• Jobs Listing
  • Authors
  • About Us
  • Archives
  • Privacy Policies
  • Contact
  • Post a Job
Ugandanz News Website
  • Home
  • Jobs Listing
  • National News
    Taking pictures & Videos at Entebbe Airport now illegal

    Taking pictures & Videos at Entebbe Airport now illegal

    SHOCKING: More details emerge on the fight between Radio manager & journalist

    SHOCKING: More details emerge on the fight between Radio manager & journalist

    PLE: Experts suspect Uneb of falsely manufacturing results

    PLE: Experts suspect Uneb of falsely manufacturing results

    KCCA relocates over 160 street children to better facilities

    KCCA relocates over 160 street children to better facilities

    How Ugandan Gov’t is paying up billions to clean up its blood tainted image

    How Ugandan Gov’t is paying up billions to clean up its blood tainted image

    PLE 2022 Candidates performed better – UNEB

    PLE 2022 Candidates performed better – UNEB

    Three journalists brutally assaulted for exposing rot at Entebbe Airport

    Three journalists brutally assaulted for exposing rot at Entebbe Airport

    Body of Ugandan trader shot in Rwanda repatriated

    Body of Ugandan trader shot in Rwanda repatriated

    Entebbe Airport: Staff arrested as extortion rocks Entebbe Airport

    Entebbe Airport: Staff arrested as extortion rocks Entebbe Airport

  • Politics
    “Only Museveni can censure me”- Namuganza fires back at Amongi

    “Only Museveni can censure me”- Namuganza fires back at Amongi

    FDC’s bigwig faces expulsion for publicly supporting Muhoozi

    FDC’s bigwig faces expulsion for publicly supporting Muhoozi

    Bobi wine

    UHRC: NUP is using prisoner to gain public sympathy & Political Capital

    President Yoweri Museveni

    Cabinet Reshuffle: Pro-Muhoozi ministers to be appoint

    “Do you know why Bobi Joined Politics”- Kazibwe exposes everything

    “Do you know why Bobi Joined Politics”- Kazibwe exposes everything

    Kazibwe bashir : “Ssegirinya & Ssewanyana ate M7’s money, thats why they’re jailed”

    Kazibwe bashir : “Ssegirinya & Ssewanyana ate M7’s money, thats why they’re jailed”

    Trouble as 40 FDC big wits cross to NUP

    Trouble as 40 FDC big wits cross to NUP

    Bobi Wine suspends Moses Bigirwa, four other NUP leaders

    Bobi Wine suspends Moses Bigirwa, four other NUP leaders

    Serere by-election: Opposition undecided on joint candidate

    Serere by-election: Opposition undecided on joint candidate

  • Life Style
    Sheila Gashumba opens  up about her Nekedi pictures leaked online

