This was due mainly to a decline in unit labour costs throughout the economy in the context of a deep recession with a surge in unemployment, and greater labour market flexibility. Price competitiveness, by contrast, has not yet fully recovered, as inflation only started to respond to weak demand and lower labour costs during 2013.
I applaud the contribution of the primary dealer banks  towards  the  development  of  the  Government securities market, and by extension, the financial markets in Uganda. Before I conclude this speech, I also want to announce that after this ceremony there will immediately be a Press Release on the reforms to the primary dealer system.