As a result of changes in relative prices and the structure of the economy over time, Uganda Bureau of Statistics (UBOS) has rebased the Gross Domestic Product (GDP) using 2016/17 figures.
UBOS says that Uganda’s economic growth stood at 6.5% in Financial Year 2018/19 compared to 6.1% that was read in June.
According to UBOS, the size of the economy has grown to Shs122.6 Trillion as a result of increased GDP growth.
During the launch of the rebased year at UBOS on Thursday 10th October 2019, UBOS Executive Director, Dr Chris N. Mukiza explained that rebasing of GDP replaces the old base period with a more recent base year for computing constant price estimates.
He noted that it was necessary to rebase because of the changes in prices and the economy’s structure.
Mukiza added that this is the 3rd series of rebasing GDP estimates since 2008/9, stating that the main contributors have been agriculture, industry and services among others.
The minister of Finance, Planning and Economic Development, Matia Kasaija urged Ministries, Departments and Agencies to use the information in the rebased GDP to plan for their sector activities.
He asked UBOS to guide them on how they should report information to ensure accuracy. He pledged full support to UBOS activities including the forthcoming surveys.
“When you don’t know where you are going, you get lost,” he said.
While presenting the rebased GDP estimates, The Director Macroeconomic statistics, Uganda Bureau of Statistics, Aliziki Kaudha Lubega said: “The economy was revised upward by 18.3 per cent from the published estimates of Shs91.718 trillion to Shs108.518 trillion.”
She added that the rebased figures show that the industry sector registered the biggest revision of 51.4%. Its contribution to GDP grew from Shs19trillion to Shs28trillion.
By Drake Nyamugabwa