Economy of Uganda
Uganda is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Uganda may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Uganda exports around $3.16 billion and imports roughly $4.86 billion. 2.1% of population in the country are unemployed. The total number of unemployed people in Uganda is 929,682. In Uganda, 24.5% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Uganda is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 3.2% of GDP. The Gini Index of the country is 39.5. Uganda is experiencing good equality. The majority of citizens in Uganda fall within a narrow range of income, although some cases may show significant differences. Uganda has a Human Development Index (HDI) of 0.484. Uganda has a lower medium HDI score. This indicates that the majority of citizens will struggle to attain a desirable life due to flawed economic and social systems. The Global Peace Index (GPI) for Uganda is 2.179. The strength of legal rights index for Uganda is 6. Overall, it is considered to be rather adequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available.
Currency
The currency of Uganda is Ugandan shilling. The plural form of the word Ugandan shilling is shillings. The symbol used for this currency is Sh, and it is abbreviated as UGX. The Ugandan shilling is divided into Cent; there are 100 in one shilling.
Credit rating
The depth of credit information index for Uganda is 7, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Uganda has a credit rating score of B+, and the prospects of this rating are stable. According to the Fitch credit-rating agency, Uganda has a credit rating score of B, and the prospects of this rating are stable.
Central bank
In Uganda, the institution that manages the state's currency, money supply, and interest rates is called Bank of Uganda. Locally, the central bank of Uganda is called Benki Kuu ya Uganda. The average deposit interest rate offered by local banks in Uganda is 10.8%.
Public debt
Uganda has a government debt of 26.8% of the country's Gross Domestic Product (GDP), as assessed in 2012.
Tax information
The corporate tax in Uganda is set at 30%. Personal income tax ranges from 5% to 10%, depending on your specific situation and income level. VAT in Uganda is 18%.
Finances
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Uganda is $75077 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Uganda was last recorded at $2 million. PPP in Uganda is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Uganda is 26,444 billion. Based on this statistic, Uganda is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Uganda was last recorded at $1 million. The average citizen in Uganda has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Uganda averaged 5.9% in 2014. According to this percentage, Uganda is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well. To read more about financial information click on finances of Uganda.
Industry
Major industries in the country are sugar, brewing, tobacco, cotton textiles, cement, steel production. The total labor force of Uganda is 15,839,460 people, wherein 2.1% of population in the country are unemployed. The total number of unemployed people in Uganda is 929,682. The Industrial Production growth rate of Uganda is 6%.To read more about industrial information within Uganda click on industry of Uganda.
Agriculture
There are 43077 km2 of arable land in Uganda, and it comprises 18% of the country's total territory. There are 60891 km2 of cultivated land in Uganda. The country's major agricultural crops and products are coffee, tea, cotton, tobacco, cassava, potatoes, corn, millet, pulses, cut flowers, beef, goat meat, milk, poultry.To read more about agriculture click on agriculture of Uganda.