Uganda’s GDP to expand up to Shs206.54 trillion by end of FY 2023/24

The Secretary to the Treasury, Ramathan Ggoobi, has revealed  that by the end of FY 2023/24, Uganda’s  Gross Domestic Product (GDP) is projected to expand up to Shs206.54 trillion (equivalent to USD54.99 billion).

“This in turn is projected to grow our GDP per capita to USD 1,182, up from USD 1,093 this financial year ending this June,” Ggoobi said.

Ggoobi made remarks Tuesday as Ministry of Finance joined other key partners at the Uganda Media Centre to the launch the National Budget Month for FY2023/24.

The goal of the budget FY 2023/24 and over the medium term is “Accelerate inclusive and green socio-economic transformation by redirecting resources towards supporting  and sustaining economic recovery, jobs and wealth creation.”

Ggoobi revealed that in the next financial year 2023/2024, economic growth is projected to reach 6% and average 7% over the medium term, on account of increased oil and gas activities, increased production arising from the implementation of the Parish Development Model (PDM) and regional trade.

He added that Uganda’s economy has continued to recover; GDP growth for the year ending on 30th June 2023 is projected at 5.5% compared to 4.7% last financial year 2021/22.

He said the FY 2023/4 budget has prioritized upgrading of transport infrastructure by beginning the construction of the Standard Gauge Railway and road maintenance.

“Priority has also been given to promoting use of small-scale solar powered irrigation,” he said, adding that the Shs52.7 trillion budget was informed by input from different stakeholders including Government, civil society and the private sector.

Ggoobi said priority has been placed on different initiatives including enhancing domestic Revenue mobilisation to finance Uganda’s development agenda and curtail borrowing.