• Jobs Listing
  • Authors
  • About Us
  • Archives
  • Privacy Policies
  • Contact
  • Post a Job
Ugandanz News Website
  • Home
  • Jobs Listing
  • National News
    Police issues tight security guidelines for New Year celebrations

    Two Arrested in Bushenyi for Alleged Human Trafficking and sodomizing of a 20-Year-Old Man

    Museveni: Uganda will not entertain west’s Homosexuality & immorality

    President Museveni Defends Anti-Homosexuality Act, Reaffirms Uganda’s Values

    Museveni & NRM sets new economic goals for 2023

    President Museveni tells off Anti-Homosexuality law Critics

    Prominent Kampala City Lawyer Fatally Shot at His Residence

    Prominent Kampala City Lawyer Fatally Shot at His Residence

    Nagirinya Murder Case: Suspect Denied Shs50m for Witness Summons

    Nagirinya Murder Case: Suspect Denied Shs50m for Witness Summons

    Ugandan Activists Demand International Sanctions Following Controversial Passage of Anti-Gay Law

    Ugandan Activists Demand International Sanctions Following Controversial Passage of Anti-Gay Law

    Murder Suspect in Nagirinya’s case turns against the co-accused

    Murder Suspect in Nagirinya’s case turns against the co-accused

    crime scene do not cross signage

    Security Guard Takes His Own Life with Fatal Shooting

    Mayiga Calls on Youth to Embrace Free Training, Extols Museveni’s Initiatives

    Mayiga Calls on Youth to Embrace Free Training, Extols Museveni’s Initiatives

  • Politics
    Kyotera Town Council Residents Demand answers for delayed By-election

    Kyotera Town Council Residents Demand answers for delayed By-election

    President Museveni Commends NRM MPs for Emphasizing Value Addition

    President Museveni Commends NRM MPs for Emphasizing Value Addition

    Sejusa Calls for arrest of Corrupt NCS Officials

    Sejusa Calls for arrest of Corrupt NCS Officials

    Breaking News: State Minister Engola shot dead in Kyanja

    Engola family endorses son for Oyam North County parliamentary seat

    Bukedea LC5 by-election set for 14th June

    Bukedea LC5 by-election set for 14th June

    Buganda Kingdom to  construct 18 Health center

    Buganda Kingdom to construct 18 Health center

    I’m tired of waiting, I’ll stand for presidency in 2026 – Muhoozi

    SAM ENGOLA: MUHOOZI WILL BE GOOD FOR NRM CONTINUITY

    Museveni to Establish another Special Anti-Corruption Taskforce

    Museveni to Establish another Special Anti-Corruption Taskforce

    Term Limits: LOP Mpuuga hails NUP leadership for prioritizing democratic principles

    Term Limits: LOP Mpuuga hails NUP leadership for prioritizing democratic principles

  • Life Style
    Pastor Bugingo forgives family, ready to meet his daughters

    Pastor Bugingo forgives family, ready to meet his daughters

    Chameleone apologises for ’kissing brother’ on live stage

    Chameleone apologises for ’kissing brother’ on live stage

    Pastor dies trying to copy Jesus’ 40-day fast

    Pastor dies trying to copy Jesus’ 40-day fast

    Chameleon shows off his new Mansion

    Chameleon shows off his new Mansion

    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

  • Business
    West Nile Business Community Seeks Improved Credit Services from Banking Institutions

    West Nile Business Community Seeks Improved Credit Services from Banking Institutions

    Medipal International Hospital Faces Eviction Due to Rent Arrears Exceeding Shs1 Billion

    Medipal International Hospital Faces Eviction Due to Rent Arrears Exceeding Shs1 Billion

    MTN Pays NSSF Record Dividend of Shs31.48b for Telecom Investment in Uganda

    MTN Pays NSSF Record Dividend of Shs31.48b for Telecom Investment in Uganda

    Kenya commits to build 3 more fuel ships for Uganda

    Kenya commits to build 3 more fuel ships for Uganda

    Uganda emerges as top investment destination in East Africa

    Uganda emerges as top investment destination in East Africa

    Government disburses Shs6b to boost Emyooga SACCOs in Greater Masaka

    Government disburses Shs6b to boost Emyooga SACCOs in Greater Masaka

    China steps in to fund EACOP after western banks pull out

    China steps in to fund EACOP after western banks pull out

    EU Parliament Condemns Uganda’s Proposed Anti-Gay Bill as Discriminatory and Violative of Human Rights

