President Yoweri Kaguta Museveni has highlighted the sustained growth of Uganda’s economy, resilient in the face of challenges such as climate change impacts on agriculture, infrastructure strain from floods, and the ongoing conflict in Eastern Europe.
In a televised address on Thursday evening, President Museveni reported that the economy reached UShs. 184.89 trillion (US$ 49.5 billion) in the financial year 2022/2023, a notable increase from the Shs 162,750 billion (US$ 45.6 billion) recorded in the previous financial year, despite a surge in global interest rates making capital access more expensive.
In Purchasing Power Parities (PPP) terms, Museveni highlighted the economy’s size at US$114 billion, with a per capita income of US$ 2,281. In real terms, the economy achieved a growth rate of 5.2 percent during the financial year 2022/2023, surpassing the 4.6 percent recorded in the preceding financial year.
President Museveni attributed this expansion to the robust performance of various sectors. Services experienced growth at 6.2 percent, driven by trade, tourism, education, ICT, arts, and entertainment. Agriculture expanded by 4.8 percent, with notable growth in food crops (4.7 percent), livestock (8.8 percent), and fish activities (8.6 percent) compared to the previous year. However, industrial growth slowed to 3.5 percent from 5.1 percent in the corresponding period.
Museveni expressed optimism about Uganda’s economic outlook, crediting consistent support for the private sector, infrastructure investments in energy, transport, and ICT, and improved access to credit through various initiatives.
The President projected further economic growth, estimating the economy to reach UShs. 204.9 trillion (USD 55 billion) by the end of the financial year 2023/24 and UShs. 225.5 trillion (USD 60 billion) in the financial year 2024/25. He emphasized that this growth would be fueled by increased output in services, industry, and agriculture, recovery in aggregate demand, implementation of the Parish Development Model, investments in the Oil & Gas Sector, tourism recovery, and expansion of regional and global trade.
Additional growth initiatives include consistent government investments in industrial parks, infrastructure development, research, and innovation, as well as ensuring affordable electricity.
President Museveni expressed confidence that the implementation of interventions aimed at boosting economic growth, productivity improvements, and value addition in key sectors would propel Uganda’s economy to an average annual growth rate of 8 percent over the medium term. He emphasized that this trajectory aligns with the goal of achieving socio-economic transformation and building an independent, integrated, and self-sustaining economy, as outlined in the 10 Point NRM Programmes,