President Museveni Provides Economic Update

President Museveni of Uganda yesterday provided an update on the economy as part of his State of the Nation Address delivered at the Kampala Serena Hotel.

According to the President the latest figures put Uganda’s Gross Domestic Product (GDP) per capita at USD 800, up from USD 666.61 in 2017. However preliminary figures released by the Uganda Bureau of Statistics last week indicated a slight decrease in economic growth during the financial year 2018/19, from 6.2% in 2017/18 to 6.1%. 

The President also stated government’s commitment to prioritizing industrial parks that will create additional jobs, as well as modernizing agriculture.

Current trends impacting economic growth include the border tensions between Uganda and Rwanda, which has negatively impacted regional trade. 

The national budget for the financial year 2019/20 will be delivered by the Minister of Finance, Planning and Economic Development, Mr Matia Kasaija, on June 13. The budget is expected to have increased from Shs32.702 trillion to Shs40.487 trillion.