A new report by United Nations Conference on Trade and Development (UNCTAD) has revealed that domestically, there has been an uptick in Household Final Consumption Expenditure as a percentage of Gross Domestic Product (GDP), rising from 67.2percent in FY2022/23 to 67.6percent in FY2023/24.
The report shows that total household spending is estimated to have grown by 8.3percent (from Shs119, 168 bn in FY2022/23 to Shs129, 055 bn in FY2023/24).
This growth is attributed to robust private sector activity and accelerating economic growth.
James Zhan, UNCTAD’s director of investment and enterprise development says globally, Uganda’s trade with therest of the world increased by 24.78percent in FY2022/23, reaching USD19.7 billion compared to USD15.8 billion in FY2021/22.
He notes that this growth was propelled by a 30.1percent increase in total exports and a 21.3percent rise in imports during the same period.
