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

Overall, economic activity as well as prospects about business conditions continued to improve as shown by the high-frequency indicators of economic activity (CIEA, PMI and BTI).
The Composite Index of Economic Activity (CIEA) increased by 0.65% from 161.52 in September 2023 to 162.57 in October 2023. This increase signaled a sustained improvement in economic activity.
The Purchasing Managers’ Index (PMI) increased from 52.4 in October 2023 to 53.4 in November 2023 and has remained above the 50.0 threshold mark for the thirteenth month running signaling a sustained improvement in business conditions in the Ugandan private sector.
Sentiments about doing business in Uganda continued to be positive though with a lower level of optimism during the month as shown by the Business Tendency Index (BTI) which reduced from 59.59 in October 2023 to 58.48 in November 2023.
Annual headline inflation increased slightly from 2.4% in October 2023 to 2.6% in November 2023, majorly driven by an increase in annual inflation for energy, fuel & utilities. Annual Core inflation remained unchanged in November compared to October, while annual Food Crops and Related Items Inflation slowed down over the same period.

Financial Sector

The Uganda Shilling continued to weaken against the US Dollar, depreciating by 0.7% to UShs 3,782.03/USD in November 2023 from UShs 3,755.63/USD in October 2023. This was mainly driven by strong dollar demand by corporate companies that outcompeted supply during the month.
In November 2023, yields (interest rates) edged upwards for the 91-day bill but remained largely unchanged for the other tenors. The annualized yields for the 91-days, 182-days and 364-days tenors for November were 9.7%, 12.4% and 12.8% compared to 9.3%, 12.4% and 12.9% in October, respectively.
Commercial banks’ shilling denominated lending rates slightly reduced to a weighted average of 18.9% in October from 18.95% in September 2023, in line with the reduction in inflation over that period. Similarly, foreign currency denominated lending rates reduced from a weighted average of 9.0% in September, to 8.7% in October 2023.
The value of credit approved increased from UShs 1,094.2 billion in September to UShs 1,384.5 billion in October 2023. Personal loans and household loans continued to dominate the largest share of credit approved at 21.6% of total, followed by trade at 20.2% , building, construction and real estate at 20.0% and manufacturing at 18.6 %.

External Sector

During October 2023, Uganda’s merchandise trade deficit with the Rest of the World narrowed both on a monthly and annual basis, owing to a decrease in the import bill and an increase in export receipts. Between September and October 2023, the merchandise trade deficit narrowed by 35.1% from USD 293.52 million to USD 190.58 million.
Uganda exported merchandise worth USD 688.69 million in October 2023. This represented an 8.96% increase in comparison to USD 632.06 million exported in September 2023. This increase was majorly attributed to higher export earnings from gold, tobacco, maize, simsim, tea, fish and its products, hides and skins, electricity and oil re-exports.
The value of merchandise imports decreased by 5.0% from USD 925.58 million in September 2023 to USD 879.27 million in October 2023. This decrease was largely attributed to lower private sector imports, particularly petroleum products, machinery equipments, vehicles & accessories among others.

Fiscal Sector

Fiscal operations in November 2023 resulted in a deficit of UShs 1,159.78 billion which is higher than the UShs 789.73 billion that had been anticipated. The higher deficit was due to a combination of lower than targeted domestic revenues and higher than programmed government expenditure for the month.
Domestic revenue collections amounted to UShs 2,131.41 billion in November 2023. This was lower than the UShs 2,251.41 billion target for the month mainly on account of shortfalls in tax revenue which more than offset the surplus in non-tax revenue.
Government expenditure in November 2023 amounted to UShs 3,378.46 billion. This was against a programmed expenditure of UShs 3,197.40 billion. The higher than programmed spending (by 5.7%) was registered under both current and capital expenditure categories.

East African Community

Annual headline inflation slowed down for Kenya and Rwanda, while it remained unchanged at 3.2% for Tanzania in November 2023 compared to the previous month. Rwanda’s annual headline inflation reduced to 9.4% in November from 12.9% in October 2023. Kenya’s inflation reduced slightly to 6.8% from 6.9% over the same period.
Like Uganda, majority of the EAC currencies registered depreciations against the US Dollar in November following its continued global strengthening. The Kenyan shilling, Tanzanian Shilling and Rwandan Franc depreciated by 1.7%, 0.3% and 1.1% respectively.
In October 2023, Uganda traded at a surplus worth USD 57.51 million with EAC, an improvement from last months value of USD 10.18 million. This surplus was on account of a reduction in imports (by USD 15.12 million) and an increase in exports (by USD 32.21 million).

