KAMPALA, May 5 (Xinhua) -- Uganda's Purchasing Managers' Index (PMI) in April increased to 57.8 from 53.2 in March, signaling investor confidence in the country's economy, a new report showed on Wednesday.
The monthly report for April issued by Stanbic Bank Uganda said this is the third successive monthly improvement in business conditions since the series began with an average of 53.0.
The threshold of 50 is a baseline to indicate an increase or decline of business conditions.
The report said the private sector continued to recover in April with business conditions, employment and purchasing orders consistently getting better since February.
The report said the increase shows signs that the country's economy is gradually returning to normal.
Firms, it said, remained optimistic about the 12-month outlook, expecting further advancements in new business in the coming months.
Last year, the PMI of the country had been below the 50 threshold for several months on account of an economically devastating COVID-19 pandemic. Enditem