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Uganda records 6.8% GDP growth

Published

2 years ago

April 17, 2023

Uganda’s Ministry of Finance has revealed that the country’s economy grew 6.8% in the first six months of the 2022/23 fiscal year that runs until the end of June.

The figure, mainly driven by services, agriculture, forestry, and fishing sectors, shows a rise from 3.7% in the same period of the previous fiscal year.

The ministry also revealed that the country was on track to achieve a growth rate of 5.3% for the whole fiscal year, helped by easing inflationary pressures.

Economic activity was hit by COVID-19 lockdowns in 2020 and 2021. Growth recovered from a contraction of 1.5% in 2020 to 6.0% in 2021, lifted by household consumption and investment. Services are however returning to pre-COVID-19 trends, driven by recent reforms in public administration and education.

Recent Quarterly GDP data released by the Uganda Bureau of Statistics (UBOS) shows that the economy continued on a recovery path, registering an average GDP growth rate of 6.8 percent in the first half (Q1 and Q2) of the financial year (FY 2022/23) compared to 3.7 percent the same period last financial year.

Consequently, the ministry maintains that the economy remains on a path to achieving the annual projected growth of 5.3 percent this financial year, mainly supported by easing inflationary pressures and continued implementation of government-supported programs. Major downside risks to this growth include rising global and regional geo-political tensions and unpredictable weather patterns.

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Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”