BOU Downgrades Uganda's Economic Growth Top story

2075 Views Kampala, Uganda

In short
The Bank of Uganda Governor, Prof. Emmanuel Tumusiime-Mutebile says Ugandas real economic growth for the 2015/16 financial year will be five percent instead of 5.8 percent.

The Bank of Uganda has downgraded Uganda's economic growth for the 2015/16 financial year from 5.8 percent to five per cent.
 
The Central Bank Governor, Prof. Emmanuel Tumusiime-Mutebile made the announcement when delivering the monetary policy statement for December 2015 in Kampala on Wednesday.
 
The real economic growth rate is a measure of the rate of change that a nation's gross domestic product experiences from one year to another, and is adjusted according to inflationary pressures.
 
Mutebile said despite the projection, the growth rate could change upward or downward, due to shocks.
 
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Mutebile listed some of the shocks as slow growth of major markets and declining global commodity prices.

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Mid this year, both the Ministry of Finance and the Bank of Uganda projected that the economy would grow by up to 5.8 percent this financial year.

The International Monetary Fund, in late November, however, revised Uganda's growth forecast for the 2015/16 downwards from the projected 5.8 percent to five percent.

According to the International Monetary Fund, the five percent growth is expected to remain at that level, reflecting tight credit conditions.

 

Mentioned: bank of uganda

About the author

David Rupiny
In his own words, David Rupiny says, "I am literally a self-trained journalist with over 12 years of experience. Add the formative, student days then I can trace my journalism roots to 1988 when as a fresher in Ordinary Level I used to report for The Giraffe News at St Aloysius College Nyapea in northern Uganda.


In addition to URN for which I have worked for five years now, I have had stints at Radio Paidha, Radio Pacis, Nile FM and KFM. I have also contributed stories for The Crusader, The New Vision and The Monitor. I have also been a contributor for international news organisations like the BBC and Institute for War and Peace Reporting. I am also a local stringer for Radio Netherlands Worldwide.


I am also a media entrepreneur. I founded The West Niler newspaper and now runs Rainbow Media Corporation (Rainbow Radio 88.2 FM in Nebbi). My areas of interest are conflict and peacebuilding, business, climate change, health and children and young people, among others."