• Kenya relies on a market-based economy and is renown to be the pivot of finances, as well as commercial transactions in East Africa.
• This factor has attracted companies and investors from foreign countries such as the United States of America to Kenya.
Kenya is easily among the most popular countries in East Africa, thanks to its reputation for churning out some of the finest runners in the world. However, this article focuses on another bright aspect of Kenya- its fast-growing industries.
Kenya has recently witnessed impressive economic growth, and this has birthed some curiosity which has led to carrying out a market overview and finding out some of the top fast-growing industries in the Kenyan economy.
Kenya relies on a market-based economy and is renown to be the pivot of finances, as well as commercial transactions in East Africa.
This factor has attracted companies and investors from foreign countries such as the United States of America to Kenya.
Some of these developments can be directly traced to the 'Big Four Agenda' set out by the Kenyan government, which include attaining Food security, achieving affordable housing, universal healthcare and increased manufacturing.
Based on reports from the World Bank, in 2017, the Kenyan economy witnessed a significant growth of 4.9% based on some of fast-growing industries. In the next paragraphs, we are going to examine some of the fastest growing industries in Kenya.
It may come as a surprise that the Casino Industry is included, but it is actually a fact that this industry is fast growing. In this regard, players can find any online casino in Kenya on bestcasinosites.net/kenya/.
1. The Agricultural industry: Agriculture is widely relied upon around the world. A nation with a proper and planned agricultural sector usually has enough to feed its citizens, and then extra to export for revenue generation.
The Kenyan agricultural industry can be regarded as the foundation and the bedrock of the Kenyan economy, this industry has been steadily booming and is still currently a fast-growing one.
The agricultural industry cuts across both crop and livestock farming. As at August 2019, it was reported by the Kenyan Commercial guide that agriculture accounted for 35% of the Kenyan Gross Domestic Product (GDP) and this industry heavily employed Kenyan labour with about 70% making extra income through agricultural activities.
Some of the exported agricultural products in Kenya include floriculture as well as heavily demanded products like coffee and tea.
The rise in the agricultural industry can be traced to the current Kenyan government’s plans termed the “big four” in which one of the goals listed was food security through Livestock, Fisheries and Irrigation for Crops.
2. The Construction and Real estate industry: This is also another fast-growing industry in Kenya. In 2017, this industry witnessed an upsurge of approximately 7.4% growth.
This growth is attributed to the impressive public infrastructural investments carried out by the Kenyan government, such as the construction of more railways and roads.
The industry also cuts across improvements in energy production, upgrading of airports, ports amongst other public facilities.
Like the Agricultural industry mentioned above, the construction and real estate industry has also had a fast growth due to the Kenyan government’s goal of providing affordable accommodation and housing.
3. Technology: All around the world, this is one sector whose growth doesn’t seem to be stopping anytime soon. There are daily improvements in technology, and technological devices are usually high in demand.
In Kenya, this sector is rapidly growing in various forms, ranging from mobile technological developments such as increased smartphone use (thanks to the different smartphone brands flooding the Kenyan markets), technological finance developments such as mobile money, improved internet services such as 4G and LTE internet services, artificial intelligence and much more.
With the extent of this industry’s growth, it has a huge potential to become the biggest in the years to come.
4. The Casino industry: The Casino industry in Kenya is a multimillion-dollar industry. With about 30 legal gambling facilities in Kenya, one of the household names being Casino Flamingo in Nairobi.
Thanks to the tech industry, the casino industry has skyrocketed in value as there are a variety of online casinos open to Kenyan residents such as 32Red Casino, Superior Casino, 888 Tiger Casino, Comeon Casino amongst others which continue to increase, the Casino industry is truly experiencing fast growth in Kenya.
5. Transportation industry: Transportation is also another thriving industry in Kenya. Given the fact that the Kenyan capital, Nairobi is the largest city between the Egyptian capital, Cairo and Johannesburg in South Africa, it serves as the heart of transportation of Eastern and Central Africa.
These are easily the top 5 fast-growing industries in Kenya.
With time and changes in government, the growth of these industries may fluctuate; however, today, these industries are still growing and are some of the key sectors in the current Kenyan economy.
Not to forget the private sector as well, as recent reports have shown a laudable improvement.