Real Sector Developments

Inflation

Headline inflation increased slightly from 2.4% in October 2023 to 2.6% in November 2023, majorly driven by an increase in annual inflation for energy, fuel & utilities. Annual Core inflation remained unchanged in November compared to October 2023 while annual Food Crops and Related Items Inflation slowed down over the same period as shown in Figure 1 below.

Annual core inflation remained unchanged at 2.0% for the year ending November 2023, the same rate registered for the year ended October 2023. None the less, annual services inflation increased between the two months majorly driven by an increase in prices for child delivery services and special hire in November 2023 compared to the same month last year, while annual other goods inflation slowed down mainly on account of a reduction in the cost of maize flour, sugar and rice among others.

Annual inflation for food crops and related items decreased to 6.4% in November 2023 compared to 6.6% in October 2023. This was mainly on account of a reduction in prices for Onions, Irish potatoes and mangoes among others compared to November 2022.

Annual Energy, Fuel and Utilities’ inflation continued to increase to 4.3% for the year ending November 2023, compared to 2.2% for the year ended October 2023. Particularly, prices went up for kerosene (paraffin), firewood and charcoal in November 2023 compared to the same month last year because of the policy decision to suspend charcoal production.

Economic Activity

Overall, 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).

The Composite Index of Economic Activity (CIEA) increased by 0.65% from 161.52 in September 2023 to 162.57 in October 2023. This increase signaled a sustained improvement in economic activity.

The Purchasing Managers’ Index (PMI) increased from 52.4 in October 2023 to 53.4 in November 2023 and has remained above the 50.0 threshold mark for the thirteenth month running to signal a sustained improvement in business conditions in the Ugandan private sector.

This increase in the PMI is partly attributed to the rise in customer numbers, which helped to drive the expansion in new orders. With both output and new orders rising for the sixteenth consecutive month because of solid consumer demand, hiring increased for the eight-month running, with firms hiring more staff on temporary basis to handle increased orders and purchasing activity as well as to address backlogs.

With the increase in demand and companies increasing output accordingly, activity rose across four (construction, industry, services, agriculture) of the five monitored sectors, the exception being wholesale & retail.

Business Perceptions

Sentiments about doing business in Uganda continued to be positive though with a lower level of optimism during the month as shown by the Business Tendency Index (BTI) which reduced from 59.59 in October 2023 to 58.48 in November 2023.

The reduction in optimism is partly explained by the negative perceptions of doing business in the wholesale trade sector. Investors were also less optimistic in the construction, manufacturing and services sectors but more optimistic about the agricultural sector.

Financial Sector Developments

Exchange Rate Movements

The Uganda Shilling continued to weaken against the US Dollar, depreciating by 0.7% to UShs 3782.03/USD in November from UShs 3755.63/USD in October 2023. This was mainly driven by strong dollar demand by corporate companies that outcompeted supply during the month thus exerting depreciation pressures on the shilling.

Similarly, the shilling depreciated against both the Pound Sterling and the Euro by 2.8% and 3.0% respectively over the same period. See Figure 6.

Interest Rate Movements

In November, the Central Bank Rate (CBR) remained unchanged at 9.5% as agreed by the Monetary Policy Committee the previous month. The committee considered that the prevailing monetary policy stance was sufficient to keep inflation around its medium term target of 5% while supporting economic stability to encourage saving, investment, economic growth, competitiveness and socioeconomic transformation.

Lending Rates²

Commercial banks’ shilling denominated lending rates slightly reduced to a weighted average of 18.9% in October from 18.95% in September 2023, in line with the reduction in inflation over that period. Similarly, foreign currency denominated lending rates reduced from a weighted average of 9.0% in September, to 8.7% in October 2023.

Government Securities

There were two treasury bill auctions, two treasury bond auctions in the domestic primary market in November 2023, from which a total of UShs 1,523.65 billion was raised. UShs 831.95 billion was raised from treasury bills while UShs 691.71 billion was from the treasury bond issuance. UShs 675.37 billion of the total amount went towards refinancing maturing domestic debt in the month, while the remainder of UShs 848.28 billion was used for financing other items in the 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 2022/23	11,334.2	3,928	7,406.2
November 2023	NA	848.3	675.4
FY 2023/24 to date	5,410.5	2,982.2	3,952

Annualised Yields (Interest Rates) on Treasury Bills

In November 2023, yields (interest rates) edged upwards for the 91-day bill but remained largely unchanged for the other tenors. The annualized yields for the 91-days, 182-days and 364-days tenors for November were 9.7%, 12.4% and 12.8% compared to 9.3%, 12.4% and 12.9% in October 2023, respectively.

