In June, the ministry had forecast gross domestic product growth between 6.4% and 7% for the east African nation during the presentation of the budget for the current financial year. GDP stood at $53 billion at the end of June.

It said in Tuesday's statement that the pace of economic activity during the period would be driven mainly by investments in several sectors including agro-processing, and oil and gas.

The ministry added that the government had released 124 billion Ugandan shillings ($33.60 million) to the state-run petroleum firm UNOC to help partially pay for the government's shareholding in the planned East African Crude Oil Pipeline (EACOP).

The project is struggling to acquire funding after some Western backers declined to finance it on environmental concerns. 

--Reuters--