Uganda's economy grew somewhat better in financial year 2012/13 at 5.8% up from 3.4% a year earlier, according to the revised figures from the Uganda Bureau of Statistics (Ubos) revealed on Sept. 30.
The revised growth numbers point at a better future outlook, though annual inflationary pressures continue to go up. The bureau announced on Sept. 30 that annual headline inflation went up to 8.0% in the year ending September 2013 from 7.3% recorded in the year ending August 2013.
Prior to announcing the revised figure, Uganda's economy was said to have grown at 5.1%.
All sectors posted improved growth numbers. For instance, agriculture which covers cash crops, food crops, livestock, forestry and fishing grew at 1.5% up from 0.8%, industry grew at 6.8% from 2.5%, and services grew at 6.5% from 3.6%. Taxes on products also grew to 5.2% from 4.7%.
In its monetary policy report for September 2013, Bank of Uganda says GDP growth outlook for financial year 2013/14 is that output growth is likely to deviate from the earlier projection of 6.0 percent to the lower side based on uncertainties in the current and projected trends of a number of variables including global growth, exports, investment, imports, remittances.
However, the report adds, economic activity is likely to gradually regain some momentum in 2014 and projections of longer-term growth paint a robust growth.