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ETATS FINANCIERS 2017 BOA-UGANDA

Uganda’s economy at an estimate 3.77% real GDP growth outperformed the 2016’s 2.5%, albeit lower than the target growth of 5.5%. This weak economic growth was on account of prolonged droughts at the beginning of year, slowdown in public investment, regional conflicts that affected cross-border trade (mainly South Sudan), and subdued credit growth exacerbated by higher than average delinquency rates which led to tighter underwriting standards.
Inflation rates declined in 2017 to record two-year lows owing to weather patterns improvements, and relative stability of the UGX to the USD. As such, the Central Bank, to boost private sector credit and economic growth, adopted an expansionary monetary policy reflected in reduction of the Central Bank Rate. In turn, Government paper yields shed about 600 basis points during the year. Inflation is still expected to remain subdued.

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