The economy of Uganda plunged 6% from a year ago in Q2 of 2020, following a downwardly revised 1% growth in the previous period. It was the sharpest economic contraction since the third quarter of 2014, as the full impact of Covid-19 pandemic was felt. The services sector shrank 6.5%, reversing a 1.7% growth in Q1, led by accommodation & food services (-45.5% vs -3.2%); arts, entertainment & recreation (-84.9% vs 0.6%); professional, scientific & technical activities (-39.7% vs -29.5%) and finance & insurance (-14.6% vs 14%). Also, the industrial sector contracted 9%, after rising 0.3% in Q1, amid declines in mining & quarrying (-34.2% vs -13.3%); manufacturing (-11.4% vs -1%); electricity (-6.8% vs 9.6%) and construction (-1% vs 5.7%). In contrast, agricultural activity rebounded (1.4% vs -5.1%), in particular due to food crops (1.3% vs -17.9%) and livestock production (8% vs 7.9%).
GDP Annual Growth Rate in Uganda averaged 5.16 percent from 2009 until 2020, reaching an all time high of 11.70 percent in the second quarter of 2009 and a record low of -8.10 percent in the third quarter of 2014. This page provides the latest reported value for - Uganda GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Uganda GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020.
GDP Annual Growth Rate in Uganda is expected to be -0.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Uganda to stand at 5.00 in 12 months time. In the long-term, the Uganda GDP Annual Growth Rate is projected to trend around 5.40 percent in 2021 and 6.00 percent in 2022, according to our econometric models.