Uganda’s economy has posted strong growth in the first half of the 2024/25 financial year, according to Permanent Secretary and Secretary to the Treasury (PSST), Ramathan Ggoobi.

Speaking at a press conference earlier today, Ggoobi announced that the country’s Gross Domestic Product (GDP) grew by 6.7% in the first quarter and 5.3% in the second quarter of the fiscal year.

This marks an improvement over the same period in FY 2023/24, which registered growth rates of 5.6% and 5.8% respectively.

Ggoobi attributed the growth primarily to increased activity in manufacturing, food production, wholesale trade, and the transport sector.

“These sectors have demonstrated resilience and are driving our economic momentum,” he said.

Ggoobi revealed that the Ugandan shilling appreciated by 6.1% in 2024, making it Africa’s best-performing currency so far this year.

This strength is seen as a reflection of investor confidence and improving economic fundamentals.

Trade and investment indicators also showed positive trends.

Uganda’s total exports in Q2 of FY 2024/25 reached USD 2.17 billion, marking a 12.1% increase from USD 1.93 billion in the same quarter of the previous year.

Remittance inflows also rose slightly to USD 355.60 million, up from USD 351.69 million.

Foreign direct investment saw a significant boost, growing by 20.6% in Q2, further signaling global investor confidence in Uganda’s economic outlook.