Stanbic PMI shows good business in October

Kampala, Uganda | THE INDEPENDENT | The latest Stanbic Purchasing Managers’ Index (PMI) data reveals a sustained expansion in Uganda’s private sector for the seventh consecutive month, as business activity and new orders continue to rise. The headline PMI for October recorded a value of 52.9, slightly down from September’s, yet still indicating positive growth in business conditions.

According to the data collected between October 10 and 29, 2024, the improvement in the Ugandan private sector is largely attributed to increased demand, prompting firms to ramp up their output and hire additional staff. This growth is supported by greater spending on advertising and enhancements in product quality, contributing to buoyant demand conditions across various sectors.

Mulalo Madula, Senior Analyst at Stanbic Bank, commented on the findings, stating, “The latest PMI data for Uganda indicated a sustained expansion in the Ugandan private sector, marking the seventh consecutive month of growth. The persistent increase in output reflects favourable demand, prompting companies, particularly in the manufacturing sector, to hire more staff, even as backlogs of work declined.”