Uganda Government Releases Another Quarter Of shs 7 Trillion.

Government of Uganda has released the Fourth Quarter for the Financial Year 2023/2024.

The Approved Budget for Financial Year 2023/24 amounts to Shs 52.736 trillion.

This Quarter April-June Shs 7,687 trillion that has been released is the last quarter in the financial year 2023/2024.

The economy remains on track to achieving 6.0% growth projected for this Financial Year.

Ramathan Ggoobi the  Secretary to the Treasury said that in the first half of this year, economic activity remained on a recovery path, partly supported by continued implementation of growth-enhancing government programs and an increase in private sector activity.

The economy registered GDP growth of 5.3% and 5.5% in the first and second quarter of FY 2023/24, respectively.

The key growth drivers were higher production in the industry sector, growth in agriculture, forestry and fishing sector, growth in services as well as increase in household consumption, investments, and exports.He said. 

The agriculture sector is expected to grow by 6.0% this financial year from 4.8% the previous financial year mainly driven by increased production of food crops, cash crops, livestock and fish.

 This is being driven by continued government intervention in provision of quality seedlings, extension services, water for production and affordable credit through the PDM, and better weather conditions.

 Exports volumes of key food crops like maize have grown by 79%, and other exports of fruits and vegetables (134%), other pulses (11%), coffee (10%), cotton (56%), tobacco (4%), cocoa beans (79%) have also registered growth for the first seven months ending January 2024 compared to the same period last year.  Ggoobi explained