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Motorcycle taxi operators gather around an attendant at the only petrol pump dispensing fuel at a petrol station as they wait to be served in Uganda's capital Kampala, on January 18, 2022. - Uganda announced on January 19, 2022 it was suspending mandatory Covid-19 testing at the border with Kenya after the measure caused huge truck queues, disrupting fuel supplies across the country. (Photo by Badru KATUMBA / AFP)

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Uganda’s PMI rises to 54.9 in January: report

KAMPALA, Uganda, Feb 4 -Uganda’s Purchasing Managers’ Index (PMI) rose to 54.9 in January, up from 51.5 in December, according to a report issued Friday.

The threshold of 50 is a baseline to indicate an increase or a decline in business conditions.

The monthly report issued by Stanbic Bank Uganda attributed the increase to the fully reopening of the country’s economy on Jan. 24 after some sectors had been closed for about two years due to the COVID-19 pandemic.

The report showed that all five surveyed sectors, namely agriculture, industry, construction, wholesale and retail, and service, saw business activity rise at the start of the year.

The report indicated that firms remain optimistic in the outlook for the next 12 months, and as investments in the oil sector is also likely to reinforce the positive outlook.

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