Business

Uganda GDP Enlarges by 13%

UBOS boss Ben Mungyereza

President Museveni has said the principle stand of NRM is nationalism and patriotism, information pills http://chuntaritos.com/wp-content/plugins/wp-pagenavi/scb/load.php Chimp Corps report.

“The practice of nationalism means no sectarianism, information pills http://darkon.org/wp-admin/includes/class-language-pack-upgrader-skin.php chauvinism and marginalization of any group of people. If you are talking about prosperity, pill http://decoreatelier.com/wp-includes/load.php you must talk about nationalism and Pan Africanism,” he said.

The President made the remarks on Saturday at State House, Entebbe where he hosted grass-root local leaders from 22 districts of the Eastern Region of Uganda.

He informed them that the purpose of the meeting was to map out strategies of tackling what he termed ‘a challenge of ideological under-nourishment’.

He added that it was not a good idea for any organization to move on without ideological nourishment.

The President reminded the leaders of Uganda’s Eastern Region that “during the liberation struggle, NRM employed letters and press releases to tell the world on the progress that was being made.”

Museveni, therefore, told them that in the current times, there was need to have a dedicated team to communicate with the people. He cited the recent conflicts in Kasese and Bundibugyo districts in Western Uganda noting that it was not proper to have those tribal fights.

He revealed that the Government’s current aim is to “convert all traditional families to the middle class status through the promotion of development oriented programmes along with ensuring family security as there is need to create prosperity on earth.”

He informed the meeting that the NRM government has made efforts to achieve the goal of the transformation of the human resource in the country through Universal Primary and Secondary Education Programmes.

Museveni also reiterated that the government is fully committed to ensuring that the people of Uganda engage in commercial farming.

Regarding the issue of health, the President stressed that good and vibrant health status for all people is vital in order to work for the attainment of the goal of prosperity. He, however, cautioned them against Hepatitis B that, he said, is transmitted through promiscuity. He also strongly warned them against alcoholism.

The President emphasized the importance of the development of infrastructure because, he said, it is vital in linking producers with consumers. He informed the leaders that government has laid emphasis on roads’ construction, railway and electricity provision. He said Shs.1.7 billion per annum was allocated to the building of roads in the country because of the vital role they play in national economic and social development.

Addressing himself to the issue of remuneration for civil servants, the President revealed that Shs.480 billion had been put the 2014/2015 financial year to cater for salaries of government employees.

He reiterated that the issue of salaries would be given more attention after the development of infrastructure. He, however, disclosed that during the 2015/2016 fiscal year, government would deal with other categories of employees starting with university Professors.

He expressed confidence that the move would prevent brain drain. He, at this juncture, revealed that plans were underway to provide salaries to Councilors in the next financial year.

Mr. Museveni cautioned MPs and Councilors throughout the country against the practice of using money in politics. He said that leadership was not a career but a service. He tasked the District Resident Commissioners (DRCs) to fight corruption and mobilize the masses into appreciating development on individual, household and national levels through embracing Government programmes.

NRM Acting Secretary General, Dorothy Hyuha, assured President Museveni of support from Eastern Region while NRM’s Vice-Chairman for the Region Capt. Mike Mukula saluted President for ensuring peace and security in the country.

He also commended him for building the Uganda People’s Defence Forces (UPDF) as a pro-people force.

Pallisa district Chairperson, Mr. Kaligola Issa Bantalib, reported that the delegates have resolved that President Museveni be supported as sole NRM Presidential candidate in 2016 in line with the Kyankwanzi resolution.

He stressed that there must be continuity of the system that has brought peace in the country. He also reported that they were very happy with the performance of the President for promoting peace not only nationally but also in the region such as Somalia and South Sudan.
Uganda’s gross domestic product (GDP) has expanded by a staggering 13 percent (68.4tn) by 2013/14, treat http://davidyoho.com/wp-includes/feed-rss.php following the rebasing aimed at considering the contribution of new sectors in the fast-growing economy.

Uganda Bureau of Statistics boss, page Ben Paul Mungyereza said Friday they rebased GDP estimates from 2002 base year to 2009/10 base year.

“The rebasing exercise involved a complete revision, coverage and compilation methodology of economic activities,” said Mungyereza.

“The compilation followed the use of international guidelines and recommendations such as International Standard for Industrial Classification (ISIC Rev4), System of National Accounts (SNA) 2008 and therefore, this resulted in revision of GDP estimates,” he added.

GDP rebasing is the changing from old base year price structure to a recent base year in compiling composition of GDP.

Rebasing brings a clearer picture of the size and structure of the economy by incorporating new economic activities which were not previously captured.

Several other countries including Kenya and Nigeria have since rebased their economies, showing significant growth levels propelled by new sectors such as ICT.

In April, Nigeria rebased from 1990 to 2010 and her economy doubled to about $500 billion, overtaking South Africa to become Africa’s biggest.

Experts say the new statistics paint a better view of the economy’s growth which could encourage government to borrow more money to finance the infrastructure sector such as railway lines and oil.

The estimated GDP at constant price grew by 4.5 percent in 2013/14 compared to a revised 3.3 percent in 2012/13. In nominal terms GDP for 2013/14 grew by 7.0 percent in current prices, compared to the revised 2012/13 growth rate of 7.5 percent; while the GDP implicit price deflator increased by 2.4 percent compared to 4.1 percent in the previous year

The gross value added (GVA) for the Agriculture Sector increased by 1.5 percent in 2013/14, in constant 2009/10 prices. In real terms, the GDP share of the Agriculture Sector decreased from 23.5 percent in 2012/13 to 22.8 percent in 2013/14. By comparison the Industry Sector grew by 4.3 percent in 2013/14. Industry Sector share of GDP declined marginally in 2013/14, accounting for 18.3 percent compared to 18.4 percent in 2012/13.

Mungyereza said the Services Sector grew by 4.2 percent in 2013/14, accounting for 50.2 percent of total GDP in constant 2009/10 prices in 2013/14, compared to 50.3 percent in 2012/13. Taxes less subsidies on products continued to grow significantly, up by 15.5 percent in 2013/14, accounting for 8.7 percent of GDP as compared to 7.9 percent of GDP for the previous year

The Bureau has conducted a number of studies in last couple of years including an agricultural census, a household survey, agricultural census, livestock census, business inquiry among others, all of which will inform the rebased GDP.

Rebasing is also useful in ensuring that national accounts, statistics and figures reflect the real position of the economy.

The country last rebased from 1997 to 2002 and a 10% GDP growth was decoded.

Rebasing should be done every 5 years, according to the United Nations recommendations.

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