KAMPALA, June 11 (Xinhua) -- Uganda on Thursday projected economic growth of 10.2 percent in the 2026/27 financial year, marking the country's first double-digit expansion in more than three decades.
Presenting the national budget to parliament, Minister of Finance, Planning and Economic Development Henry Musasizi said the anticipated growth would be driven by the commencement of commercial oil production later this year, representing the first return to double-digit growth since the economic reforms of the 1990s.
"Most importantly, a larger economy will create more jobs, raise household incomes, expand opportunities for business, and generate the resources required to invest in quality education, healthcare, infrastructure, security, and other public services that improve the lives of Ugandans," Musasizi said.
According to the minister, the projected economic performance demonstrates that the government's strategy of investing in security, infrastructure, wealth creation and productive sectors is yielding results.
He said Uganda's economy has continued to show resilience and dynamism despite geopolitical tensions, global trade disruptions and persistent uncertainty in the international environment.
"Uganda's economic outlook remains strong and positive. The economy is stable. Growth is accelerating. Inflation is low. The exchange rate is stable. Exports are rising. Investment is increasing. And confidence in Uganda's future remains strong," Musasizi said.
He noted that economic growth in the 2025/26 financial year, which ends on June 30, is estimated at 6.4 percent, up from 6.3 percent in the previous financial year, with the size of Uganda's economy forecast to reach about 69.3 billion U.S. dollars. ■