The economy of Uganda grew 5.0 percent year-on-year in the second quarter of 2018, easing from a downwardly revised 6.2 percent expansion in the previous period. It was the weakest growth rate since the first quarter of 2017, as output growth slowed in services (6.2 percent from 8.4 percent in Q1), mostly due to trade & repairs (-1.3 percent from 2.1 percent) and accommodation & services (-2.4 percent from -0.3 percent). Also, output rose at a softer pace in agriculture, forestry & fishing (1.1 percent from 1.4 percent), namely cash crops (2.5 percent from 5.4 percent), food crops (1.0 percent from 1.5 percent) and forestry (0.9 percent from 1.5 percent). Additionally, slower growth was recorded in the industrial sector (6.3 percent from 7.5 percent), mainly due to mining & quarrying (19.5 percent from 33.2 percent) and manufacturing (0.4 percent from 2.3 percent). On a quarterly basis, the economy advanced 1.9 percent, following a 1.1 percent growth in the first quarter of the year. 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.