The economy of Uganda advanced 6.8 percent year-on-year in the third quarter of 2018, following an upwardly revised 5.2 percent expansion in the previous period. It was the strongest growth rate since the last quarter of 2014, mainly driven by services (8.2 percent vs 6.5 percent in Q2), namely trade & repairs (6 percent vs -1 percent); accommodation & services (2.8 percent vs -2 percent); public administration (9.2 percent vs 7 percent); education (7.2 percent vs 1.4 percent) and human health & social work (11.6 percent vs 5.3 percent). Additionally, output accelerated in agriculture, forestry & fishing (3 percent vs 1.1 percent), mostly due to cash crops (3.9 percent vs 2.5 percent) and food crops (3.2 percent vs 1 percent). Also, growth was boosted by the industrial sector (6.9 percent vs 6.3 percent), mainly due to manufacturing (5.5 percent vs 0.4 percent). On a quarterly basis, the economy grew 2.8 percent, after expanding 2.1 percent in the prior period. GDP Annual Growth Rate in Uganda averaged 4.25 percent from 2011 until 2017, reaching an all time high of 8.20 percent in the fourth quarter of 2014 and a record low of 1 percent in the first quarter of 2012.
GDP Annual Growth Rate in Uganda is expected to be 6.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Uganda to stand at 6.50 in 12 months time. In the long-term, the Uganda GDP Annual Growth Rate is projected to trend around 5.90 percent in 2020, according to our econometric models.