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Uganda's GDP expands in the 2013/2014 financial year

by ChemOrbis Editorial Team -
  • 04/12/2014 (11:53)
In Uganda, the country’s gross domestic product moved up by 13% after the calculations were re-adjusted to incorporate new sectors in the economy.

According to data from the Finance Ministry, following the re-basing of the calculations, Uganda’s GDP figures stood at 68.4 trillion Ugandan shillings ($24.69 billion dollars) for the end of the 2013/2014 financial year. Previous estimates stood at 60.5 trillion Ugandan shillings.

Uganda is following in the steps of other African countries such as Nigeria and Kenya, which have already recalibrated their GDP measurements to capture the output of new sectors like Information Technology and Entertainment. The Ugandan Finance Ministry also changed their base year for GDP calculations to 2009/2010 from 2002.

Finance Minister Maria Kiwanuka commented that the government now had a better understanding of "sectors where investments should be channeled in order to grow the economy and create jobs." Uganda’s GDP per capita now stands at about $700 per year.
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