Uganda's economy expands by 5.7%

By Apollo Mubiru  

Uganda economy has increased by 5.7% in the current financial year, President Yoweri Museveni has said.

Delivering the State of the Nation Address to Parliament at Serena Conference hall in Kampala, the President said: “the economy continues to be vibrant amidst economic challenges and reforms on the local, regional and International scene.”

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President Museveni inspects a guard of honour upon arrival at Serena Hotel. Photo by Enock Kakande

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President Museveni arrives at the auditorium to deliver the State of the Nation Address flanked by Speaker Rebecca Kadaga and her deputy Jacob Oulanyah. Photo by Enock Kakande

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The President’s address is in fulfillment of the Constitutional requirement stipulated in article 101 (1) of the Constitution of Uganda.

The President said the size of the Ugandan economy is expected to increase to Uganda sh63.329 Trillion, equivalent to US Dollars 25.3 billion.

The size of the economy has increased by 5.7% in the current financial year. This Economic Growth rate is comparable to the 5.8% growth achieved in FY2012/13, despite constraints outside Government’s control, he added.

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KCCA executive director Jennifer Musisi was one of the dignitaries present. Photo by Enock Kakande

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Several envoys were in attendance. Photo by Enock Kakande

On wealth creation and access to employment, the President advised:  “Anybody wishing to generate wealth, create self-employment, employ others or access employment has no alternative but choose one of these four. The four sectors are: Agriculture, Industry, Services and ICT.”

President Museveni said the global demand for coffee is 149.1 million bags at the value of US$ 13.6 billion; the value of tea is US$ 11.4 billion with a total demand of 4 million tonnes; the total value of milk and milk products is US$ 32.8 billion with the total quantities of 730 million tonnes.