Execution of the budget during FY 2022/23 resulted in a fiscal deficit of UGX 10,391.53 billion which is equivalent to 5.6 percent of GDP (see figure below). Although this is slightly below the 5.17 percent and -5.2 percent deficits in the NDP III and Charter for Fiscal Responsibility, it is lower than the 7.4 percent registered for FY 2021/22 and thus reflects the fiscal consolidation drive Government is pursuing.