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Uganda Growth Estimated at 6.5%

Uganda Growth Estimated at 6.5%Uganda Growth Estimated at 6.5%

Uganda’s central bank said that the country’s economy will grow 6.5% over the next three years. Tumusiime Mutebile, governor of the Bank of Uganda, told reporters that the projected growth is premised on favorable external scenario as well as strong private and public investments, Xinhua reported. Other factors include improved agricultural productivity and the absence of significant macro-economic imbalances, he said. However, Mutebile said, the indicators of aggregate demand, including fiscal absorption and private sector credit growth, remain weak. Quoting quarterly gross domestic product figures released by Uganda Bureau of Statistics, Mutebile said the economic growth for 2017 was 6.3%, compared to 3% in 2016. “Economic activity improved across all sectors with the agricultural sector growing by 6.1% in 2017 from negative 1.4% in 2016, with service sector growth of 8.1% from 4.5% in 2016, while industry growth was 4.4%, an increase from 4.2% over the same period,” Mutebile said.

 

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