All auctions for treasury bills were oversubscribed, with the average bid to cover ratio being recorded at 2.91 in November 2023.

Yields on Treasury Bonds

Under the treasury bond auctions, a total of four instruments were issued of 2-year tenor, 10-year tenor, 5-year tenor and 15-year tenor. In comparison to the previous issuance of similar securities, the yields generally edged downwards save for the 10-year tenor whose yield rate remained unchanged at 15.0%, same rate recorded in August 2023 when it had been last issued. Yields reduced to 13.0%, 14.5% and 16.0% in November 2023 from 13.6%, 15.2% and 16.3% for the 2-year bond, 5-year bond and 15-year bond when they were last issued, respectively.

The overall downward trend in yield rates is majorly on account of the moderation in inflation and sufficient liquidity in the money market.

Outstanding Private Sector Credit³

The stock of outstanding private sector credit reduced by 0.4% from UShs 21,167.443 billion in September 2023 to UShs 21,091.719 billion in October 2023 explained by an increase in loan repayments as new credit approved increased over the same period. Particularly, the stock of Shilling denominated credit reduced to UShs 14,730.43 billion in October 2023 from UShs. 14,871.42 billion the previous month, while the stock of forex denominated credit in shilling equivalent increased by 1.0% to UShs 6,361.29 billion from UShs 6,296.03 billion over the same period. (see Figure 11).

Credit Extensions⁴

The value of credit approved increased from UShs 1094.2 billion in September to UShs 1,384.5 billion in October 2023 following the sustained improvement in economic activity. The rate of loan approval also improved from 53.5% in September 2023 to 63.3% in October 2023.

As was the case in September 2023, personal loans and household loans continued to dominate the largest share of credit approved in October 2023 at 21.6% of total, followed by trade at 20%, building, construction and real estate at 20.0% and manufacturing at 18.6%. The share approved towards the manufacturing sector which is a key driver of growth, significantly increased from 7.3% in September to 18.6% in October 2023.

External Sector Developments

Merchandise Trade Balance⁵

During October 2023, Uganda’s trade deficit with the Rest of the World narrowed both on a monthly and annual basis. Between September and October 2023, the merchandise trade deficit narrowed by 35.1% from USD 293.52 million to USD 190.58 million owing to a decrease in the import bill and an increase in export receipts.

Year-on-year comparison shows that the merchandise trade deficit narrowed by 37.5% from USD 304.89 million in October 2022 to USD 190 million in October 2023 on account of an increase in export receipts which offset the increase in import receipts.

Merchandise Exports⁶

Uganda exported merchandise worth USD 688.69 million in October 2023. This represented an increase of 8.96% in comparison to USD 632.06 million exported in September 2023. This increase was majorly attributed to higher export earnings from gold, tobacco, maize, simsim, tea, fish and its products, hides and skins, electricity, oil re-exports and others.

In comparison with the same month the previous year, merchandise exports grew by 96.65% from USD 350.22 million in October 2022 to USD 688.69 million in October 2023. This was attributed to increased export earnings from gold, maize, tobacco among others.

Coffee exports during the month amounted to USD 78.96 million, a 16.34% decrease from USD 94.39 million registered in September 2023. This decrease was mainly due to lower yields that were characterized by drought in most regions across the country.

In comparison with the same month last year coffee exports grew by 17% from USD 67.10 million in October 2022, to USD 78.96 million in October 2023. This was majorly on account of an increase in the average unit price per kilo from $2.45 in October 2022 to $2.80 in October 2023.

Merchandise Exports by Product (US$ Million) [Source: BOU and MOFPED Calc.]
Product	Oct-2022	Sep-2023	Oct-2023	Oct-2023 vs Oct-2022 % Change	Oct-2023 vs Sep-2023 % Change
Total Exports	350.22	632.06	688.69	96.65	8.96
Coffee
Value Exported	67.1	94.39	78.96	17.68	-16.34
Volume Exported (Millions of 60 Kg Bags)	0.46	0.58	0.47	2.81	-18.54
Average Unit Value (US$ per Kg of Coffee)	2.45	2.73	2.8	14.47	2.7
Non-Coffee Formal Exports	241.53	489.01	561.08	132.3	14.74
of which:
Mineral Products	0.29	225.27	261.51	91,625.44	16.09
Cotton	0	1.76	0.39	49,155.54	-78.09
Tea	8.11	5.62	6.88	-15.12	22.46
Tobacco	3.67	3.48	6.53	78.21	87.74
Fish & Its Prod. (Excl. Regional)	14.6	12.59	14.29	-2.1	13.52
Simsim	2.16	1.82	3.08	42.24	68.57
Maize	6.29	15.06	21.3	238.69	41.41
Beans	9.9	4.73	4.35	-56.02	-7.91
Flowers	4.01	4.27	4.17	4	-2.36
Oil Re-Exports	9.04	10.31	11.35	25.57	10.12
Base Metals & Products	16.2	24.46	19.89	22.76	-18.71
ICBT Exports	41.59	48.67	48.65	16.97	-0.02

