• Authored By: Medard Kakuru, Aida Kibirige Nattabi, Blessing Atwine, Ibrahim Kasirye and Madina Guloba
23 May 2024
  • File Size 902.97 KB
  • Published May 23, 2024

The Ugandan Economy Today

Most bimodal parts of the country experienced dry weather conditions during the quarter under review. This enabled most households to harvest first-season crops. Moderately good bumper harvests enhanced food security conditions for most persons as regular supply to food markets further reduced food prices. In the livestock sub-sector, productivity was below average due to the dry conditions affecting pasture availability. In the Karamoja subregion,
the harsh and lean season persisted during the quarter, affecting household food security income, and this sustained high staple food prices. Regarding cross-border trade, trade volumes from Uganda were relatively low in the quarter under review. Most neighbouring countries became more self-sufficient following above-average harvests that supplied their domestic markets, reducing importation.

In the quarter under review, fuel pump prices continued to rise (UGX 5,200-5,490) due to global market fluctuations. Crude oil prices continued to hover between USD80 (UGX 294,684) and USD65 (235,747) per barrel for Brent- a global benchmark for oil pricing purposes. These increases in crude oil pricing are a result of the war in Ukraine.

The transport sector witnessed tremendous growth in air transport during the quarter. Passenger arrivals and departures. Increased by 22.8 percent and 27.4 percent, respectively. Cargo exports increased to the tune of 14.8 percent while cargo imports increased to 5217 tonnes in July-September from 4101 tonnes in April-June.

During the quarter, Airtel, through an IPO, listed 20 percent of the company’s shares on the Uganda Security Exchange. The Government invested UGX 300bn in rebranding UTL. In addition, MTN developed a new platform for fast-moving consumer goods. The quarter also witnessed a rise in digital lending firms, such as Eazzy Loan, Mangu Cash, and Tawaza, among others.

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