Uganda economy expanded 8.5% in quarter ended December

Reuters03-25

Uganda economy expanded 8.5% in quarter ended December

KAMPALA, March 25 (Reuters) - Uganda's economy expanded by 8.5% in the quarter ended December from 5.4% in the corresponding period a year earlier, helped by strong consumer demand and high activity in construction and other sectors, the finance ministry said.

In a post on the X platform late on Tuesday, the ministry also said construction of a $5 billion pipeline to help Uganda export its crude oil to international markets had reached 80%.

The 1,443-kilometer (897-mile) (EACOP) will commence from the oil fields in western Uganda to the port of Tanga on Tanzania's Indian Ocean coast.

After a prolonged delay, the east African country projects to commence commercial oil production in the second half of this year from the fields, which are operated by France's TotalEnergies TTEF.PA and China's CNOOC 600938.SS.

The ministry said the government forecasts it will earn 2.2 trillion Ugandan shillings ($587.04 million) in revenues from oil exports in the 2026/2027 (July-June) financial year.

($1 = 3,747.6400 Ugandan shillings)

(Reporting by Elias Biryabarema; Editing by Jacqueline Wong)

((Email:elias.biryabarema@thomsonreuters.com; Tel. +254 20 499 1232; Reuters Messaging: elias.biryabarema.thomsonreuters.com@reuters.net))

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