Uganda’s PMI rises to 54.9 in January: report

Kampala, Uganda | THE INDEPENDENT | Uganda’s Purchasing Managers’ Index (PMI) rose to 54.9 in January, up from 51.5 in December, according to a report issued on Friday.

The threshold of 50 is a baseline to indicate an increase or a decline in business conditions.

The monthly report issued by Stanbic Bank Uganda attributed the increase to the fully reopening of the country’s economy on Jan. 24 after some sectors had been closed for about two years due to the COVID-19 pandemic.

The report showed that all five surveyed sectors, namely agriculture, industry, construction, wholesale and retail, and service, saw business activity rise at the start of the year.

The report indicated that firms remain optimistic in the outlook for the next 12 months, and investments in the oil sector are also likely to reinforce the positive outlook.

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Xinhua