Uganda has been ranked the 13th biggest economy in Africa, according to the International Comparison Programme, a global development parameter.
Uganda's citizens have been ranked 32nd richest people in Africa.
The International Comparison Programme (ICP) compares national accounts aggregates converted to a currency, assumed to be the same for all African countries.
It conclusions are derived by comparing the unit cost of selected items and services like sugar, salt, tea, health, education, defence, administration, rather than market exchange rates as is the case with GDP
These goods and services are categorized under areas like economy size, living standards, individual consumption by government, and collective consumption by government and investment.
The latest ICP was conducted in 2005 by 48 national statistical bodies, Uganda Bureau of Statistics (UBOS) in the case of Uganda.
Officials from UBOS and Makerere University's Institute of Statistics and Applied Economics presented the findings Friday at the Statistics House in Kampala.
According to the findings, Uganda is the 13th biggest economy in Africa but with a share of only 1.4%. South Africa and Egypt share 42% and when combined with Nigeria and Morocco they take 61% of Africa's economy.
Despite having the 13th biggest economy, the report says Ugandans are the 32nd richest people with per capita income of 448 Africans, far below the continental average of 1,016. Gabon, Botswana and Equatorial Guinea are the richest.
Individual household consumption is Afric 353, half the Africa average of 678.
Uganda was also found with a very low government expenditure of Afric 24 on individual consumption of goods and services like health and educations, making it lag in the 21st position.
In collective expenditure on services like defense, governance, justice and environmental protection Uganda was found to spend Afric 39 less than half the Africa average of Afric 83, taking it to position 35th.
In investment, Uganda ranks number 32 in Africa and this is attributed to unattractive environment for investment due to high political risk.
The ICP also found that 78 percent of Ugandans spend a lot of money, incomes, on goods and services, most of which are ironically also imported.
The good side of the report says that Uganda is the 9th cheapest country to live in Africa, and it becomes even cheaper at 7th position if you consider prices of household goods only.
The cheapest country is Ethiopia while the most expensive is Zimbabwe.
Uganda's population was also found to be the 10th highest in Africa at 26.5 million people in 2005.
Vincent Musoke Nsubuga, the National ICP Coordinator, explains the findings.
//Cue in: Uganda's population is #
Cue out: # 7th cheapest country.
Nsubuga said the ICP could in future form the basis on which the growth and development of African countries could be measured like the use of GDP now.
Dr Yeko Mwanga, from Makerere University, said the ICP is relevant for international agencies and countries interested in the country.
Some of the countries that performed very well in the ICP are Gabon, Botswana, Equatorial Guinea, South Africa, Egypt and Nigeria.
The worst performers are Sao Tome and Principe, Comoros, Guinea Bissau, The Gambia, Liberia, Cape Verde, Djibouti, Lesotho, Central African Republic and Burundi with a combined GDP of less the one percent.