2022/23 Full Budget: Services Sector To Grow By 3.8%, Industrial Sector By 5.4 & Agriculture By 4.3

2022/23 Full Budget: Services Sector To Grow By 3.8%, Industrial Sector By 5.4 & Agriculture By 4.3

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By Spy Uganda

Kampala, Kololo: Reading the 2022/23 national budget totaling UGX4.813 trillion, Minister of Finance, Planning, and Economic Development Matia Kashaija has stated that government will generate up to 30.8 trillion locally and 23.75 trillions is expected from tax collections.

READ ALSO: 🔴LIVE Kololo: 2022/2023 FY National Budget Reading

This Financial Year’s theme is; “Full Monetisation of Uganda’s Economy through Commercial Agriculture, Industrialisation, Expanding and Broadening Services, Digital Transformation and Market Access”.

According to Kashaija, the above theme is in line with that of the East African Community (EAC) which is “accelerating economic recovery and enhancing productive sectors for improved livelihood”.

According to Kashaija, Uganda’s GDP per capita has increased to US Dollars 1,046 in current prices, which is equivalent to Uganda Shs. 3.7 million per person per year.

READ FULL SPEECH HERE

”The services sector is expected to grow by 3.8 percent up from 2.8 percent growth last financial year. This is on account of continued recovery in wholesale and retail trade, education and tourism services; coupled with growth in real estate activities and ICT. The services sector is projected to contribute 41.5 percent to GDP,” noted Kashaija.

He noted that the industrial sector is expected to grow by 5.4 percent up from 3.5 percent growth last financial year, largely on account of recovery in manufacturing and construction activities. The industry sector is projected to contribute 26.8 percent to our GDP.

He added that the agriculture sector is expected to grow by 4.3 percent, largely as a result of growth in food and cash crop production, livestock as well as recovery in fishing. This is the same rate at which the agriculture sector grew last year. The sector contributed 24.1 percent to total economic output.

In this very budget sectors such as security, health, and transport saw major increases in allocations for the new financial year. The Minister for instance allocated Shs 3.9 trillion toward the improvement of security and security infrastructure in the country.

READ FULL SPEECH HERE

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