Uganda’s economy is demonstrating remarkable resilience and growth despite global and regional economic shocks, Finance Minister Hon. Matia Kasaija announced during a press briefing in Kampala on Tuesday.
According to the minister, the economy expanded to Shs 226.3 trillion (USD 61.3 billion) in the 2024/25 financial year, up from Shs 203.7 trillion (USD 53.9 billion) the previous year. This represents a real GDP growth of 6.3%, slightly higher than last year’s 6.1%. GDP per capita also rose from USD 1,159 to USD 1,263. “This growth was driven by targeted government interventions such as the Parish Development Model, Uganda Development Bank programs, and agricultural credit initiatives, alongside stable fiscal and monetary policies,” Kasaija said.
Inflation remained stable, easing to 3.8% in July 2025, while the Ugandan shilling appreciated by 0.5% to Shs 3,586 per US dollar. The currency’s stability earned Uganda recognition from the International Monetary Fund (IMF) as having the most stable currency in Africa.
Exports surged by 64.3% to USD 1.15 billion, buoyed by increased earnings from coffee, mineral products, tea, fish, and flowers. Tourism also showed strong performance, generating USD 1.52 billion in inflows over the past year. Foreign Direct Investment reached USD 3.30 billion, driven largely by developments in the oil and gas sector.
Social indicators also showed progress. Uganda officially met the criteria for lower-middle-income status in 2024, with life expectancy rising from 63.7 to 68.9 years and poverty levels dropping from 20.3% to 16.1% over the past four years.
Looking ahead, the economy is projected to grow by at least 7% in FY2025/26 and hit double-digit growth in the medium term as oil and gas production commences. Over the next 15 years, Uganda targets expanding to a USD 500 billion economy, leveraging agro-industrialization, tourism, mineral-based industries, and science, technology, and innovation.
“Uganda’s economy remains robust, and with the Ten-fold Growth Strategy, we are positioning the country for unprecedented growth,” the minister concluded.