Kenya recently reclaimed its title\nas the largest economy in Eastern and Central Africa; a position previously\nheld by Ethiopia. The government has made various political, structural and\neconomic reforms that have greatly contributed to Kenya\u2019s economic growth,\nsocial development and political gains over the past decade. According to a\nreport by the World Bank, Kenya\u2019s economic growth has averaged at 5.7%, placing\nKenya as one of the fastest growing economies in Sub-Saharan Africa. In this\narticle, we\u2019ll look at some of the fastest growing industries in Kenya today.<\/p>\n\n\n\n
The agricultural sector plays a\nvital role in contributing to the growth of Kenya\u2019s economy. The industry has\nmade a 26% contribution to the GDP and another 27% indirectly through its\ncollaboration with other sectors. The industry has created employment\nopportunities for many Kenyans and is a source of livelihood for up to 40% of\nKenyans. The industry also accounts for up to 65% of the export earnings.\nAgriculture is also the main driver of the non-agricultural economy. The\nindustry provides raw materials and markets for non-agricultural operations\nsuch as construction, transportation, tourism and education. <\/p>\n\n\n\n
Kenya is nicknamed the \u201cSilicon\nSavannah\u201d because it is regarded as the second-best innovation hub in\nSub-Saharan Africa. Technological advances are playing a key role in ushering\nin a new automated age. Kenya has seen vast developments in the fields of\nrobotics, artificial intelligence, and machine learning. <\/p>\n\n\n\n
Technological developments have\nchanged the way in which Kenya interacts with the global economy. Kenya is now\nable to produce a higher quality of \nproducts at an expansive rate, which has greatly boosted its trading\nprospects. Advancement in Information and Communications Technology has led to\nsignificant economic growth which in turn expanded the creation of job\nopportunities.<\/p>\n\n\n\n
The tourism industry is one of the\nfastest growing industries in Kenya. According to the Ministry of Tourism and\nWildlife, Kenya is currently the third largest tourism economy in Sub-Saharan\nAfrica after South Africa and Nigeria. In 2019, the industry contributed a\ntotal of Ksh163.6 billion to Kenya\u2019s GDP. \nThe tourism industry has also created an estimated 1.1 million jobs for\nthe Kenyan people which in turn leads to economic growth as the government\nearns revenue through taxes. More recently, Najib Balala, Kenya\u2019s Minister for\ntourism named the famed supermodel Naomi Campbell as Kenya\u2019s new tourism\nadvisor. This move will definitely boost Kenya\u2019s tourism sector and increase\ninternational visits to Kenya. <\/p>\n\n\n\n
The past two decades have seen an\nexponential increase in the Kenyan real estate market. This growth has been\ndriven by various infrastructural developments such as improved roads and the\nupgrading of key airports as well as improved utility connections. Rapid\nurbanisation and a steady population growth have also contributed to the\nbooming real estate sector. The influx of people moving in to the cities from\nrural areas has led to the building and selling of various land titles and\nproperties. The fact that land appreciates in value over time has made the real\nestate business very lucrative with more and more people investing in land and\nproperty. <\/p>\n\n\n\n
The development of various\ninfrastructure and the steady growth of Kenya\u2019s economy has also led to the\nrapid development of the transport sector. According to Kenya\u2019s transport\nsector profile, the sector grew by 8.8% in 2016 compared to 7.1% in 2015. Of course\nKenya still has some way to go in the transport sector however the growth and\ndevelopment is on an upward slope and is only getting better. In a bid to stay\nin line with its Vision 2 030 goals, Kenya\u2019s development plans include\nsignificant improvements to roads, railways, seaports and airports in order to\ncompete in the global market. The construction of the SGR has opened up Kenya\u2019s\ninterior and has vastly increased and improved trading activities within the\ncountry. <\/p>\n\n\n\n