Destination of Exports⁷

In October 2023, the EAC remained the top destination of Uganda’s exports, accounting for 41% of our total exports. Within the EAC region, the top three destinations for Uganda’s exports were Kenya, Democratic Republic of Congo and South Sudan taking up 27.2%, 21.9% and 19.7% of the total exports to the region respectively. The Middle East and Asia emerged as the second and third largest destinations for Uganda’s exports, accounting for 26.8% and 16.4% respectively.

Merchandise Imports⁸

The value of merchandise imports decreased by 5.0% from USD 925.58 million in September 2023 to USD 879.27 million in October 2023. This decrease was largely attributed to lower private sector imports, particularly petroleum products, machinery equipments, vehicles & accessories, base metals and their products, mineral products, textile and textile products and miscellaneous manufactured articles.

Comparison with the same month last year shows that merchandise imports grew by 34% from USD 655.88 million in October 2022, to USD 879.27 million in October 2023. This increase was mainly driven by higher import volumes for mineral products, petroleum products, machinery equipments, vehicles & accessories and vegetable products, animal, beverages, fats & oils among others.

Origin of Imports

In October 2023, Asia remained Uganda’s largest source of imports, accounting for 40.7% of total imports. Within Asia, China and India remained the major contributors, accounting for 72.8% of the imports from the region.

Other notable regions included the rest of Africa, EAC, the Middle East, which accounted for 26.1%, 25.6% and 14.4% of the total imports respectively. Within the EAC region, Tanzania and Kenya emerged as the lead sources of Uganda’s merchandise imports, accounting for 65.5% and 30.4% respectively.

Trade Balance by Region

In October 2023, Uganda traded at deficits with Asia and Rest of Africa worth USD 245.29 million and USD 191.75 million respectively.

On the other hand, trade surpluses were registered with the Middle East, EAC, European Union and the Rest of Europe at USD 57.52 million, USD 57.51 million, USD 22.53 million and USD 1.30 respectively.

Merchandise Trade Balance by Region (US$ Million) [Source: BOU]
Region	Oct 2022	Sep 2023	Oct 2023
European Union	-28.14	31.38	22.53
Rest of Europe	2.64	-8.88	1.3
Middle East	-107.88	-33.55	57.52
Asia	-288.99	-201.81	-245.29
EAC	117.56	10.18	57.51
Rest of Africa	-4.76	-79.1	-71.31
Other Countries	4.68	-11.75	-12.83

Fiscal Developments⁹

Fiscal operations in November 2023 resulted in a deficit of UShs 1,159.78 billion which was higher than the UShs 789.73 billion that had been anticipated. The higher deficit was due to a combination of lower than targeted domestic revenues and higher than programmed government expenditure for the month. Table 4 gives a snapshot of fiscal operations in November 2023.

Summary Table of Fiscal Operations November 2023 (UShs Billion) [Source: MOFPED]
Shs Billion	Program	Outturn	Performance	Deviation
Revenues and grants	2,407.67	2,218.67	92.2%	-189
Revenues	2,251.41	2,131.41	94.7%	-120
Tax	2,065.93	1,938.48	93.8%	-127.45
Non-tax	185.48	192.93	104.0%	7.45
Grants	156.26	87.26	55.8%	-69
o/w Project support	145.52	79.26	54.5%	-66.26
Expenditures and lending	3,197.4	3,378.46	105.7%	181.06
Current expenditures	2,021.62	2,145.69	106.1%	124.07
Wages and salaries	601.64	608.4	101.1%	6.76
Interest payments	556.12	556.12	100.0%	0
o/w domestic	526.8	526.8	100.0%	0
o/w external	29.32	29.32	100.0%	0
Other recurrent expenditure	863.87	981.17	113.6%	117.3
Development expenditures	1,059.72	1,216.98	114.8%	157.25
Domestic	483.77	789.66	163.2%	305.89
External	575.95	427.32	74.2%	-148.63
Domestic arrears repayment	7.83	15.79	201.8%	7.96
Domestic fiscal balance	-789.73	-1,159.78	__	__

Domestic Revenues

Domestic revenue collections amounted to UShs 2,131.41 billion in November 2023. This was lower than the UShs 2,251.41 billion target for the month mainly on account of shortfalls in tax revenue which more than offset the surplus in non-tax revenue.

