Uganda's pri­vate sec­tor ac­tiv­ity ex­pands in March -PMI - con­tin­ued

Zambian Business Times - - BUSINESS REVIEW -

"Com­pa­nies re­ported in­creases in both out­put and new or­ders for the sec­ond straight month in March," the re­port said, adding higher ac­tiv­ity was re­ported in a range of sec­tors in­clud­ing agri­cul­ture, in­dus­try, ser­vices and whole­sale and re­tail.

The find­ings of the sur­vey of­fer a glim­mer of hope af­ter Uganda's cen­tral bank said over­all eco­nomic ex­pan­sion is slow­ing.

This month, pol­i­cy­mak­ers cut the bench­mark lend­ing rate by 50 ba­sis points to 11% to speed up pri­vate sec­tor credit flow and boost flag­ging growth.

The new Markit Stan­bic sur­vey found hir­ing by firms was also ris­ing on the back of the higher or­ders.

"Staffing lev­els rose in the agri­cul­ture, ser­vices and whole­sale and re­tail sec­tors," the sur­vey said.

The east African econ­omy, which mostly re­lies on cof­fee for its for­eign ex­change needs, is ex­pected to be­gin crude oil pro­duc­tion in 2020.

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