Uganda’s Finance Ministry said on Monday that the country’s GDP grew by 6.8% in the first six months of the fiscal year 2022/23, which runs through the end of June. This result is higher than the 3.7% growth achieved during the same period in the previous fiscal year.
Agriculture, forestry, and fishing were the key engines of growth, followed by the service sector.
According to a Ministry of Finance assessment, the East African country is well on its way to attaining a 5.3% growth rate for the whole fiscal year, which will be aided by a drop in inflationary pressures.
Uganda plans to begin producing crude oil from deposits in the country’s west, near the border with the Democratic Republic of the Congo, around 2025. They anticipate that this will accelerate economic growth to levels greater than 7%.
