Ouganda Pmi Composite

The Stanbic Bank Uganda PMI fell to 52.9 in October 2024, down from 54.2 in the previous month. Despite the decline, the latest reading indicated a sustained expansion in the Ugandan private sector, marking the seventh consecutive month of growth. Businesses increased their output again in October as new orders continued to rise, with demand conditions remaining buoyant. This led firms to hire additional staff despite back-to-back depletions in backlogs of work. Firms also expanded their input purchases. Meanwhile, cost inflation rose in October, fueled by higher wage bills and purchase prices. Higher costs were largely passed through to customers, as selling prices increased again. Looking ahead, business confidence remained positive amid planned advertising spending and hopes of positive demand trends.