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Financial News: Uganda Private Sector Growth Improves In March

Uganda Private Sector Growth Improves In March

04/26/2017 - 07:01:00 (RTTNews)

(RTTNews) - Uganda's private sector growth accelerated in March, driven by rises in output and new orders, survey data from IHS Markit showed Wednesday.

The seasonally adjusted Stanbic Bank Purchasing Managers' Index, or PMI, rose to 53.5 in March from 50.9 in February. Any reading above 50 indicates expansion in the sector.

"The latest figures show that Uganda's private sector is slowly recovering from the effects of the last election cycle and the global economic slowdown," Anne Juuko Stanbic Bank's Head of Global Markets said.

Improved operating performances were signalled for the agriculture, industry, services and wholesale & retail sectors during March.

Both output and new orders grew for the second straight month in March. As a result, higher employment level seen across the Ugandan private sector.

A number of panellists mentioned that successful advertising campaigns had helped them to take advantage of generally stronger client demand.

At the same time, new exports orders fell for the tenth straight month in March, reflecting weaker demand from European markets.

On the price front, overall costs continued to rise in March, due to higher purchase prices and rising wages and salaries.

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