Uganda’s Purchasing Managers’ Index (PMI) for the month of February increased to 51.2 after a three-month consecutive fall, a new report issued here said Friday.
The monthly report for February issued by Stanbic Bank Uganda showed the PMI in January dipped to 49.8 from 51.2 in December and 53.9 in November last year.
A reading above 50 indicates expansion, while a reading below it reflects contraction.
The February increase was attributed to improved outlook in the global and national economy. Business activity was rebounding across economic sectors, translating into a rise in business confidence and easing in job losses.
The January report indicated that the fall then was due to fear of election violence, which built on the already negative impact of COVID-19. This saw companies scaling down their staffing levels in January.
The February report showed that firms remained confident that the outlook remains positive for the rest of the year. Enditem