Uganda central bank says economy to grow 6.5 pct over next three years

Source: Xinhua| 2018-04-09 19:59:27|Editor: Yurou
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KAMPALA, April 9 (Xinhua) -- Uganda's central bank said on Monday that the country's economy to grow 6.5 percent over the next three years.

Tumusiime Mutebile, governor of the Bank of Uganda, told reporters that the projected growth is premised on favorable external scenario as well as strong private and public investments.

Other factors include improved agricultural productivity and the absence of significant macro-economic imbalances, he said.

However, Mutebile said, the indicators of aggregate demand, including fiscal absorption and private sector credit growth, remain weak.

Quoting quarterly gross domestic product figures released by Uganda Bureau of Statistics, Mutebile said the economic growth for 2017 was 6.3 percent, compared to 3 percent in 2016.

"Economic activity improved across all sectors with the agricultural sector growing by 6.1 percent in 2017 from negative 1.4 percent in 2016, with service sector growth of 8.1 percent from 4.5 percent in 2016, while industry growth was 4.4 percent, an increase from 4.2 percent over the same period," Mutebile said.