Uganda, Jan. 4 -- Foreign Direct Investment (FDI) grew to $474.8m (about Shs1.769 trillion) in the last quarter of 2022, according to Bank of Uganda.

The growth, the Central Bank noted in the state of economy report for December 2022, was an increase of 35 percent compared to the previous quarter ended September supported by increased activity in the oil sector.

Bank of Uganda also reported an 18 percent slowdown in capital outflows to $227.6m (about Shs845.8b), signaling a return of investor confidence.

The outflows, the Central Bank has previously indicated, were putting pressure on the shilling, which had closed the year with more than two months of appreciation.

"The increased inflow was on account of a drawdown on deposit to a tu...