    Consumer Prices of Bottled Water and Diapers Expected to Rise Following New Tax

    Cargo Scanner Breakdown Leaves Over 1,000 Trucks Stranded

    Cargo Scanner Breakdown Leaves Over 1,000 Trucks Stranded at Busia border point

  • Health
    National Drug Authority Raises Concerns over Eloipharm’s  Herbal Viagra

    National Drug Authority Raises Concerns over Eloipharm’s Herbal Viagra

    Research shows that drinking enough water can improve brain function and mood.

    Research shows that drinking enough water can improve brain function and mood.

    How to Prevent and Manage Type 2 Diabetes Through Diet and Lifestyle Changes

    How to Prevent and Manage Type 2 Diabetes Through Diet and Lifestyle Changes

    New Study Finds Link Between Plant-Based Diet and Reduced Risk of Chronic Diseases

    New Study Finds Link Between Plant-Based Diet and Reduced Risk of Chronic Diseases

    One Case of Measles confirmed as gov’t slams outbreak fears

    One Case of Measles confirmed as gov’t slams outbreak fears

    Over 770,000 Ugandans have epilepsy, says report

    Over 770,000 Ugandans have epilepsy, says report

    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

  • International News
    Recovery of Stolen Weapons from al-Shabaab Attack in Somalia

    Recovery of Stolen Weapons from al-Shabaab Attack in Somalia

    Survivors of Al Shabaab Attack on UPDF Base in Somalia on the Road to Recovery

    Survivors of Al Shabaab Attack on UPDF Base in Somalia on the Road to Recovery

    South Africa Plans Law Change on ICC Arrests Amid Putin Visit Speculation

    South Africa Plans Law Change on ICC Arrests Amid Putin Visit Speculation

    Death Toll in Kenyan Shakahola Cult Tragedy Reaches 227

    Death Toll in Kenyan Shakahola Cult Tragedy Reaches 227

    M7: ”Artistes like Bobi wine should appreciate NRM peace which has helped them make money”

    Uganda to host summit of regional leaders on resolving DRC conflict

    55 massacred in suspected ADF raids in Eastern DR Congo

    55 massacred in suspected ADF raids in Eastern DR Congo

    AU: Israel striped off its observer status

    AU: Israel striped off its observer status

    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

No Result
View All Result
  • Home
  • Jobs Listing
  • National News
    Police issues tight security guidelines for New Year celebrations

    Two Arrested in Bushenyi for Alleged Human Trafficking and sodomizing of a 20-Year-Old Man

    Museveni: Uganda will not entertain west’s Homosexuality & immorality

    President Museveni Defends Anti-Homosexuality Act, Reaffirms Uganda’s Values

    Museveni & NRM sets new economic goals for 2023

    President Museveni tells off Anti-Homosexuality law Critics

    Prominent Kampala City Lawyer Fatally Shot at His Residence

    Prominent Kampala City Lawyer Fatally Shot at His Residence

    Nagirinya Murder Case: Suspect Denied Shs50m for Witness Summons

    Nagirinya Murder Case: Suspect Denied Shs50m for Witness Summons

    Ugandan Activists Demand International Sanctions Following Controversial Passage of Anti-Gay Law

    Ugandan Activists Demand International Sanctions Following Controversial Passage of Anti-Gay Law

    Murder Suspect in Nagirinya’s case turns against the co-accused

    Murder Suspect in Nagirinya’s case turns against the co-accused

    crime scene do not cross signage

    Security Guard Takes His Own Life with Fatal Shooting

    Mayiga Calls on Youth to Embrace Free Training, Extols Museveni’s Initiatives

    Mayiga Calls on Youth to Embrace Free Training, Extols Museveni’s Initiatives

  • Politics
    Kyotera Town Council Residents Demand answers for delayed By-election

