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UPDATE 1-Uganda economic growth to slow to 7-7.5 pct -IMF

Published 10/31/2008, 08:56 AM
Updated 10/31/2008, 08:58 AM

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KAMPALA, Oct 31 (Reuters) - The International Monetary Fund (IMF) expects Uganda's economic growth to dip to 7.0-7.5 percent in 2008/09 (July-June) due to high inflation and the crisis in global markets, it said on Friday.

"The IMF staff estimate economic growth to slow, albeit to a still healthy 7 to 7.5 percent in the 2008/09 fiscal year," the organisation said in a statement.

The IMF says growth in 2007/08 was 9.75 percent.

The IMF also expects core inflation to fall to 7 percent by June 2009.

"It should be possible to bring down core inflation to 7 percent by June 2009, and to 5 percent by August," Roger Nord, assistant director for the African department, told reporters.

The Uganda Bureau of Statistics said on Friday core inflation, which excludes food crop items, fuel, electricity and metered water, fell to 13.1 percent in October from 13.5 percent in September. (Reporting by Jack Kimball)

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