Economy

Economy

Uganda unlikely to achieve middle income status by 2020, World Bank says

The World Bank says Uganda's economy must grow by 12% each year until 2020 if it is to achieve its goal of middle-income status by that time. But that is twice the growth rate it considers realistic for Uganda's GDP in the medium-term
Economy

10 things the World Bank says about Uganda’s economy

The World Bank on Tuesday released its eighth Uganda Economic Update outlining its view of the state of the economy, more than six months after it cut off funding over slow execution of projects. Here are 10 key messages from the report.
Economy

Inflation rises to 5.9% in January

Inflation rose to 5.9% in January, the highest rate in seven months, mainly driven by an increase in the price of food crops, according to the Uganda National Bureau of Statistics. Headline inflation in December 2016 came in at 5.7%.
Economy

BoU sees tough times ahead for banks, but confident on stability

The central bank is counting on tougher capital demands to mitigate potential risks to the financial system, following a stormy year for the banking sector during which the regulator took over management of one of the largest lenders.
Economy

Uganda’s GDP contracts 0.2% in Q1 of 2016/17

Uganda's economy contracted by 0.2% in the first quarter of 2016/17 – the second decline in 11 quarters – with shrinking value in the agricultural sector responsible for the decline, according to estimates released by the Uganda Bureau of Statistics.
Busy market in Kampala, Uganda
Economy

Inflation climbs to six-month high

The inflation rate rose sharply in December to 5.7%, the highest rate in six months, mainly because of an increase in the price of food crops to 10.8%, according to the Uganda Bureau of Statistics. Headline inflation in November was 4.6%.
Economy

Uganda signs Shs500b AfDB loan for Busega-Mpigi expressway

The finance ministry has signed two loan agreements with the African Development Bank (AfDB) to finance the construction of the 23.7 kilometre Busega-Mpigi Expressway project and rehabilitation of its auxiliary road to Rwanda.
EconomyPolitics & Policy

No value for money realised from Mbarara Industrial Park — Parliament

A parliamentary committee has questioned the return of investment on Mbarara Industrial Park, finding that the park’s management failed to collect rent dues from some tenants and to evict the defaulting entities.
Economy

Coffee exports and earnings rise in November

Uganda's coffee exports in November 2016 were 408,027 60-kilo bags worth $50.41 million, a 64% increase in volume and 101% rise in value compared to the same period in the previous year, according to official figures.
Economy

Bank of Uganda cuts benchmark interest rate to 12%

The Bank of Uganda on Wednesday lowered the central bank rate by 100 basis points from 13%, set in October, to 12%. The bank's monetary policy committee said the rise was necessary to "keep the domestic economic growth momentum."
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