What Time Is The Budget Today?
- 1 What is the budget for Uganda 2023 24?
- 2 How much should I budget for a week in Kenya?
- 3 How rich is us?
- 4 Why is the budget necessary?
- 5 Why is budget important for a country?
- 6 How much does the UK spend on the budget?
What is the budget for Uganda 2023 24?
The National Budget for FY 2023/24 was approved by parliament on May 18, 2023. The budget was increased from UGX 48.13 trillion for FY 2022/23 to UGX 52.7 trillion for FY 2023/24 which represents an increase of 9.5% from the previous financial year.
How much money does Uganda have?
From Wikipedia, the free encyclopedia
|This article’s factual accuracy may be compromised due to out-of-date information, Please help update this article to reflect recent events or newly available information. ( October 2019 )
table> Economy of Uganda
- Least Developed
- Low-income economy
- $36.484 billion (nominal, 2020 est.)
- $113.476 billion ( PPP, 2020 est.)
- 3.9% (2017) 5.9% (2018)
- 6.1% (2019e) 6.5% (2020f)
- $916.156 (nominal, 2020 est.)
- $2,752 (PPP, 2020 est.)
- Agriculture: 71.9%
- Industry: 4.4%
- Services: 23.7%
- (2017 est.)
- 21.4% (2017 est.)
- 41.7% on less than $1.90/day (2016)
- 0.525 low (2021) ( 166th )
- 0.396 low IHDI (2021)
- 16,833,878 (2019)
- 48.0% employment rate (2017)
- agriculture: 71%
- industry: 7%
- services: 22%
- (2013 est.)
- Kenya 17.7%
- UAE 16.7%
- DR Congo 6.6%
- Rwanda 6.1%
- Tanzania 4.8%
- China 17.4%
- India 13.4%
- UAE 12.2%
- Kenya 7.9%
- Japan 6.4%
- Saudi Arabia 6.3%
- Indonesia 4.4%
- South Africa 4.1%
A family in a market in Kampala, The economy of Uganda has a great potential and appears poised for rapid growth and development. Uganda is endowed with significant natural resources, including ample fertile land, regular rainfall, and mineral deposits.
Chronic political instability and erratic economic management since the implementation of self-rule has produced a record of persistent economic decline that has left Uganda among the world’s poorest and least-developed countries. The informal economy, which is predominantly female, is broadly defined as a group of vulnerable individuals without protections in regards to their work.
Women face a plethora of barriers specific to gender when attempting to access the formal economy of Uganda, and research revealed prejudice against lending to women in the informal sector. The national energy needs have historically exceeded the domestic energy generation, though large petroleum reserves have been found in the country’s west.
After the turmoil of the Amin period, the country began a program of economic recovery in 1981 that received considerable foreign assistance. From mid-1984 onward, overly expansionist fiscal and monetary policies and the renewed outbreak of civil strife led to a setback in economic performance. The economy has grown since the 1990s; real gross domestic product (GDP) grew at an average of 6.7% annually during the period 1990–2015, whereas real GDP per capita grew at 3.3% per annum during the same period.
During this period, the Ugandan economy experienced economic transformation : the share of agriculture value added in GDP declined from 56% in 1990 to 24% in 2015; the share of industry grew from 11% to 20% (with manufacturing increasing at a slower pace, from 6% to 9% of GDP); and the share of services went from 32% to 55%.
What is the budget for Kenya 2023 24?
Total Budget and Expenditure – The total budget for the fiscal year 2023/24 is set at Kes 3.7 trillion. This allocation comprises Kes 2.53 trillion in recurrent expenditures, Kes 743.5 billion in development expenditures and Kes 385.4 billion in county equitable shares.
Fiscal policy over the medium term focuses on supporting the government’s Bottom-Up Economic Transformation Agenda (BETA) while aiming to slow down annual growth in public debt and improve liability management without compromising service delivery. It is expected that these measures will enhance the country’s debt sustainability position.
The government projects the fiscal deficit to decline to Kes.718.0 billion. The fiscal deficit is to be financed through net external financing of Kes 131.5 billion and domestic financing of Kes 586.5 billion.
How is UK money spent?
In 2022/23, social protection accounted for £327 billion of total spending, health £217 billion, general public services £168 billion, economic affairs £128 billion, and education £108 billion.
Is Uganda rich or poor?
The essential economic performance of a country is reflected by the gross domestic product, the total of all goods and services sold. Worldwide gross domestic product in 2022 was at about 12,607 USD per capita. GDP in Uganda, on the other hand, reached USD 964 per capita, or 45.56 billion USD for the whole country.
Uganda is therefore currently ranked 93 of the major economies, If this is calculated using purchasing power parity, Uganda falls among the poorest countries in the world, Inflation in Uganda in 2022 was around 7.20%. Within the EU, the average in the same year was 8.83 percent. In the United States, it was most recently 8.00%.
