Uganda: A Peep Into Fundamentals of Our Economy

analysis

Cutting administration costs and exercising budget discipline will curtail resource haemorrhage and thus avail money to revolutionise agriculture. Uganda's economy for 2010 and 2011 has not been rosy. The economy recorded weaker growth of 5.1% last year because of receding aggregate demand, mainly in private consumption, and falling production for traditional exports especially coffee.

In spite of the declines, regional demand for Uganda's exports bolstered by the pacification of Southern Sudan remained high. Overall, export earnings fell from $2.9 billion in the 2008/09 financial year to $2.8 billion in 2009/10. Although lower than 2008/09 levels ($883 million), remittance receipts in 2009/10 ($820 million) surpassed traditional foreign exchange earners coffee and tourism. Earnings from coffee and tourism in 2009/10 were $262 million and $400 million respectively. Sustained public investment in infrastructure and the global recovery are indeed expected to spur growth in the short and medium term.

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