3% in Kenya, 3.6% to 3.3% in Tanzania and 20.4% to 17.3% in Rwanda. This remained attributed to a reduction in fuel 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 except for the Ugandan Shilling which appreciated by 1.3%. Rwanda recorded the highest depreciation rate at 2% followed by Kenya and Tanzania at 1.3% and 1.0% respectively.

Trade Balance with EAC¹²

During June 2023, Uganda registered a trade deficit with the EAC amounting to USD 21.03 million. This was higher than the USD 6.63 million deficit recorded in May 2023.

The increase in the trade deficit was on account of a decline in export receipts during the month. Total export receipts to the EAC amounted to USD 220.70 million in June 2023 down from USD 239.50 million the previous month. The import bill also slightly dropped from USD 241.73 million in June 2023 from USD 246.13 million the previous month.

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.↩︎

July 2023

Performance of the Economy Report

Ministry of Finance, Planning and Economic Development

2023-08-25