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Financial News: Uganda Private Sector Growth Rises In June

Uganda Private Sector Growth Rises In June

07/03/2019 - 07:21:00 (RTTNews)

(RTTNews) - Uganda private sector growth rose in June, driven by growing new orders, employment and input prices, survey data from IHS Markit showed on Wednesday.

The Stanbic Bank Uganda purchasing managers' index, or PMI, rose to 57.8 in June from 57.3 in May. Any reading above 50 indicates expansion in the sector.

Output and new orders increased in June, which led to a rise in employment level and purchase of inputs.

Both input and output cost registered an increase in June. Prices increased for staff, purchases, electricity and water.

"The expansionary fiscal policy outlined in the FY2019/20 budget should continue to support activity especially if the absorption of the development budget improves," Jibran Qureishi, regional economist E.A at Stanbic Bank, said.

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