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Economy to grow by 5.5% in the new financial year

By Apollo Mubiru

Added 8th June 2016 04:20 PM

According to the finance minister designate Matia Kasaija, the medium term, GDP growth is projected to average 6.3% per annum.

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According to the finance minister designate Matia Kasaija, the medium term, GDP growth is projected to average 6.3% per annum.

Uganda’s economy is projected to grow by 5.5% in the next financial year 2016/17.

According to the finance minister designate Matia Kasaija, the medium term, GDP growth is projected to average 6.3% per annum. 

This outlook is premised on the Government commitment to fast track implementation of key public investments in infrastructure to facilitate private investment

The minister said the Government will continue to implement appropriate fiscal and monetary policies to ensure macroeconomic stability.

“In the medium term, we will prioritise the reduction of the trade deficit by increasing our revenue from exports by adding value to our primary commodities, harnessing the largely untapped tourism potential, and continuing to attract foreign direct investment,” he stated.

Statistics from the Uganda Bureau of Statistics (UBOS) show that Uganda's economy growth rate stands at 4.6% in the Financial Year (FY) 2015/2016 down from the 5% in the FY 2014/2016.

This means a slowdown in economic growth rate.

The slowdown in Gross Domestic Product (GDP) is attributed to economy volatilities such as the depreciation of the shilling which slowed down investments.

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