Macroeconomic Forecast Uganda

Following the release of data showing the economy grew by 5.8% y-o-y in FY2009/10, we have adjusted our calendar year 2010 and 2011 forecasts to 7.0% and 7.3% respectively. These projections are based on expectations of a strong outturn for the services sector - telecoms and financial services in particular - and the continued expansion of construction and manufacturing. Moreover, both population and income are still rising at a rapid pace, making Uganda one of the most attractive markets for investment in East Africa, and Sub-Saharan Africa at large.

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