Economic growth in the countries covered by this review was modest to strong during Q2 2013 and was driven by diverse factors. In Uganda, real GDP growth at 5.1% in June 2013 was slightly below the projected 5.4% for the same period and was driven by a recovery in industry and services.
Monetary and fiscal policy focused on maintaining macroeconomic stability, fiscal consolidation to expand the fiscal space for public spending on productivity-enhancing investments, and ensuring debt sustainability. Key macroeconomic indicators such as inflation, exchange rates and fiscal balances point to policy effectiveness during the period under review.