A girl carries corn husks on her head in Kampala, Uganda, on Thursday, July 23, 2020. Uganda’s economy will probably expand at the slowest pace in more than three decades this year due to the fallout from the coronavirus pandemic, a locust invasion and floods, the World Bank said. Photographer: Katumba Badru Sultan/Bloomberg via Getty Images Uganda’s Purchasing Managers’ Index (PMI) rose to 54.9 in January, up from 51.5 in December, according to a report issued Friday.
The threshold of 50 is a baseline to indicate an increase or a decline in business conditions.
The monthly report issued by Stanbic Bank Uganda attributed the increase to the full reopening of the country’s economy on January 24 after some sectors had been closed for about two years due to the COVID-19 pandemic.
The report showed that all five surveyed sectors, namely agriculture, industry, construction, wholesale and retail, and service, saw business activity rise at the start of the year.
The report indicated that firms remain optimistic in the outlook for the next 12 months, and as investments in the oil, the sector is also likely to reinforce the positive outlook.