    Sheila Gashumba opens up about her Nekedi pictures leaked online

    Shocking: Bindeeba & Remmie marriage hit by cheating scandal

    Shocking: Bindeeba & Remmie marriage hit by cheating scandal

    Felista Di Superstar passes with flying colours

    Felista Di Superstar passes with flying colours

    SAD: Famous TikToker Asia Wa Charles Passes Away

    SAD: Famous TikToker Asia Wa Charles Passes Away

    VIDEO: Jose Filmed Brutally Beating Up a Boda Boda Rider

    VIDEO: Jose Filmed Brutally Beating Up a Boda Boda Rider

    TikTok Award: No Ugandan creator worthy being celebrated

    TikTok Award: No Ugandan creator worthy being celebrated

    “Hamza is God Sent”- Remah on how Hamza healed her broken heart

    “Hamza is God Sent”- Remah on how Hamza healed her broken heart

    New Twist: Pr. Bugingo narrates how Teddy bribed Suzan with millions to dump him

    New Twist: Pr. Bugingo narrates how Teddy bribed Suzan with millions to dump him

    Husband catches pregnant wife having an affair at the hospital

    Husband catches pregnant wife having an affair at the hospital

  • Business
    Museveni & NRM sets new economic goals for 2023

    Museveni & NRM sets new economic goals for 2023

    DTB targets industrial park with first bank in Kapeeka

    DTB targets industrial park with first bank in Kapeeka

    Gold overtakes coffee as Uganda’s leading export earner

    Gold overtakes coffee as Uganda’s leading export earner

    “She is Misplaced”- Finance, ICT ministries refute Akol’s claims on OTT

    “She is Misplaced”- Finance, ICT ministries refute Akol’s claims on OTT

    Gov’t to drop OTT tax and Introduce a tax on all internet bundles

    Gov’t to drop OTT tax and Introduce a tax on all internet bundles

    Revamped Namanve industrial park to create 200,000 jobs

    Revamped Namanve industrial park to create 200,000 jobs

    Museveni’s Minister Bahati escapes deadly assassins

    Uganda Development Bank to receive Extra shs100b

    Anarchy as BoU payment system is hacked Billions feared lost

    Bank of Uganda in Spotlight over shs460b capitalization request

    Government unveils 34 Trillion 2019 budget

    Gov’t to borrow shs2 Trillion to finance deficit budget

  • Health

    New Human Body Organ discovered by scientists after 300 years

    Best Effective Ways on How to avoid Corona Virus

    Best Effective Ways on How to avoid Corona Virus

    Six health centers upgraded to general hospital status

    Six health centers upgraded to general hospital status

    Healthy Ministry acquires Equipment worthy shs700 in the fight against Ebola

    Healthy Ministry acquires Equipment worthy shs700 in the fight against Ebola

    Govt to re-immunize all children again

    Govt to re-immunize all children again

    An Expectant mother loses baby after failing to raise Shs 100,000

    Makerere Student found Operating illegal clinic for 12 years

    Makerere Student found Operating illegal clinic for 12 years

    Uganda’s High rate of incest has reached worrying levels —Health ministry Officials

    Uganda’s High rate of incest has reached worrying levels —Health ministry Officials

    A quack (fake) doctor who has carried out 13 operations in Gov’t Hospital on police’s most wanted

    A quack (fake) doctor who has carried out 13 operations in Gov’t Hospital on police’s most wanted

  • International News
    Rwanda makes U-turn on DR Congo refugees

    Rwanda makes U-turn on DR Congo refugees

    BIG NEWS: Corona Virus Vaccine goes public in Russia

    Good News: Russian COVID-19 vaccine proven 100% effective

    FUNNY : How Mali dictator tried to escape after being cornered by Army

    Giant Bats Discovered in Philippines causes Havoc online

    Museveni and Iran’s Rouhani talk about Economic Cooperation and illegal US sanctions

    White House & US Senate reach deal on a whooping $2 trillion coronavirus spending bill

    White House & US Senate reach deal on a whooping $2 trillion coronavirus spending bill

    Tokyo 2020 Summer Olympics postponed till 2021

    Tokyo 2020 Summer Olympics postponed till 2021

    Arizona man dies after self-medicating with chloroquine to treat coronavirus

    Arizona man dies after self-medicating with chloroquine to treat coronavirus

No Result
View All Result
  • Home
  • Jobs Listing
  • National News
    Taking pictures & Videos at Entebbe Airport now illegal

