Uganda's economy grew faster during early 2024/25, according to Ramathan Ggoobi, the Permanent Secretary and Treasury Secretary. He shared these results at a press event today. The country saw its GDP rise by 6.7% during the first three months and 5.3% in the next three months. These numbers beat last year's growth of 5.6% and 5.8% from the same periods. Factories, food growers, shop owners, and transportation companies helped push this growth forward, Ggoobi explained during his talk with reporters.
The Ugandan money gained strength, rising 6.1% this year compared to other currencies. This makes it the top-performing currency in Africa for 2024. Money experts see this as a good sign that people trust Uganda's economy. The country sold more goods to foreign nations as well. Between October and December 2024, Uganda earned $2.17 billion from exports. This amount jumped 12.1% higher than the $1.93 billion from that same period last year. People living abroad sent home slightly more cash — $355.60 million compared to last year's $351.69 million.
Foreign companies put 20.6% more money into Ugandan businesses during the second quarter. This shows that international business leaders believe Uganda offers good chances for making a profit. The tax office collected almost all the money it expected. By March 2025, the government had gathered 22.379 trillion Ugandan shillings, just below the 22.516 trillion target they set. Ggoobi feels happy about where things are heading for the country's finances and business future.
He stressed that keeping this growth going remains important. The government must make smart choices about where to put resources next. Ggoobi wants everyone across Uganda to feel better off because of this economic success. He believes the basic parts of the economy have stayed strong right through to today. His main worry focuses on making sure all Ugandans, not just some, benefit from these improvements in business and trade across the nation.
The Ugandan money gained strength, rising 6.1% this year compared to other currencies. This makes it the top-performing currency in Africa for 2024. Money experts see this as a good sign that people trust Uganda's economy. The country sold more goods to foreign nations as well. Between October and December 2024, Uganda earned $2.17 billion from exports. This amount jumped 12.1% higher than the $1.93 billion from that same period last year. People living abroad sent home slightly more cash — $355.60 million compared to last year's $351.69 million.
Foreign companies put 20.6% more money into Ugandan businesses during the second quarter. This shows that international business leaders believe Uganda offers good chances for making a profit. The tax office collected almost all the money it expected. By March 2025, the government had gathered 22.379 trillion Ugandan shillings, just below the 22.516 trillion target they set. Ggoobi feels happy about where things are heading for the country's finances and business future.
He stressed that keeping this growth going remains important. The government must make smart choices about where to put resources next. Ggoobi wants everyone across Uganda to feel better off because of this economic success. He believes the basic parts of the economy have stayed strong right through to today. His main worry focuses on making sure all Ugandans, not just some, benefit from these improvements in business and trade across the nation.