The index for perceived corruption in the public sector is 26, which is rather poor by global standards. Back to overview: Uganda
Is Uganda richer than Nigeria?
Nigeria has a GDP per capita of $4,900 as of 2020, while in Uganda, the GDP per capita is $2,200 as of 2020. Nigeria has a top tax rate of 24.0% as of 2016. In Uganda, the top tax rate is 40.0% as of 2016.
Is the richest man in Uganda?
Sudhir Ruparelia is the richest person in Uganda with a net worth of $1.3 billion.
What is a budget statement?
Budgeted financial statements contain the expected financial results, financial position, and cash flows of a business. These budgeted financials include an income statement, balance sheet, and statement of cash flows, These statements are compiled from the annual budgeting model of a business.
- Budgeted financial statements are particularly useful when creating a new budget model, since one can view the impact of adjustments to the model on the budgeted statements.
- The management team then goes through several iterations of the model to bring the financial statements into line with its expectations and what the business is financially and operationally capable of achieving.
Budgeted financial statements are usually limited to a summary-level income statement and balance sheet, and are compiled within the budget model. Once finalized, the budget information is carried over into the budget field for each line item in the financial statements within a company’s accounting software.
- The result is “budget versus actual” financial statements, usually accompanied by a column containing a variance between the budget and actual columns.
- In most businesses, this reporting format is confined to the income statement; there is no “budget versus actual” report for the balance sheet.
- The accounting staff then examines the reasons for the reported differences, and includes the results of its investigations for the more material variances in a report that accompanies the financial statements.
A business that does not produce an annual budget does not have budgeted financial statements. However, if it instead uses a short-range forecast, this forecast can be used to create forecasted financial statements, probably just for the next few months or quarters.
How much should I budget for a week in Kenya?
397 USD (57,000 KES) – a cheap stay for 7 days in Kenya.506 USD (73,000 KES) – a budget travel for 7 days in Kenya.1,300 USD (198,000 KES) for a one week of comfortable stay in Kenya.4,800 USD (713,000 KES) for a week of luxury holidays in Kenya.
How rich is China?
- Outlook: Stable
China has an upper middle income, developing, mixed, socialist market economy, that incorporates industrial policies and strategic five-year plans, It is the world’s second largest economy by nominal GDP, behind the United States, and the world’s largest economy since 2016 when measured by purchasing power parity (PPP).
- Due to a volatile currency exchange rate, China’s GDP as measured in dollars fluctuates sharply.
- China accounted for 19% of the global economy in 2022 in PPP terms, and around 18% in nominal terms in 2022.
- Historically, China was one of the world’s foremost economic powers for most of the two millennia from the 1st until the 19th century,
The economy consists of public sector enterprise, state-owned enterprises (SOEs) and mixed-ownership enterprises, as well as a large domestic private sector and openness to foreign businesses in a system. Private investment and exports are the main drivers of economic growth in China; but the Chinese government has also emphasized domestic consumption,
China is the world’s largest manufacturing economy and exporter of goods, It is also the world’s fastest-growing consumer market and second-largest importer of goods, China is also the world’s largest consumer of numerous commodities, and accounts for about half of global consumption of metals. China is a net importer of services products.
It is the largest trading nation in the world and plays a prominent role in international trade, China is the largest recipient of foreign direct investment in the world as of 2020, receiving inflows of $163 billion. It has the second largest outward foreign direct investment, at US$136.91 billion for 2019 alone, following Japan at US$226.65 billion for the same period.
As of 2022, China was second in the world in total number of billionaires, In 2018, it was second in millionaires with 3.5 million. According to the 2019 Global Wealth Report by Credit Suisse Group, China surpassed the US in the wealth of the top ten percent of the world’s population. China has the world’s largest foreign-exchange reserves worth $3.1 trillion, but if the foreign assets of China’s state-owned commercial banks are included, the value of China’s reserves rises to nearly $4 trillion.
China faced a mild economic slowdown during the 2007–2008 financial crisis and initiated a massive stimulus package, which helped to regain its economic growth. With 778 million workers, the Chinese labor force was the world’s largest as of 2020. It ranks 28th on the Global Competitiveness Report,
Per the Global Innovation Index in 2022, China was ranked 11th in the world, 3rd in Asia & Oceania region and 2nd for countries with a population of over 100 million. It is the only middle-income economy and the only newly industrialized economy in the top 30. It is often ranked among the world’s most innovative countries, leading several measures of global patent filings,
China has the second-largest financial assets in the world, valued at $17.9 trillion as of 2021. It also has two ( Shenzhen-Hong Kong-Guangzhou and Beijing in the 2nd and 3rd spots respectively) of the global top 5 science and technology clusters, which is more than any other country.
