Publication: Uganda Economic Update 21st Edition: Leveraging Sustainable Tourism to Support Growth & Diversification
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2023-12-18
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2023-12-18
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Economic activity in Uganda is accelerating despite commodity-price inflation, global monetary tightening, international supply-chain bottlenecks, and a local Ebola outbreak. Real GDP growth is estimated to reach 5.7 percent in FY22/23, albeit still below the pre-COVID-19 projection of 6.5 percent. Growth has been supported by a robust post-pandemic recovery in the services sector, bolstered by the rapid growth of information and communications technology. Real estate and construction also performed well, while agriculture suffered from droughts in some regions and heavy rains in others, as well as rising input costs. The recovery of income and employment bolstered demand, while private investment overcame tight domestic and global financial conditions to sustain increases in new exports and manufacturing orders into the third quarter of FY22/23. As growth accelerated, Uganda’s per capita income increased to about US$930 for FY21/22, edging closer to the lower-middle-income threshold.
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“World Bank. 2023. Uganda Economic Update 21st Edition: Leveraging Sustainable Tourism to Support Growth & Diversification. Uganda Economic Update; 21st edition. © World Bank. http://hdl.handle.net/10986/40750 License: CC BY-NC 3.0 IGO.”
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