Economy Grows by 5.3% as Inflation Slows Down to 6.2% – UBOS

The Uganda Bureau of Statistics (UBOS) has released the preliminary estimates for the Gross Domestic Product (GDP) indicating that the economy grew by 5.3 percent during the Fiscal Year (FY) 2022/23 compared to the revised growth of 4.6 percent registered in FY 2021/2022.

The Services sector continued to be the biggest contributor to GDP with a 42.6% share in 2022/23 compared to 41.6% recorded in 2021/22

“The Economy grew by 5.3% in the fiscal year 2022/23 compared to a revised growth of 4.6% in 2021/22,” said UBOS Executive Director, Dr Chris Mukiza, while releasing the estimates on Wednesday.

He said the economy size increased to UGX184,288bn in 2022/23 from UGX162,883bn in 2021/22.

On a monthly, inflation for tomatoes, sweet potatoes, passion fruits, and avocados still decreased in May 2023.

Firewood and liquid energy fuel inflation also slowed down.

However, charcoal inflation increased by 1.3% from the 2.3% drop of April 2023.

Annual energy, fuel and utilities inflation also dropped in the year ending May 2023.

On a monthly analysis, the May 2023 inflation dropped to 0.3% from the 0.5% rise in April 2023.

Cooking bananas slowed to 8.3% from 16.6% in April.

Annual inflation for maize flour, rice, cassava, laundry soap, transport, and tomatoes slowed down.

Likewise, Matooke, sweet potatoes and beans inflation decreased.

The annual headline inflation for May 2023 slowed down to 6.2% from 8.0% recorded in April 2023.

This was due to the Annual Core inflation that decreased to 5.6% from 6.8% in April.