The gradual recovery after Covid-19 will continue
C3
SENSITIVE RISK for enterprise
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
Last updated in August 2022.
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GDP | USD40bn (World Ranking 93, World Bank 2021) |
Population |
47.1mn (World ranking 31, World Bank 2021) |
Form of state | Presidential Republic |
Head of government | Yoweri Kaguta MUSEVENI |
Next elections | 2026, general elections |

- The political system is relatively stable, compared to a chequered history, and transition to a multi-party democracy is being instituted
- Good record of GDP growth in recent years, albeit from a low base
- Reasonable relations with the IFIs and donor community, despite periodic concerns relating to achievement of some economic targets and perceptions of corruption
- Government has strong record of MDGs implementation
- Oil and gas potential

- Trade and communication links are vital because the country is landlocked. Disruption to these can have detrimental effects on business and the overall economy
- There are perceptions that President Museveni is becoming increasingly autocratic
- Instability in South Sudan and eastern Congo can spill over to Uganda
- Dependence on the primary sector exposes economic development to the vagaries of climatic changes, including periodic drought, and to internationally-determined commodity prices
- Fiscal and current account deficits are translating into (reasonably) increasing debt
Trade structure by destination/origin
(% of total, 2021)
Exports | Rank | Imports |
---|---|---|
United Arab Emirates
27.7%
![]() |
1 |
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Kenya
13.5%
![]() |
2 |
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South Sudan
12.6%
![]() |
3 |
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Italy
4.7%
![]() |
4 |
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Germany
3.4%
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5 |
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Trade structure by product
(% of total, 2021)
Exports | Rank | Imports |
---|---|---|
Gold, non-monetary (excluding gold ores and concentrates)
27.6%
|
1 |
12.9%
Petroleum, petroleum products and related materials
|
Coffee, tea, cocoa, spices, and manufactures thereof
19.2%
|
2 |
12.2%
Gold, non-monetary (excluding gold ores and concentrates)
|
Cereals and cereal preparations
7.2%
|
3 |
7.1%
Road vehicles
|
Fish, crustaceans, molluscs and preparations thereof
3.5%
|
4 |
5.1%
Medicinal and pharmaceutical products
|
Sugar, sugar preparations and honey
3.4%
|
5 |
4.5%
Fixed vegetable oils and fats, crude, refined or fractionated
|
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