    Taking pictures & Videos at Entebbe Airport now illegal

    SHOCKING: More details emerge on the fight between Radio manager & journalist

    SHOCKING: More details emerge on the fight between Radio manager & journalist

    PLE: Experts suspect Uneb of falsely manufacturing results

    PLE: Experts suspect Uneb of falsely manufacturing results

    KCCA relocates over 160 street children to better facilities

    KCCA relocates over 160 street children to better facilities

    How Ugandan Gov’t is paying up billions to clean up its blood tainted image

    How Ugandan Gov’t is paying up billions to clean up its blood tainted image

    PLE 2022 Candidates performed better – UNEB

    PLE 2022 Candidates performed better – UNEB

    Three journalists brutally assaulted for exposing rot at Entebbe Airport

    Three journalists brutally assaulted for exposing rot at Entebbe Airport

    Body of Ugandan trader shot in Rwanda repatriated

    Body of Ugandan trader shot in Rwanda repatriated

    Entebbe Airport: Staff arrested as extortion rocks Entebbe Airport

    Entebbe Airport: Staff arrested as extortion rocks Entebbe Airport

  • Politics
    “Only Museveni can censure me”- Namuganza fires back at Amongi

    “Only Museveni can censure me”- Namuganza fires back at Amongi

    FDC’s bigwig faces expulsion for publicly supporting Muhoozi

    FDC’s bigwig faces expulsion for publicly supporting Muhoozi

    Bobi wine

    UHRC: NUP is using prisoner to gain public sympathy & Political Capital

    President Yoweri Museveni

    Cabinet Reshuffle: Pro-Muhoozi ministers to be appoint

    “Do you know why Bobi Joined Politics”- Kazibwe exposes everything

    “Do you know why Bobi Joined Politics”- Kazibwe exposes everything

    Kazibwe bashir : “Ssegirinya & Ssewanyana ate M7’s money, thats why they’re jailed”

    Kazibwe bashir : “Ssegirinya & Ssewanyana ate M7’s money, thats why they’re jailed”

    Trouble as 40 FDC big wits cross to NUP

    Trouble as 40 FDC big wits cross to NUP

    Bobi Wine suspends Moses Bigirwa, four other NUP leaders

    Bobi Wine suspends Moses Bigirwa, four other NUP leaders

    Serere by-election: Opposition undecided on joint candidate

    Serere by-election: Opposition undecided on joint candidate

  • Life Style
    Sheila Gashumba opens  up about her Nekedi pictures leaked online