    Kyotera Town Council Residents Demand answers for delayed By-election

    President Museveni Commends NRM MPs for Emphasizing Value Addition

    President Museveni Commends NRM MPs for Emphasizing Value Addition

    Sejusa Calls for arrest of Corrupt NCS Officials

    Sejusa Calls for arrest of Corrupt NCS Officials

    Breaking News: State Minister Engola shot dead in Kyanja

    Engola family endorses son for Oyam North County parliamentary seat

    Bukedea LC5 by-election set for 14th June

    Bukedea LC5 by-election set for 14th June

    Buganda Kingdom to  construct 18 Health center

    Buganda Kingdom to construct 18 Health center

    I’m tired of waiting, I’ll stand for presidency in 2026 – Muhoozi

    SAM ENGOLA: MUHOOZI WILL BE GOOD FOR NRM CONTINUITY

    Museveni to Establish another Special Anti-Corruption Taskforce

    Museveni to Establish another Special Anti-Corruption Taskforce

    Term Limits: LOP Mpuuga hails NUP leadership for prioritizing democratic principles

    Term Limits: LOP Mpuuga hails NUP leadership for prioritizing democratic principles

  • Life Style
    Pastor Bugingo forgives family, ready to meet his daughters

    Pastor Bugingo forgives family, ready to meet his daughters

    Chameleone apologises for ’kissing brother’ on live stage

    Chameleone apologises for ’kissing brother’ on live stage

    Pastor dies trying to copy Jesus’ 40-day fast

    Pastor dies trying to copy Jesus’ 40-day fast

    Chameleon shows off his new Mansion

    Chameleon shows off his new Mansion

    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

  • Business
    West Nile Business Community Seeks Improved Credit Services from Banking Institutions

    West Nile Business Community Seeks Improved Credit Services from Banking Institutions

    Medipal International Hospital Faces Eviction Due to Rent Arrears Exceeding Shs1 Billion

    Medipal International Hospital Faces Eviction Due to Rent Arrears Exceeding Shs1 Billion

    MTN Pays NSSF Record Dividend of Shs31.48b for Telecom Investment in Uganda

    MTN Pays NSSF Record Dividend of Shs31.48b for Telecom Investment in Uganda

    Kenya commits to build 3 more fuel ships for Uganda

    Kenya commits to build 3 more fuel ships for Uganda

    Uganda emerges as top investment destination in East Africa

    Uganda emerges as top investment destination in East Africa

    Government disburses Shs6b to boost Emyooga SACCOs in Greater Masaka

    Government disburses Shs6b to boost Emyooga SACCOs in Greater Masaka

    China steps in to fund EACOP after western banks pull out

    China steps in to fund EACOP after western banks pull out

    EU Parliament Condemns Uganda’s Proposed Anti-Gay Bill as Discriminatory and Violative of Human Rights

    Consumer Prices of Bottled Water and Diapers Expected to Rise Following New Tax

    Cargo Scanner Breakdown Leaves Over 1,000 Trucks Stranded

    Cargo Scanner Breakdown Leaves Over 1,000 Trucks Stranded at Busia border point

  • Health
    National Drug Authority Raises Concerns over Eloipharm’s  Herbal Viagra

    National Drug Authority Raises Concerns over Eloipharm’s Herbal Viagra

    Research shows that drinking enough water can improve brain function and mood.

    Research shows that drinking enough water can improve brain function and mood.

    How to Prevent and Manage Type 2 Diabetes Through Diet and Lifestyle Changes

    How to Prevent and Manage Type 2 Diabetes Through Diet and Lifestyle Changes

    New Study Finds Link Between Plant-Based Diet and Reduced Risk of Chronic Diseases

    New Study Finds Link Between Plant-Based Diet and Reduced Risk of Chronic Diseases

    One Case of Measles confirmed as gov’t slams outbreak fears

    One Case of Measles confirmed as gov’t slams outbreak fears

    Over 770,000 Ugandans have epilepsy, says report

    Over 770,000 Ugandans have epilepsy, says report

    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

  • International News
    Recovery of Stolen Weapons from al-Shabaab Attack in Somalia

