Business sentiment in Uganda’s private sector remained positive but slow in September on account of new orders and higher output, according to the monthly Stanbic Bank Purchasing Managers Index (PMI).
The recently concluded nationwide 42-day lockdown intended to lessen the spread of a second wave of the Covid-19 pandemic across Uganda has added to the continued economic slowdown.
There are signs that the Ugandan economy is gradually returning to the old normal.
Growth and rise in business activities of the private sector, as seen at the end of the first quarter are pointing to that.
Stanbic Bank Uganda (SBU) has paid out a total of Shs110 billion to its shareholders for financial year 2019, continuing a long track record of returning consistently positive earnings despite prevailing challenges.
Business conditions deteriorated for the Ugandan private sector during January due to a reduction in new orders which caused a fall in employment as the country went through the General Elections period.
As continued easing of the coronavirus-prompted lockdown continues to shore up business activity, companies have regained confidence to hire more employees to meet production demands.
Press release -- Stanbic Bank has donated computers worth
Uganda’s private sector continues to recover from the impact of the coronavirus pandemic (Covid-19) as business conditions improved in August after a near standstill of activities during the series of lockdowns between March and the end of May.
The headline Stanbic Bank Purchasing Managers’ Index (PMI) has for the first time since February posted a positive reading at 50.3 in the month of July.