    Sheila Gashumba opens up about her Nekedi pictures leaked online

    Shocking: Bindeeba & Remmie marriage hit by cheating scandal

    Shocking: Bindeeba & Remmie marriage hit by cheating scandal

    Felista Di Superstar passes with flying colours

    Felista Di Superstar passes with flying colours

    SAD: Famous TikToker Asia Wa Charles Passes Away

    SAD: Famous TikToker Asia Wa Charles Passes Away

    VIDEO: Jose Filmed Brutally Beating Up a Boda Boda Rider

    VIDEO: Jose Filmed Brutally Beating Up a Boda Boda Rider

    TikTok Award: No Ugandan creator worthy being celebrated

    TikTok Award: No Ugandan creator worthy being celebrated

    “Hamza is God Sent”- Remah on how Hamza healed her broken heart

    “Hamza is God Sent”- Remah on how Hamza healed her broken heart

    New Twist: Pr. Bugingo narrates how Teddy bribed Suzan with millions to dump him

    New Twist: Pr. Bugingo narrates how Teddy bribed Suzan with millions to dump him

    Husband catches pregnant wife having an affair at the hospital

    Husband catches pregnant wife having an affair at the hospital

  • Business
    Museveni & NRM sets new economic goals for 2023

    Museveni & NRM sets new economic goals for 2023

    DTB targets industrial park with first bank in Kapeeka

    DTB targets industrial park with first bank in Kapeeka

    Gold overtakes coffee as Uganda’s leading export earner

    Gold overtakes coffee as Uganda’s leading export earner

    “She is Misplaced”- Finance, ICT ministries refute Akol’s claims on OTT

    “She is Misplaced”- Finance, ICT ministries refute Akol’s claims on OTT

    Gov’t to drop OTT tax and Introduce a tax on all internet bundles

    Gov’t to drop OTT tax and Introduce a tax on all internet bundles

    Revamped Namanve industrial park to create 200,000 jobs

    Revamped Namanve industrial park to create 200,000 jobs

    Museveni’s Minister Bahati escapes deadly assassins

    Uganda Development Bank to receive Extra shs100b

    Anarchy as BoU payment system is hacked Billions feared lost

    Bank of Uganda in Spotlight over shs460b capitalization request

    Government unveils 34 Trillion 2019 budget

    Gov’t to borrow shs2 Trillion to finance deficit budget

  • Health

    New Human Body Organ discovered by scientists after 300 years

    Best Effective Ways on How to avoid Corona Virus

    Best Effective Ways on How to avoid Corona Virus

    Six health centers upgraded to general hospital status

    Six health centers upgraded to general hospital status

    Healthy Ministry acquires Equipment worthy shs700 in the fight against Ebola

    Healthy Ministry acquires Equipment worthy shs700 in the fight against Ebola

    Govt to re-immunize all children again

    Govt to re-immunize all children again

    An Expectant mother loses baby after failing to raise Shs 100,000

    Makerere Student found Operating illegal clinic for 12 years

    Makerere Student found Operating illegal clinic for 12 years

    Uganda’s High rate of incest has reached worrying levels —Health ministry Officials

    Uganda’s High rate of incest has reached worrying levels —Health ministry Officials

    A quack (fake) doctor who has carried out 13 operations in Gov’t Hospital on police’s most wanted

    A quack (fake) doctor who has carried out 13 operations in Gov’t Hospital on police’s most wanted

  • International News
    Rwanda makes U-turn on DR Congo refugees

    Rwanda makes U-turn on DR Congo refugees

    BIG NEWS: Corona Virus Vaccine goes public in Russia

    Good News: Russian COVID-19 vaccine proven 100% effective

    FUNNY : How Mali dictator tried to escape after being cornered by Army

    Giant Bats Discovered in Philippines causes Havoc online

    Museveni and Iran’s Rouhani talk about Economic Cooperation and illegal US sanctions

    White House & US Senate reach deal on a whooping $2 trillion coronavirus spending bill

    White House & US Senate reach deal on a whooping $2 trillion coronavirus spending bill

    Tokyo 2020 Summer Olympics postponed till 2021

    Tokyo 2020 Summer Olympics postponed till 2021

    Arizona man dies after self-medicating with chloroquine to treat coronavirus

    Arizona man dies after self-medicating with chloroquine to treat coronavirus

No Result
View All Result
Ugandanz News Website
No Result
View All Result
Home Business

Uganda’s National Economy Grows to shs122.7 Trillion

Patrick Luwagga by Patrick Luwagga
October 11, 2019
in Business
0
Uganda’s National Economy Grows to shs122.7 Trillion
54
SHARES
Share on FacebookShare on Twitter

Ugandans are moving closer to the middle income status, the rebased Gross Domestic Product (GDP) figures by the Uganda Bureau of Statistics (UBOS), indicate.

The data shows that the economy is bigger and is growing much faster than was initially forecast.

The new data shows that the economy is now worth sh122.7 trillion (about $33b), up from the old estimates of sh65.3 trillion (about $18b). This is an 88% change.

RelatedNews

Museveni & NRM sets new economic goals for 2023

Museveni & NRM sets new economic goals for 2023

January 27, 2023
DTB targets industrial park with first bank in Kapeeka

DTB targets industrial park with first bank in Kapeeka

January 12, 2023
Gold overtakes coffee as Uganda’s leading export earner

Gold overtakes coffee as Uganda’s leading export earner

March 4, 2020

The change is mostly due to new data from industry, oil and gas and mining activities between the 2016/2017 and 2009/2010 financial years. The economy grew at a faster 6.5% last financial year, than the 6.1% initially forecasted.

Each Ugandan now takes home a per capita income of $833 (about sh3m) every year, up from $704 in 2009/10. However, 51% of Ugandans derive their income from the informal sector in activities, such as rentals, bodaboda riding, and other micro-businesses.

