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Thursday, 06 June 2019 04:51

Museveni to deliver State of Nation Address amid declining economic growth

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President Museveni while delivering the State of the Nation address in 2017 President Museveni while delivering the State of the Nation address in 2017 Photo by Dominic Bukenya

From Daily Monitor 


President Yoweri Museveni will Thursday give a State of Nation Address at Kampala Serena Hotel where he is expected to spell out economic progress (achievements) in the financial year 2018/19 and government plans for the 2019/20 fiscal year.

The State of the Nation address will be followed by the reading of the National Budget for the fiscal year 2019/20 on Thursday next week at the same venue.   

President Museveni is likely to be disappointed with economic growth for the 2018/19 fiscal year, which registered a slight slowdown, based on the preliminary figures which were released by the Uganda Bureau of Statistics (UBOS) on Friday last week.

The economic growth 2018/19 is 0.1 percentage points lower than last year’s growth, from 6.2 percent in the fiscal year 2017/2018 to 6.1 percent.  

The decline in growth indicates that the economy is entering a contraction stage as a result of slower global growth rate, regional geopolitical (border tensions mainly between Uganda and Rwanda which is affecting regional trade.   

UBOS preliminary figures show that the industrial sector registered a slightly lower growth rate of 5.8 per cent in 2018/19 compared to 6.1 per cent recorded for the 2017/18 fiscal year.

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