Uganda's GDP grows to sh74trillion

May 31, 2016

Museveni emphasized that: “The Government must buy locally produced goods and services.”

President Yoweri Museveni has said that although the economy has recovered, a great deal of protection of local industries is needed for the recovery to be sustained.

Arguing that if the country was exporting more than what is imported on the daily basis, Uganda would have achieved the middle-income status, a goal government has set for 2020.

Due to excessive the importation chain, Museveni, who delivered State-of-the Nation Address at Serena Kampala Hotel conference centre, said Uganda is donating $875 million to China in imports.

"Importing goods from outside means we are creating jobs for Indians and Chinese children and forgetting our own. The shilling depreciates too much because we export less and import too much. If all textiles used in Uganda were made locally, this would save us $888m annually and create about 45,000 direct jobs," he said.

Museveni emphasized that: "The Government must buy locally produced goods and services."

The President said that the size of the country's Gross Domestic Products (GDP) has grown from sh6trillion in 1986 to sh74trillion in 2014.

"The size of our GDP would be bigger if we're exporting more products. We would already be a middle-income country. The story of Uganda and liberation is a long one. The size would be much bigger if we were to export and import less," he said.

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