The Stanbic Purchase Managers Index (PMI) for March has recorded the first decline in business activity. This is due to the global coronavirus disease 2019 (COVID-19) pandemic which has led to falling new business, company shutdowns and issues with the supply of materials, thus pushing the Ugandan private sector into contraction. The headline PMI posted below the 50.0 no-change mark at 45.3 in March, following a reading of 56.2 in February. This marked the first deterioration in business conditions in the private sector since January 2017. Kenneth Kitungulu Stanbic Bank Uganda Head of Global Markets said, “COVID-19 caused issues in…
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