Uganda’s Macro Financial Development
Uganda’s GDP expanded by 6.1 percent in the year to June 2018, which was higher than the 3.9 percent registered in the previous year ended June 2017 (Chart 7). While there was an improvement across all sectors, the services sector registered the highest growth of 7.7 percent. Industrial and agricultural sectors grew by 6.1 percent and 3.8 percent respectively.
Uganda’s economic growth has been strong since the second half of 2017, supported by the global economic upturn and easing of domestic monetary policy. The outlook is for growth to improve to 6.5 percent in the financial year 2018-19, sustained by robust domestic demand growth, public infrastructure investments, improving agricultural productivity and recovery in foreign direct investment. Furthermore, improved global economic performance is expected to boost labour remittances into the Ugandan economy, which crossed the billion-dollar mark in the year to June 2017 to US$1,287.0 million and remained high at US$1,083.8 in the year to June 2018.
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