BMI View: Uganda's financial and insurance sector will remain under-developed even with above-trend
growth. In 2017, financial sector gross value added (GVA) grew 9.3% in local currency terms and 4.4% in
US dollar terms to UGX2.97trn (USD0.81bn), following a recession in the sector in 2016. The outcome was
better than BMI's forecast and this will be followed by 14.2% growth in local currency terms (11.1% in
USD) in 2018. By 2026, we envisage the sector will grow to UGX8.62trn (USD1.88bn). However, the
sector's contribution to the overall economy will not significantly increase, rising from just 3.4% of total
GVA in 2017 to 3.9% by 2026.