Bloomberg News

Uganda Forecasts Economic Growth Slowed to 3.2% in 2011-12

May 31, 2012

Economic growth in Uganda will slow to an estimated 3.2 percent in the 12 months through June after services and the industrial sectors fell, Chris Mukiza, the director of macroeconomic statistics at the Uganda Bureau of Statistics said.

Economic expansion this financial year may cool from 6.7 percent a year earlier, Mukiza told reporters today in Kampala, the capital.

The projected growth is the slowest in more than a decade for East Africa’s third-biggest economy, Keith Muhakanizi, the deputy secretary to the Treasury at the Kampala-based Finance Ministry said today by phone. Donors, including the U.S., Japan, Denmark, Sweden, U.K., the European Union, finance at least 30 percent of the national budget, according to the ministry.

The industrial sector may grow by 1.1 percent compared with 7.9 percent last financial year, and growth in services may slow to 3.1 percent from 8.4 percent a year earlier, Mukiza said.

The projected growth this financial year compares with the Mar. 22 forecast of 4.25 percent by the International Monetary Fund, and the 5 percent by the finance ministry last month.

To contact the reporter on this story: Fred Ojambo in Kampala at fojambo@bloomberg.net

To contact the editor responsible for this story: Bryson Hull at bhull5@bloomberg.net


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