This is a reversal from 2009/2010 when Ugandans in the informal sector were the minority, at 49% of the economy. GDP is the most widely used indicator of a country’s economic performance. It is the measured monetary value of all the goods and services produced within a country’s borders in a specific time period.

Rebasing of GDP means replacing the old base year to a new, more By Samuel Sanya recent, base year from which change in the economy is computed. UBOS has made many revisions by adjusting the base from the 2009/2010 financial year, to the new 2016/2017.

“The GDP is the key statistic that indicates if the economy is stagnant, declining or growing. Frequent revisions of this economy are necessary and I urge the public to put this data to good use,” Matia Kasaija, the finance minister, said, as he launched the data at the UBOS house in Kampala, yesterday.

Changes in contribution to the economy During the new base year 2016/17, Industry registered the biggest jump in contribution to the economy of sh9.6 trillion. The sector is now worth sh28.3 trillion due to manufacturing activities, mining and quarrying, electricity supply and data improvements, especially for the oil and gas sector.

Conversely, the contribution of agriculture, forestry and fishing to the economy shrunk to 23.5% down from 24.6% due to a decreased share of food crops, livestock, especially goats, and agriculture support services. Agriculture is now worth sh25.5 trillion, an increase of sh2.9 trillion despite its lower contribution to the economy. The services sectors’ contribution to the economy also dropped to 43.5%, a 7.7% reduction.

This was due to a decreased share of contribution for trade and repairs, information and communication, financial and insurance activities, professional, scientific and technical activities, public administration, education, human health and social work activities, arts, entertainment, and recreation.

Despite the decline in contribution, the services sector remains the most valuable sector, at sh47.2 trillion. The rest of the changes in GDP were on account of taxes on products which account for 7% of the economy. Kasaija noted that the reduction of the contribution of agriculture to the economy is commonplace when countries begin to industrialize and modernize.

He said that farmers need to adopt irrigation and modern means of production that will improve productivity per farmer and per acre of land. He also noted that the government is working on several power projects which will bring down the unit cost of electricity closer to the government’s target of five US cents.

Kasaija also said the government is focused on bringing down lending rates to spur private sector activity.

Robin Kibuuka, the UBOS board chairperson, pointed out that the world has entered into a data-driven age and that the only way Uganda can keep pace is by producing the most current data, to improve the quality of policy decisions.

GDP to be rebased every five years Chris Mukiza, the UBOS executive director said international practice dictates that GDP is rebased every five years. He noted that UBOS statisticians received training from Norway to better evaluate the oil and gas sector.

Clara Mira, the IMF’s permanent representative to Uganda noted that although Uganda has a low risk of debt distress, the level of debt interest paid as a percentage of revenues was at par with countries experiencing high debt stress.

Ibrahim Kaddunabi Lubega, the Insurance Regulatory Authority (IRA) chief executive officer, said the insurance sector will continue to explore micro-insurance to increase sector penetration.

Tags: Finance Ministry
Previous Post

Kampala Gold dealer strangled to death by his house help and Watchman

Next Post

Anarchy as Museveni suspends Promotion of UPDF soldiers

Patrick Luwagga

Patrick Luwagga

Patrick Luwagga is the editorial director of cross-platform content for UGANDANZ. He works across the newsroom and with business partners to drive and develop ambitious editorial projects that include digital journalism, video, data research, polling, live events, and thought-leadership series that are supported by outside underwriting. As executive director, he is responsible for the creation of Political news section, prior to joining UGANDANZ, Patrick was the chief editor for the national weekly news magazine of Kasese Times. In that role, he covered several presidential elections, wrote and produced two television documentaries, and was a regular commentator on television and radio news programs. Patrick was born in Masaka and grew up in Kasese. He earned a bachelor’s degree in Journalism from Makerere University where he was a Knight Foundation journalism fellow.

