By Kiyimba Bruno
The Governor of the Bank of Uganda Prof. Emmanuel Tumusiime Mutebile has reported a weaker Gross Domestic Product [GDP] in the economic growth for the first half of the financial year 2016/17.
Addressing the press in the BoU boardroom, Mutebile said BoU’s composite index of economic activity for December 2016 indicates a slowdown in economic activity in the quarter to December 2016.
While the slowdown is due to temporally factors, economic growth could remain weak in the remaining part of the Financial Year 2016/17, reflecting a combination of domestic and external factors.
According to the governor, the consumer price index data for January 2017 indicates a mixed picture of inflation outturn.
Higher inflation for food crops as well as electricity, fuel and utilities pushed up the annual headline inflation to 5.9 % from 5.7% in December 2016.
In contrast, annual core inflation declined to 5.3% in January from 5.9% in December 2016, reflecting declining inflation in most of the services sector.
This comes at a moment when many people are affected by the ongoing widespread drought in Uganda.
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