UGANDA

In 2015, Uganda’s economy generated export income from the following merchandise: coffee (US $402.63 million), oil re-exports (US $131.25 million), base metals and products (US $120.00 million), fish (US $117.56 million), maize (US $90.97 million), cement (US $80.13 million), tobacco (US $73.13 million), tea (US $69.94 million), sugar (US $66.43 million), hides and skins (US $62.71 million), cocoa beans (US $55.67 million), beans (US $53.88 million), simsim (US $52.20 million), flowers (US $51.44 million), and other products (US $766.77 million).

The country has been experiencing consistent economic growth. In fiscal year 2015-16, Uganda recorded gross domestic product growth of 4.6 percent in real terms and 11.6 percent in nominal terms. This compares to 5.0 percent real growth in fiscal year 2014-15.

The country has largely untapped reserves of both crude oil and natural gas. While agriculture accounted for 56 percent of the economy in 1986, with coffee as its main export, it has now been surpassed by the services sector, which accounted for 52 percent of GDP in 2007. In the 1950s, the British colonial regime encouraged some 500,000 subsistence farmers to join co-operatives. Since 1986, the government (with the support of foreign countries and international agencies) has acted to rehabilitate an economy devastated during the regime of Idi Amin and the subsequent civil war.

Uganda has a large diaspora, residing mainly in the United States and the United Kingdom. This diaspora has contributed enormously to Uganda’s economic growth through remittances and other investments (especially property). According to the World Bank, Uganda received in 2016 an estimated US $1.099 billion in remittances from abroad, second only to Kenya (US $1.574 billion) in the East African Community. Uganda also serves as an economic hub for a number of neighbouring countries like the Democratic Republic of the Congo, South Sudan, and Rwanda.

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