Uganda’s Permanent Secretary and Secretary to the Treasury (PSST), Ramathan Ggoobi, has announced a 39.1% rise in the country’s export earnings for the third quarter (Q3) of the 2024/25 Financial Year (FY), signaling a strong economic rebound.

Speaking during a press briefing on the state of the economy and Q1 expenditure releases for FY 2025/26 on Tuesday, July 15, 2025, Ggoobi revealed that export earnings grew from USD 1.9 billion in Q3 of FY 2023/24 to USD 2.6 billion in Q3 of FY 2024/25.

He attributed the increase to improved volumes and favorable international prices of key commodities, particularly coffee and cocoa, whose earnings more than doubled over the period.

Ggoobi also noted the continued strengthening of the Ugandan Shilling, which appreciated by 1.3% against the US Dollar in June 2025.

“This was largely on account of improved export performance,” he said.

In addition to exports, the economy benefited from a surge in diaspora remittances.

“Remittances for Q3 of FY 2024/25 reached USD 304.48 million, up from USD 231.68 million in the same period last year,” Ggoobi said.

He reported that annual headline inflation remained subdued and within the Bank of Uganda’s 5% policy target, reinforcing macroeconomic stability.

Despite global uncertainties such as trade wars and international conflicts, Ggoobi stated that Uganda’s economy continues to exhibit strong resilience.

“Growth averaged 6.9% in the first three quarters of the just-concluded Financial Year. This robust performance was driven by increased government spending on the Parish Development Model (PDM), rising fixed capital formation, and a recovery in household expenditure,” he explained.

Ggoobi projected continued momentum in FY 2025/26, with real GDP growth expected to hit 7% and potentially reach double digits in the medium term.