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Financial News: Uganda PMI Highest Since December 2017

Uganda PMI Highest Since December 2017

10/03/2018 - 04:27:00 (RTTNews)

(RTTNews) - Uganda's private sector expanded for a twentieth month in a row in September and at the fastest pace in nearly a year, amid further growth in activity and new orders, survey data from IHS Markit showed on Wednesday.

The Stanbic Bank Uganda purchasing managers' index rose to 54.2 from 52.1 in August. A reading above 50 suggests growth in activity.

September also witnessed further job creation in the private sector, and continued increases in input prices and output charges.

"Sporadic riots in parts of the country had slowed down economic activity last month, however domestic demand is clearly looking up," Stanbic Bank economist Jibran Qureishi said.

"In fact, firms raised output costs in September, something they wouldn't have easily decided to do if domestic demand was weak."

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