Uganda Business Confidence Falls to 13-Month Low

The Business Tendency Index in Uganda dropped to 55 in January 2026 from a downwardly revised 56.4 in the previous month. This marked the lowest reading since September 2024, amid declines in sub-indices for present business situation (51.3 vs 53.1 in December), current employment (48.2 vs 50.3), financial situation (51.4 vs 53.1), access to credit (40.2 vs 42.7), and order books (52.9 vs 55.9). On the other hand, improvements were seen in business situation over the next three months (62.2 vs 60.7), order volumes with suppliers (61.5 vs 60.6), and expected employment (54.7 vs 54.5). Among sectors, confidence fell in construction (44.7 vs 47.8), manufacturing (56.8 vs 57.9), agriculture (53 vs 55.2), other services (57.2 vs 57.8), and financial services (70.1 vs 77.1), while increased in wholesale trade (52.3 vs 51.8).

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).