Uganda’s economy is projected to expand between 6.5% and 7% in the financial year starting July, sharply down from a previous estimate of 10.4%, the Finance Ministry said, without citing an explanation for the revision.

The Ministry provided the latest growth forecast in a post on the X platform late on Thursday.

In a budget paper in December, the Ministry had projected Uganda’s economy to grow 10.4%, supported by the start of oil production.

The country plans to begin pumping crude from reserves in its western fields, operated by France’s TotalEnergies and China’s CNOOC.

–Reuters–