The Minister of Finance, Planning and Economic Development, Matia Kasaija has revealed that the country is experiencing a steady economic growth as witnessed in the financial year ending 2018/2019.
He said the country’s economy is estimated to have grown by 6.1 percent in the financial year 2018/19 which has been a remarkable recovery witnessed in the financial year 2017/18.
Kasaija said the size of the country’s economy is now Shs 109 trillion equivalent to USD 29.5bn.
“The significant revival in economic growth was a consequence of increased private and public sector activity, improved weather conditions and a relatively stable global economy,” Kasaija said.
With the progress in economic growth, average incomes of Ugandans have increased to USD 825 per person in financial year 2018/19, compared to USD 800 in 2017/18 notwithstanding an increase in the population size to 39 million Ugandans, he said.
Kasaija noted that the quality of Uganda’s labour force has dramatically improved with the proportion of labour force with tertiary education increasing from 7.5% in 2013 to 13.6% in 2017.
“In addition, the annual growth in formal employment has averaged 9.8% between 2010 and 2017, higher that the average growth of the economy during the same period,” Kasaija said.
He further mentioned that the other factor that has led to the recovery of the country’s economy is the improvement in the agriculture sector which has sustained its growth at 3.8 percent.
He observed that the recovery in agriculture sector has been as a result of the strengthened enforcement of fishing activity and provision of extension services and control of pests and diseases.
The Minister as well emphasized that government is keenly investing in industrialization where a number of factories have been commissioned in different parts of the country and industrial parks in operation, all these are looked upon to contribute to jobs in the coming financial year 2019/2020.
Government further pledges aggressive promotion of the tourism sector in the next financial year, where tax incentives are to be enjoyed by specific stakeholders in the sector where as the infrastructure along tourism roads have to be improved.
And a tune of Shs 175bn has been allocated to serve the mentioned purposes.
Minister Kasaija noted some of achievements in the education sector where Literacy rate now stands at 74% of people aged 10 years and above, 55% of districts have technical and vocational training institutions among others.
He observed that government is looking at improving teacher monitoring, enhance school management and facilities put up teachers houses and sanitary facilities as issues that have to be looked upon in the coming financial year hence Shs 3.4 trillion has been provided to the sector.