Tax revenue collections were UShs 1,938.48 billion, against a target of UShs 2,065.93 billion, resulting in a shortfall of UShs 127.45 billion. Most of this shortfall was recorded under taxes on international trade transactions, while indirect domestic taxes also contributed to a smaller extent.

A total of UShs 797.92 billion was collected from international trade transactions. This was against a target of UShs 910.59 billion, implying a shortfall of UShs 112.67 billion. This was mainly attributed to lower than projected imports on which VAT and excise duty are levied.

Indirect domestic tax collections totaled UShs 476.45 billion against a target of UShs 531.09 billion as both Value Added Tax (VAT) and excise duty were below their respective targets for the month by UShs 30.29 billion and UShs 24.35 billion.

On the other hand, direct domestic taxes continued to perform well, registering a surplus of UShs 41.91 billion (6.7% above target of UShs 621.62 billion) in November 2023. Particularly, withholding tax on treasury instruments and rental income registered a surplus against their target.

Expenditure

Government spent a total of UShs 3,378.46 billion in November 2023. This was against a programmed expenditure of UShs 3,197.40 billion. The higher than programmed spending (by 5.7%) was registered under both recurrent and capital expenditure categories.

Expenditure on the recurrent items of the budget was 6.1% higher than initially planned for the month. This followed a supplementary budget that was approved in Q2 for both wage and non-wage recurrent expenditure, implying an upward revision in the initial plans.

Development spending was also higher than planned by 14.8% owing to a substantial increment in funds released in Q2 to compensate for the low release in Q1 for this category. A big percentage of expenditure under this category was towards EMYOOGA as Government continues its effort to support the private sector and vulnerable households.

East Africa Community Developments

EAC Inflation¹⁰

Annual headline inflation slowed down for Kenya and Rwanda, while it remained unchanged at 3.2% for Tanzania in November 2023 compared to the previous month. Rwanda’s annual headline inflation reduced to 9.4% in November 2023 from 12.9% in October majorly driven by a slowdown in the prices for bread and cereals as well as water for domestic use, electricity, gas and other fuels. Kenya’s inflation reduced slightly to 6.8% from 6.9% over the same period on account of a reduction in transport costs.

EAC Exchange Rates¹¹

Like Uganda, majority of the EAC currencies registered depreciations against the US Dollar in November 2023 following its continued global strengthening. The Kenyan shilling, Tanzanian Shilling and Rwandan Franc depreciated by 1.7%, 0.3% and 1.1% respectively.

On the contrary, the Burundian Franc strengthened against the dollar, registering an appreciation of 0.4% in November 2023.

Trade Balance with EAC¹²

In October 2023, Uganda traded at a surplus worth USD 57.51 million with EAC, an improvement from last months value of USD 10.18 million. This surplus was on account of a reduction in imports (by USD 15.12 million) and an increase in exports (by USD 32.21 million).

Imports from the region declined to USD 224.83 million in October 2023 from USD 239.95 million in September 2023. The reduction was majorly attributed to lower imports from Democratic Republic of Congo, Kenya and Rwanda which declined by USD 16.59 million, USD 6.10 million and USD 3.65 million respectively. Within the EAC, Uganda sources most of her imports from Tanzania and Kenya with the two nations contributing 95.9% of total imports in October, an increase from September’s value of 87.7%.

In October 2023, exports to EAC grew by 12.88% to USD 282.34 million from USD 250.13 million in September 2023. Exports to Rwanda, Kenya, Burundi and Tanzania increased by USD 14.61 million, USD 11.33 million, USD 5.09 million and USD 2.65 million, respectively. Majority of the exports were destined to Kenya, D.R Congo, and South Sudan equivalent to USD 76.75 million, USD 61.79 million and USD 55.47 million respectively. These 3 countries accounted for 68.7% of total exports to the region for the month under review.

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.
Non-Performing Loan	This is a sum of borrowed money upon which the debtor has not made scheduled payments for a period usually at least 90 days.
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, South Sudan 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.↩︎

November 2023

Performance of the Economy Report

Ministry of Finance, Planning and Economic Development

2023-12-19