    Recovery of Stolen Weapons from al-Shabaab Attack in Somalia

    Survivors of Al Shabaab Attack on UPDF Base in Somalia on the Road to Recovery

    Survivors of Al Shabaab Attack on UPDF Base in Somalia on the Road to Recovery

    South Africa Plans Law Change on ICC Arrests Amid Putin Visit Speculation

    South Africa Plans Law Change on ICC Arrests Amid Putin Visit Speculation

    Death Toll in Kenyan Shakahola Cult Tragedy Reaches 227

    Death Toll in Kenyan Shakahola Cult Tragedy Reaches 227

    M7: ”Artistes like Bobi wine should appreciate NRM peace which has helped them make money”

    Uganda to host summit of regional leaders on resolving DRC conflict

    55 massacred in suspected ADF raids in Eastern DR Congo

    55 massacred in suspected ADF raids in Eastern DR Congo

    AU: Israel striped off its observer status

    AU: Israel striped off its observer status

    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

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
51
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.

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
Share47Tweet2Share1
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.

Related Posts

West Nile Business Community Seeks Improved Credit Services from Banking Institutions
Business

West Nile Business Community Seeks Improved Credit Services from Banking Institutions

June 1, 2023
Medipal International Hospital Faces Eviction Due to Rent Arrears Exceeding Shs1 Billion
Business

Medipal International Hospital Faces Eviction Due to Rent Arrears Exceeding Shs1 Billion

May 31, 2023
MTN Pays NSSF Record Dividend of Shs31.48b for Telecom Investment in Uganda
Business

MTN Pays NSSF Record Dividend of Shs31.48b for Telecom Investment in Uganda

May 31, 2023
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
President Museveni Commends NRM MPs for Emphasizing Value Addition

President Museveni Commends NRM MPs for Emphasizing Value Addition

May 31, 2023
Prominent Kampala City Lawyer Fatally Shot at His Residence

Prominent Kampala City Lawyer Fatally Shot at His Residence

May 31, 2023
Museveni & NRM sets new economic goals for 2023

President Museveni tells off Anti-Homosexuality law Critics

June 1, 2023
South Africa Plans Law Change on ICC Arrests Amid Putin Visit Speculation

South Africa Plans Law Change on ICC Arrests Amid Putin Visit Speculation

May 31, 2023
Police issues tight security guidelines for New Year celebrations

Two Arrested in Bushenyi for Alleged Human Trafficking and sodomizing of a 20-Year-Old Man

June 1, 2023
National Drug Authority Raises Concerns over Eloipharm’s  Herbal Viagra

National Drug Authority Raises Concerns over Eloipharm’s Herbal Viagra

June 1, 2023
Museveni: Uganda will not entertain west’s Homosexuality & immorality

President Museveni Defends Anti-Homosexuality Act, Reaffirms Uganda’s Values

June 1, 2023
West Nile Business Community Seeks Improved Credit Services from Banking Institutions

West Nile Business Community Seeks Improved Credit Services from Banking Institutions

June 1, 2023

Recent News

Police issues tight security guidelines for New Year celebrations

Two Arrested in Bushenyi for Alleged Human Trafficking and sodomizing of a 20-Year-Old Man

June 1, 2023
National Drug Authority Raises Concerns over Eloipharm’s  Herbal Viagra

National Drug Authority Raises Concerns over Eloipharm’s Herbal Viagra

June 1, 2023
Museveni: Uganda will not entertain west’s Homosexuality & immorality

President Museveni Defends Anti-Homosexuality Act, Reaffirms Uganda’s Values

June 1, 2023
West Nile Business Community Seeks Improved Credit Services from Banking Institutions

West Nile Business Community Seeks Improved Credit Services from Banking Institutions

June 1, 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

Police issues tight security guidelines for New Year celebrations

Two Arrested in Bushenyi for Alleged Human Trafficking and sodomizing of a 20-Year-Old Man

June 1, 2023
National Drug Authority Raises Concerns over Eloipharm’s  Herbal Viagra

National Drug Authority Raises Concerns over Eloipharm’s Herbal Viagra

June 1, 2023
  • Jobs Listing
  • Authors
  • About Us
  • Archives
  • Privacy Policies
  • Contact
  • Post a Job

© 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.

Go to mobile version