Uganda Business Morale Lowest in 10 Months

The Business Tendency Index in Uganda declined to 57.2 in August 2025, down from a revised 58.2 in the previous month.

This marked the lowest reading since October 2024, weighed down by declines in the sub-indices for the present business situation (52.7 vs 54.4 in July) and number of employees (49.6 vs 51.8).

In contrast, improvements were recorded in sector competition (69.7 vs 66.8) and average selling prices (55.5 vs 49.7).

Across sectors, business confidence weakened in construction (46.0 vs 55.3), agriculture (53.5 vs 54.3), wholesale trade (54.8 vs 55.6), and other services (59.7 vs 60.5).

Conversely, confidence in manufacturing edged higher to 57.9, up from 57.2 in July.