Analysis by Region - Emerging Markets - Uganda

Analysis by Region - Emerging Markets - Uganda

The latest GDP print confirms that the Ugandan economy grew by 6.3% last year. There was a clear slowdown in economic activity in Q4 2022, with the industrial sector recording an annual contraction, but the resilience of the services sector surprised. We expect this strength to spill over in 2023 and we have raised our GDP growth forecast accordingly. We now expect the Ugandan economy to grow by 5.2% in 2023 before expanding by 5.5% in 2024.