- As of March 2022, China has over 500 million 5G users and 1.45 million base stations installed.
- Almost 493 million Chinese people are categorized as middle class, and 242 million are upper middle class, according to a 2021 Pew Research Center survey.
- In 2022, mainland China ‘s ten largest trading partners were European Union, United States, South Korea, Japan, Taiwan, Hong Kong, Vietnam, Australia, Malaysia, and Russia.
China has free trade agreements with many nations, some of which are already in force (such as RCEP, the largest trade bloc in history) or are still in the negotiation phase. Although widely regarded as the “powerhouse of manufacturing” or “the factory of the world”, exports contribute only a comparatively small proportion of the Chinese economy, at just 18.5% in 2020.
How rich is Germany?
Germany ranks as 16th wealthiest country on Earth – In 2022 the median and mean wealth per adult in Germany was 256.180 USD, a decrease of 14.360 USD from 2021 figures, making the federal republic the 16th wealthiest country in the world. When it comes to Germany’s super-rich – of which there are many – the country has 4 percent of the world’s millionaires and, behind the United States and China, had the third highest number of ultra-high-net-worth individuals in 2022 ; a total of 9.100 adults in Germany had wealth valued over 100.000 US dollars at the end of 2023.
How rich is us?
As we look ahead to the future and analyze which countries we can benefit from the most in terms of investment, retirement, and quality of life, it’s essential to keep an eye on what countries are flourishing and which are struggling. So, what are the richest countries in the world set to be in 2023? The answer to this may surprise you.
Gross National Happiness (GNH) Human Development Index (HDI) Social Progress Index (SPI)
These measurements combined give a better overall view of the wealthiest countries. We’ll explore why certain countries have been so successful and look at what are likely to be the world’s richest countries in 2023. Commonly referred to as national net wealth but also known as national net worth, this is the sum of a country’s assets less its liabilities concerning external debt owed to foreign countries or international banks. It measures how much wealth a nation possesses at a given time and the size of its international monetary fund.
It’s a critical component of how a country’s credit rating is scored. Countries receive a credit rating through what is known as a sovereign credit rating assessment. An independent credit rating agency carries out this assessment upon the request of the sovereign state to investigate its financials and determine its creditworthiness.
Each nation’s net wealth is crucial for wealthy and developing nations because it significantly affects sovereign credit ratings. It greatly impacts foreign investments from many multinational corporations, entrepreneurs, and countries looking for trade deals with stable economies.
Additionally, eligibility for more favorable rates for international borrowing and financial assistance from different countries is based on trustworthiness and economic stability. It’s perfectly plausible to measure the richest countries in the world by net worth. China and the United States have been the front-runners for the world’s first and second richest countries over the last ten years.
Because of its abundant natural resources and export-oriented economy upheld by dominance in manufacturing for goods like electronics, machinery, and textiles, next to its staggering industrial output, China has edged closer to the crown of the richest nation in the world by net worth.
- Countries can place themselves among the world’s richest nations in several ways.
- A British overseas territory like the famous tax haven, the Cayman Islands, has relaxed government tax rules with zero income tax rates, attracting substantial foreign direct investment and the redirection of significant financial resources.
The economic engine of countries in the Middle East like Saudi Arabia, the United Arab Emirates, and Qatar is driven by vast natural resources like natural gas and oil. These natural resources allow these countries to amass considerable national wealth, and the per capita GDP is much higher than the GDP per capita in other developed nations with high GDP per capita values, wealth distribution, and a diverse economy.
More of the richest countries in net wealth, like South Korea and Germany, dominate high-tech industries and the production of goods such as mobile phones and motor vehicles that are essential in our daily lives today. They’ve managed to maintain strong economies, significant investments, and continued economic development.
That said, there’s only one clear winner when we consider all the factors determining the richest countries based on net worth. According to Credit Suisse, the wealthiest nation in the world in 2022 by net worth was the United States, with a net wealth of $145.8 trillion.
First, the US has a large and diversified economy; from the tourism industry and services sector to the banking industry and renewable energy, the country is relatively resilient to economic shocks. This has given the US an advantage over competing countries through difficult economic periods, helping create wealth and stimulate growth across various industries and sectors. Second, the US has a strict rule of law and property rights culture that protects people’s ability to accumulate wealth. Third, the US has a culture that encourages entrepreneurship and risk-taking. In many countries, people are happy to work and live everyday lives; the US has a fiercely competitive nature to it, where becoming rich and aiming way beyond an average wage is the ultimate goal for many. Finally, the US dollar is the world’s dominant reserve currency. The World Bank and many central banks worldwide prefer to hold US dollars and dollar-backed securities, so the demand for international dollars remains strong. As a result, the US can borrow more cheaply (at lower interest rates) than it would otherwise.
