Browsing: Uganda’s GDP

Uganda’s GDP grew faster than initially predicted in the 2018-2019 fiscal year, but the growth is still not fast enough for the government’s lower-middle-income status and poverty reduction ambitions.

The World Bank said that data estimates released in 2019 by the Uganda Bureau of Statistics show that real GDP increased at an annual rate of 6.5% in 2018-2019, higher than its previous estimate of 6.2%.

According to the bank, the expansion maintains the rebound in economic activity recorded over the last two years. It was “driven by strong levels of domestic consumption and sustained levels of public and private investment.”

In its 14th Uganda Economic Update report, the World Bank said that the Net foreign direct investment inflows rose to 5.1 per cent of GDP in 2018-19 from 3 per cent the previous year.

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“The construction sector continues to …