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Financial News: Uganda Private Sector Growth Improves In June

Uganda Private Sector Growth Improves In June

07/05/2017 - 08:58:00 (RTTNews)

(RTTNews) - Uganda private sector growth improved in June for a fifth straight month, supported by gains across the board, survey data from IHS Markit showed Wednesday.

The Stanbic Bank Uganda Purchasing Managers' Index climbed to 52.8 from 51 in May. A score above 50 suggests growth in activity.

The latest reading was slightly stronger than the series average of 52.4, the report said.

Output, new orders, employment and stocks of purchases all contributed to the growth in June, the survey said.

"The private sector continues to recover supported by the easing of the monetary policy stance for the better part of the last year or so," Stanbic Bank economist Jibran Qureishi said.

The economist expects the central bank to trim the key interest rate further in August as inflationary pressures have subsided somewhat over the past few months.

"However, that could possibly be the last rate cut of the year," Qureishi said.

"This being said, as economic activity improves in the second half of the year, imports may rise and put pressure on the exchange rate which could subsequently raise costs for firms."

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