Uganda Business Confidence Falls to 13-Month Low

The Business Tendency Index in Uganda rose to 57.2 in December 2025 from a downwardly revised 56.2 in the previous month. Assessments improved regarding business situation in three months (59.2 vs 58.2 in November), order volumes with suppliers (60.6 vs 57.1), sector competition (67.4 vs 66.9), financial situation (54.3 vs 52.8), access to credit (43.2 vs 42.9), expected employment (53.1 vs 51.3), and stock of finished products (40.6 vs 37.3). Among sectors, confidence increased in agriculture (56.9 vs 46.7) and financial services (77.9 vs 77.8). Conversely, sentiment weakened in construction (46.8 vs 48.1), wholesale trade (51.4 vs 52.0) and other services (58.6 vs 61.9).

The Business Tendency Index in Uganda fell to 57.2 in November 2025 from an upwardly revised 58.1 in the previous month. This marked the lowest reading since October 2024, amid declines in sub-indices for business situation in 3 months (57.6 vs 61.5 in October), order volumes with suppliers (57.3 vs 63.9), access to credit (42.2 vs 45.3), expected employment (51.2 vs 54.8), and stock of finished products (38.3 vs 42). Among sectors, confidence dropped in construction (46.6 vs 51.5), manufacturing (58.1 vs 61.1), agriculture (49.5 vs 55.3), and financial services (78.2 vs 81.2). Conversely, sentiment improved in wholesale trade (51.7 vs 51.2) and other services (63.1 vs 59.4).

The Business Tendency Index in Uganda declined to 57.2 in August 2025, down from a revised 58.2 in the previous month. This marked the lowest reading since October 2024, weighed down by declines in the sub-indices for the present business situation (52.7 vs 54.4 in July) and number of employees (49.6 vs 51.8). In contrast, improvements were recorded in sector competition (69.7 vs 66.8) and average selling prices (55.5 vs 49.7). Across sectors, business confidence weakened in construction (46.0 vs 55.3), agriculture (53.5 vs 54.3), wholesale trade (54.8 vs 55.6), and other services (59.7 vs 60.5). Conversely, confidence in manufacturing edged higher to 57.9, up from 57.2 in July.