Uganda's economy expanded by 2.1 pct in Q2 of 2015/2016 financial year - CNBC Africa

Uganda's economy expanded by 2.1 pct in Q2 of 2015/2016 financial year

East Africa

by Reuters 0

Uganda's central bank this month cut interest rates, saying it wanted to stimulate slowing growth and return it to full potential. Flickr.

Uganda's economy grew by 2.1 percent in the second quarter of 2015/2016 (Jul-Jun) fiscal year from a revised 1.8 percent in the previous quarter, helped by faster expansion in the agricultural sector, official data showed on Tuesday.

The East African country's central bank this month cut interest rates, saying it wanted to stimulate slowing growth and return it to full potential.

A statement from the Uganda Bureau of Statistics (UBOS)and seen by Reuters on Tuesday said value added activities in the agricultural sector had grown by 3.5 percent in the October-December quarter, up from 1.8 percent in the previous quarter.

"The main contributors to this growth were food crops and fishing activities," UBOS said.

Data released in January showed economic growth in the first quarter of the 2015/2016 at 0.3 percent.

 

Comments