42-day Lockdown Slowed business in July – Stanbic survey

The recently concluded nationwide 42-day lockdown intended to lessen the spread of a second wave of the Covid-19 pandemic across Uganda has added to the continued economic slowdown. The headline Stanbic Purchasing Managers’ Index (PMI) slipped to 34.6 in July, down from 34.9 recorded during June. This is the second successive decline in business conditions since the lockdown was enforced on June 18. The latest reading is well below the series average of 52.5. Output, new orders and employment were all down for the second successive month. Ronald Muyanja, the Head of Trading at Stanbic Bank Uganda said “a reduction…