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CSO Statement at the National Budget Conference on the FY2024/25
Posted on: 2023-12-14 12:04:24
Uganda's economy has demonstrated resilience to external shocks, with a consistent upward growth trajectory in its Gross Domestic Product (GDP). For this fiscal year 2023/24, Uganda anticipates an impressive GDP growth rate of 6 percent, compared to the previous fiscal year's 5.3%, showcasing the resilience of the nation's economy.
This positive momentum is further evidenced by Uganda's strengthening trade balance within the East African Community, resulting in a trade surplus of $114.54 million (approximately Shs418.337 billion), reflecting substantial growth from the previous year.
Notably, a significant reduction in core inflation from 9% in January 2023 to 3.5 percent in August 2023 has been achieved, attributing this accomplishment to coordinated fiscal and monetary policies and increased food production. These achievements collectively demonstrate the nation's commitment to economic stability and sustainable growth.Read More