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Uganda’s PMI up in December

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Uganda’s Purchasing Managers’ Index (PMI) rose to 54.8 in December, up from 53.4 in November, according to a new report issued Wednesday.

A reading above 50 indicates expansion, while a reading below 50 reflects contraction.

The monthly report issued by Stanbic Bank Uganda, one of the top banks in the country, attributed the increase to higher new orders and business activity.

The new reading is the highest since June and above the 50 mark for the 14th consecutive month, reflecting business community confidence in the investment environment in Uganda, according to the survey.

Both output and new orders rose for the 17th consecutive month due to greater customer demand, read the report.

Hiring increased for the ninth month in a row, with firms employing staff on both permanent and temporary basis to handle increasing orders and purchasing activity as well as to address backlogs concentrated in the agriculture sector.

The report indicated that companies remain optimistic regarding the outlook for the next 12 months.

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