Uganda's economy kept grinding, but the wheels are getting hot. New figures showed business activity grew again in December, marking a full year of expansion, but hiring froze completely after ten straight months of gains. The Stanbic PMI ticked up to 54.0 from 53.8. Everything costs more for companies, especially water, power, and construction materials.
Firms just passed those expenses to customers because demand stayed strong. People kept buying stuff through the holiday season. Output and new orders climbed for the eleventh month running. Backlogs of work piled up since staffing levels basically flatlined.
Their economist noted the private sector was still upbeat. Consumer demand drove the whole engine. With orders mounting...