Next Post
Museveni inspects Entebbe Airforce base advises them to embrace technology

Anarchy as Museveni suspends Promotion of UPDF soldiers

Another Senior Police Commander shot

Another Senior Police Commander shot

  • Trending
  • Comments
  • Latest
Three journalists brutally assaulted for exposing rot at Entebbe Airport

Three journalists brutally assaulted for exposing rot at Entebbe Airport

January 27, 2023
SCARING: Fresh Details emerge on the couple burnt to death in Kawempe

SCARING: Fresh Details emerge on the couple burnt to death in Kawempe

January 16, 2023
“I have withdrawn my support to your political fights”- Gen Saleh tells Lord Mayor Lukwago

“I have withdrawn my support to your political fights”- Gen Saleh tells Lord Mayor Lukwago

January 1, 2023
New Twist: Pr. Bugingo narrates how Teddy bribed Suzan with millions to dump him

New Twist: Pr. Bugingo narrates how Teddy bribed Suzan with millions to dump him

January 16, 2023
Elwelu to Bobi wine”If you don’t stop your chaos, I will instantly crush you”

Elwelu to Bobi wine”If you don’t stop your chaos, I will instantly crush you”

0
Mbonye: “Bobi wine will never be president unless he kneels and kisses my feet”

Mbonye: “Bobi wine will never be president unless he kneels and kisses my feet”

0
A quack (fake) doctor who has carried out 13 operations in Gov’t Hospital on police’s most wanted

A quack (fake) doctor who has carried out 13 operations in Gov’t Hospital on police’s most wanted

0
Regime’s plan to silence Bobi wine ‘For Ever’ Back Fires

Regime’s plan to silence Bobi wine ‘For Ever’ Back Fires

0
Sheila Gashumba opens  up about her Nekedi pictures leaked online

Sheila Gashumba opens up about her Nekedi pictures leaked online

February 2, 2023
Taking pictures & Videos at Entebbe Airport now illegal

Taking pictures & Videos at Entebbe Airport now illegal

February 2, 2023
SHOCKING: More details emerge on the fight between Radio manager & journalist

SHOCKING: More details emerge on the fight between Radio manager & journalist

February 2, 2023
PLE: Experts suspect Uneb of falsely manufacturing results

PLE: Experts suspect Uneb of falsely manufacturing results

January 30, 2023

Recent News

Sheila Gashumba opens  up about her Nekedi pictures leaked online

Sheila Gashumba opens up about her Nekedi pictures leaked online

February 2, 2023
Taking pictures & Videos at Entebbe Airport now illegal

Taking pictures & Videos at Entebbe Airport now illegal

February 2, 2023
SHOCKING: More details emerge on the fight between Radio manager & journalist

SHOCKING: More details emerge on the fight between Radio manager & journalist

February 2, 2023
PLE: Experts suspect Uneb of falsely manufacturing results

PLE: Experts suspect Uneb of falsely manufacturing results

January 30, 2023
Ugandanz News Website

Uganda's Favorite Source News Its Where Credibility Matters

Follow Us

Browse by Category

  • Agriculture
  • Black & Proud
  • Business
  • Health Section
  • International News
  • Life Style
  • National News
  • Politics
  • Sports

Recent News

Sheila Gashumba opens  up about her Nekedi pictures leaked online

Sheila Gashumba opens up about her Nekedi pictures leaked online

February 2, 2023
Taking pictures & Videos at Entebbe Airport now illegal

Taking pictures & Videos at Entebbe Airport now illegal

February 2, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2022 All riights reserved - Ugandan Current Affair & Educative NewsUgandanz News Website.

No Result
View All Result
  • Home
  • Jobs Listing
  • National News
  • Politics
  • Life Style
  • Business
  • Health
  • International News

© 2022 All riights reserved - Ugandan Current Affair & Educative NewsUgandanz News Website.