Uganda, Jan 12 – Analysts have said that Uganda is showing signs of resurgence in its economy following a disappointing year. 2016 was a difficult year for most African countries especially after a long dry spell that recorded a decline in the agricultural productivity. It was a challenging financial year as well with prevailing factors having drained the country’s revenues.
Regardless of that, the state is bouncing back and would be among the countries in East Africa booking for a place in the competitive market. The consumer confidence is gradually rising that gives a lifeline to the business environment. With a decrease in the inflation rate as well, it will be a good opportunity for investors to chip in with mega billion projects as the economy looks to stabilize.
Industry activities have risen with their value taking an upturn. Local industries have been strengthened with starting capital and technological support that has given them a cutting edge to improve the productivity level. The availability of raw materials has been an added advantage as they look to seal their mark in the market to enhance growth.
The manufacturing and construction sectors have catapulted the development of the industrial sector as they continue to expand their territories.
Agriculture is shaking off the dust of disappointments with an increased food crop growing. Cash crops such as tea and coffee have improved their yields thanks to better farming practices. The sector hopes for better climatic conditions in comparison to last year’s that greatly cost their livestock as well. Maize and bananas continue to recover as well from a disastrous season.
Services sector as well seem to experience a revival with health, financial and insurance services registering vital improvements. The health services will affect the mortality rate that will keep the country’s population in check with better hygiene practices. The financial and insurance services will offer a variety of help to businesses to help them achieve their objectives over time.
Neighbouring countries, Tanzania and Rwanda, already look to seal great economic growth in the New Year that will be good news to the EAC bloc improving the state of the union.