A building under construction. Photo | File
Construction registered the fastest recovery, posting growth of 10.1 per cent in the second quarter of the 2020/21 financial year compared to 4.7 per cent (revised) during the same period in the 2019/20 financial year.
The growth, which is contained in the 120th Key Economic Indicators issue authored by Uganda Bureau of Statistics (Ubos), indicates that construction continued to post growth amid slow recovery in all sectors of the economy.
The services sector, which is the largest segment and contributor to gross domestic product, trade and employment, grew by 2.6 per cent in second quarter of 2020/21 compared to 8.9 per cent (revised) in the same period in the previous financial year.
This was, according to Ubos, due to low recovery in the accommodation and food service and education sectors, which registered a decline of 17.2 and 40.8 per cent during the period, respectively.
During the period, agriculture grew by 3.1 per cent compared to 8.8 per cent (revised) in the same quarter in the 2019/20 financial year due to recovery in cash crops and food crops, which grew by 14.6 per cent and 2 per cent.
Agriculture continues to play a strategic role in Uganda’s economic development, providing both food and manufacturing and industrial raw materials.
Recovery in the industrial sector, according to Ubos, continued to be slow, growing at just 5.3 per cent in the second quarter of the 2020/21 financial year compared to 15.8 per cent in first quarter of the 2020/21 financial year.
Importance of industry sector
Industrial
sector plays a pivotal role in economic development, shoring up
productive capacity of the manufacturing sector as well as creating
relatively larger and more gainful employment opportunities.
Ubos
said year-on-year value added in industry grew by 5.9 per cent in the
second quarter of the 2020/21 financial year compared to 9.5 per cent
(revised) in the second quarter during the 2019/20 financial year.
The
recovery was mainly attributed to growth in construction, mining and
quarrying, which provide both inward and outward linkages.
Ubos uses growth in key sectors of the economy to determine overall economic performance as well as understand the drivers on which the economy anchors to create employment, reduce poverty and improve people’s standards of living.
Overall gdp growth
According
to Ubos, movement in quarterly gross domestic product for the second
quarter of 2020/21 grew slightly by 1.6 per cent compared to 9 per cent
(revised) in same period during the 2019/20 financial year.
moketch@ug.nationmedia.com
No comments :
Post a Comment