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Uganda’s Economy Slowly rebuilding from the Effects of the Coronavirus Disease as per Stanbic Bank’s Composite Index Report

Sunday, 18 April 2021 18:22
Uganda’s Economy Slowly rebuilding from the Effects of the Coronavirus Disease as per Stanbic Bank’s Composite Index Report

(Ecofin Agency) - Stanbic Bank’s purchasing managers index (PMI) reports indicated a slide increase in business conditions in Uganda for the past two months; from 51.2 in February to 53.2 in March. This change is a positive view for the country’s economy that has been facing backlashes with its private sector since the outbreak of Covid 19.

The sectors mainly covered by the composite index include agriculture, mining, manufacturing, construction, wholesale, retail and services.

New orders increased for the second successive month, with a number of respondents signalling a rise in customer numbers. This expansion in new business aligns to signs of a return to a more normal economic environment and the reopening of schools contributed to a ninth successive increase in output.” Said Ronald Muyanja, the Head of Trading at Stanbic Bank Uganda.

To recall, in June 2020 a survey was conducted in Uganda “Ugandan Business Survey” with the primary objective to alleviate the negative impact of COVID-19 on the private sector and to accelerate economic recovery.

Despite production been halted in the past years, Uganda is getting out the situation as days pass. This gradual step is thanks to the optimistic nature of firms accompanied with the expectation of further improvements in new business in the months to come. According to date from the International Monetary Fund, the country is expected to be among the top 10 performers in terms of adding GDP in 2021.

Solange Lum

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