In economics, business, and statistics, per capita refers to the average or median figure per person. It’s a Latin term that means “by the head” but is used to indicate “by the person.” On the subject of the wealthiest country in the world, per capita relates to the median numbers for net worth per person and the amount of money earned per person in a nation or geographic region.
- Per capita income determines the average income per person for an area.
- It also determines purchasing power parity and is a decisive metric for organizations like the United Nations to evaluate the standard of living and quality of life.
- You’ll see many countries like Germany and the United Kingdom top the list in terms of overall net worth.
Still, due to population sizes, the per capita net worth can be substantially lower than in other nations with a lower net worth. This is evident from small countries like Singapore and Israel being on the list of the richest countries in the world by the total value of financial assets per capita.
Why is the budget necessary?
The Bottom Line – A budget is simply a spending plan that takes into account expected income and expenses for a specified period of time. It can bring you one step closer toward financial security. Having and sticking to a budget can keep your spending in check and assure that your savings for emergencies and longer-term goals, such as a comfortable retirement, stay consistent.
Why is budget important for a country?
The Need for Government Budget – A government budget is the means of providing control over expenditure and revenue by the government. Budgets help in maintaining stability and control over the government’s finances and are also a means of providing accountability through financial reporting. The following points can help you understand the importance of the Government Budget:
Resource Reallocation: With the social and economic condition of the country in mind, the government can distribute resources properly. Reduce the Difference in Income and Wealth: The economic equality of different classes in the country can be better maintained by the government. They can impose taxes on the elite class and spend that money on the welfare of poor people. Improvement in Economic Growth: The overall rate of investment and savings can be raised by focusing on providing adequate resources to the public sectors. The rate of investment and savings determine a country’s economic growth. Reduce Differences in Regional Development: Region inequalities can be reduced by installing production units in underdeveloped areas.
The Importance of Government Budget Every country aims to improve the standard of living of its people and eradicate issues like poverty, illiteracy, unemployment, income inequality, etc. Budget measures help the government in meeting these goals. A budget gives an overview of the fiscal policy of the government.
What is the UK spending budget?
Spending – The public sector raises money in order to spend it, mostly on the day-to-day costs of providing public services, on capital investment and on cash transfer payments that support the incomes of various individuals and families. In 2023-24, we expect public spending to amount to £1,189 billion, which is equivalent to around £42,000 per household or 46.2 per cent of national income.
- This is called ‘total managed expenditure’ and covers many different types of spending.
- In 2023-24, we expect central government departments to spend £421.7 billion on the day-to-day (‘current’) running costs of public services, grants and administration.
- This is 35 per cent of public spending.
- The biggest items are health (£176.2 billion), education (£81.4 billion) and defence (£32.4 billion).
This spending is usually subject to multi-year limits set by the Treasury – known as ‘resource departmental expenditure limits’ or ‘RDEL’. We also expect the public sector to spend £133.6 billion – 11 per cent of the total – on capital investment (such as roads and buildings) and on loans to businesses and individuals.
- Around 70 per cent of this will be spent by government departments, again usually subject to multi-year Treasury limits – ‘capital departmental expenditure limits’ or ‘CDEL’.
- Some of the remainder will be carried out by local authorities (mostly roads, schools and housing) and public corporations (like Transport for London), and 8 per cent of capital investment is on business and student loans.
The Government set out detailed department-by-department plans for RDEL and CDEL in its 2021 Spending Review. This set RDEL and CDEL plans for all departments for 2022-23 to 2024-25. The biggest component of ‘annually managed expenditure’ or ‘AME’ is cash transfers through the welfare system, expected to cost £294.5 billion in 2023-24.51 per cent of these are paid to pensioners, with state pensions the largest item at an expected £124.3 billion. Net interest payments on the national debt are expected to cost £94.0 billion in 2023-24. This includes the interest government pays to private sector holders of the bonds it issues – known as ‘gilts’ – and also the interest paid by the Bank of England on the money created during the ‘quantitative easing’ of monetary policy since the late 2000s financial crisis and recession.
Net debt interest (interest paid minus interest received) is expected to be 7.4 per cent of non-interest receipts in 2023-24 before falling back to 6.9 per cent by 2027-28. Over the subsequent four years, we expect public spending to rise by 8 per cent in cash terms, 7 percentage points slower than the economy will as a result of temporary energy and cost-of-living support receding and reductions in departmental spending relative to the size of the economy.
Spending on some items rises more quickly (e.g. the cost of state pensions as ageing increases the number of claimants and the triple-lock increases the amount), and on other items it is almost flat (e.g. spending on funded public sector pensions). The Government’s multi-year spending plans mean that RDEL will rise by 9 per cent in cash terms by 2027-28.
How much does the UK spend on the budget?
|Expenditure in billion GBP (in real terms)