KAMPALA (Bloomberg) -- Uganda’s economy may expand by as much as 7.5 percent in the year to June 30, according to President Yoweri Museveni.

The economy will grow because of a diversification of exports and investment in energy industries, he said in a statement issued Thursday by the state-run Media Center.
“The economic outlook remains robust, with real economic growth for the financial year estimated in the range of 7 percent and 7.5 percent per annum,” he said. “While this target may seem ambitious given the global crisis, Ugandans need to know than it is lower than what we have achieved in recent years.”
While the forecast is below the 8.9 percent rate at which Uganda’s economy grew the previous year, it’s above the 6.5 percent forecast given on June 14 by the country’s Finance Ministry. It’s also above the 5 percent to 6 percent forecast given by the country’s central bank on Oct. 23, the statement said.
Uganda, Africa’s largest producer of robusta coffee, is increasing spending on areas of its economy, including energy and agriculture, to boost production, create employment and spur economic growth.
It raised its 2008-09 budget by 8.6 percent to 6.82 trillion Ugandan shillings (3.5 billion dollars) to achieve this, the Finance Ministry said in the June report.