Uganda's economy grows at 6.8 percent in the first half of the financial year 2022/23

Uganda's economy expanded by 6.8 percent in the first half of the financial year 2022/23, the Ministry of Finance, Planning and Economic Development said Monday.

"This growth is significantly higher than the 3.7 percent registered in the first half of the previous financial year," said the ministry in its monthly economic performance report for March, adding that the growth was mainly driven by the significant recovery in the services, agriculture, forestry and fishing sectors.

The ministry said sentiments about doing business in the country remained positive. "The business community was optimistic about the present business conditions, order volumes with suppliers, financial situation and access to credit."

Optimism was mainly expressed in the construction, wholesale trade, agriculture and other services sectors, according to the report

  The Country is on track to achieve a growth rate of 5.3% for the whole fiscal year, helped by easing inflationary pressures, the finance ministry added in a report.

Uganda plans to start pumping crude oil in 2025 from fields in the country's west near the border with Democratic Republic of Congo, hoping that will boost economic growth further to more than 7%.