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are what will help this country become a global powerhouse all while continuing to contribute greatly to Africa’s overall GDP. The GDP from the agricultural sector is expected to reach beyond USD 6 million by the end of the first quarter of 2018. South Africa is the world’s biggest producer of gold and platinum, is the 4th largest diamond industry in the world and is also a leading nation in base metals and coal. However, this article focuses on another bright aspect of Kenya- its fast-growing industries. As for the average rate, it’s 5.85% and it ranges from 1981 to 2017, with 13.9% being the most economic growth that this country has seen, with-11.10% being the lowest rate recorded. As the name implies, FinTech involves the use of technology to support and enable banking and financial services, making it easier, faster and cheaper to meet Africa’s underserved demand for financial services. The fastest growing industries were analyzed in terms of (1) increase in employment over the next 10 years; (2) compound annual rate of change in employment; and (3) change in the value of industry output. In many countries on the continent, access to financial services is very poor. But opting out of some of these cookies may have an effect on your browsing experience. We also use third-party cookies that help us analyze and understand how you use this website. FinTech is one of the newest and fastest emerging industries in Africa. 79 Figure 5.1 Africa has an opportunity to triple historical manufacturing output growth rates, and to double output, in 10 years Potential revenue growth from African manufacturers by 2025. There is no lack of abundance of mineral resources, resulting in mining as one of the fastest growing industries in South Africa. It has registered immense growth to the point that it is now the second fastest-growing tourism industry in the world, only behind the Asia Pacific region. The fastest growing economy in Africa 2018 has a name, and it’s Ethiopia. This year, Companies to Inspire Africa once again showcases and celebrates the businesses and entrepreneurs at the heart of this movement. Many domestic and foreign institutions already provide a full range of services from commercial and retail, to merchant banking, mortgage lending and insurance, as well as investments. Manufacturing Industries; This is one of the fast-growing industries in South Africa, these industries focus on the production of various chemicals, clothing materials, spare parts for various automobile, insecticides, electronics, footwear, and … Manufacturing sits at 14%. These cookies will be stored in your browser only with your consent. Agriculture, including forestry and fisheries, is vital to the country’s economy as the sector grew by over 22% and contributed 4% to the country’s GDP in the first quarter of 2017. Discover Suppliers | Target Prospects | Browse 10M+ CompaniesTry for Free>>. South Africa is the world’s biggest producer of gold and platinum, is the 4th largest diamond industry in the world and is also a leading nation in base metals and coal. Industry. . Founded in 2007, Keaton operates two coal mines that fuel power plants owned by the troubled national electric utility, Eskom, and provide anthracite for export to locales as distant as Brazil. The GDP from manufacturing in South Africa increased to USD 33 million in the third quarter of 2017 from USD 32.9 million in the second quarter of 2017. Some 67 million tourists visited Africa in 2018, representing a rise of 7% from a year earlier, making Africa the second-fastest growing region when it comes to tourism, after Asia Pacific. With about 30 legal gambling facilities in Kenya, one of the household names being Casino Flamingo in Nairobi. Topfacts: 1. It is a green light among the top 10 fastest growing business in Nigeria because every sector today can’t do without transportation. I would like to congratulate all the companies featured in this report, and I Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Economic experts are forecasting that 2018-19 will see stronger activity in trading with a boost of specific exports. 5 – Artificial intelligence Textiles contribute about 9% to the country’s GDP. All of these fastest growing industries in South Africa are characterized by high growth, high profitability, and low consolidation. 2. The retail market grew 2.4% in 2014 with the fastest growing segments including textiles and clothes at +3.5%, hardware by +2.6%, general stores by +2.4%, household goods by +2.3%, pharmaceuticals by +2.1% and food and drinks by +0.9%. . As of 2018, the country was the fastest growing in Africa, but attempts to diversify away from agriculture have caused public unrest As more opportunities for investment arise across Africa, several nations are witnessing record growth rates as recent reports have shown a laudable improvement. Then look no further than these. Spending by African consumers reaches a whopping USD 4 trillion annually, with household consumption expecting to grow 3.8% by 2025. African businesses are also quite the spenders, with stats from 2015 stating they spent USD 2.6 trillion annually. Manufacturing production increased by 2% in December 2017 as compared to the previous year and sees the highest utilisation of production capacity in radio, television and communication apparatus (85.4%), petroleum and plastic products (83.5%), wood products, paper, publishing and printing (82.9%), food and beverages (82.5%) and motor vehicles, parts and accessories (82.3%). Are you looking to get a piece of the pie? Still, 70 percent of the African population, directly or indirectly, are actively involved in agriculture. Based on these transformations and the support from African Growth and Opportunity Act (AGOA), there are many opportunities abound within the textile and apparel industry in South Africa, everything from natural and synthetic fiber production to non-woven fabric, spinning, weaving, tufting, knitting, dyeing, and finishing. The transition to fiber optic cables for communication, for instance, has accounted for a significant percentage in this growth. As the name implies, FinTech involves the use of technology to support and enable banking and financial services, making it easier, faster and cheaper to meet Africa’s underserved demand for financial services. When compared to even the best-industrialized countries, South Africa’s banking sector is a tough competitor. As of 2018, the country was the fastest growing in Africa, but attempts to diversify away from agriculture have caused public unrest As more opportunities for investment arise across Africa, several nations are witnessing record growth rates Transportation is also another thriving industry in Kenya. Then look no further than these fastest growing industries in South Africa. 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. Nearly 97% of tourists travel through for a holiday while the rest were either for business or school. In 2016, South Africa exported USD 29.1 million worth of vegetables, fresh or chilled, to countries like the U.K (31%), the Netherlands (26%) and France (4.2%). Not only is South Africa nearly self-sufficient in all major agricultural products, they are also a net food exporter. South Africa is forecasted to be one of the next major world markets promising exponential growth and opportunities. This market is promising medium to long-term growth due to the growing youthful demographic of 55 million people, as well as from its position as a springboard to the rest of sub-Saharan Africa. The 10 Fastest Growing Industries in the US. Deloitte recently announced the winners of its Fast 50 competition, recognizing South Africa’s fastest growing technology companies. Experts forecast that the manufacturing industry will nearly double its output from $500 billion today to $930 billion in 2025, making this one of the fastest growing industries in South Africa. Situated in eastern Africa, Ethiopia has a whopping 107-million population with 30% made up of young people. Lucrative opportunities are abundant, especially in downstream processing and adding value to iron, carbon, steel, stainless steel, aluminum, platinum metals and gold. Afrihost finished … You also have the option to opt-out of these cookies. This is because of the never-ending technological inventions that have equally created a demand for technological products. This capital-intensive industry has undergone intense technological change and is supported by a comprehensive transport and communications infrastructure. The GDP from mining in South Africa is expected to be USD 2.06 million by the end of the 1st quarter of 2018. In 2017, this industry witnessed an upsurge of approximately 7.4% growth. Given the country’s vibrant public life and dynamic business sector, South Africa has no shortage of ideas, but a tone of pessimism is growing as many worry that the economy is stuck in a low-growth trap. Based on the expert analysis and our database of 1,300+ US industries, IBISWorld presents a list of the Fastest Growing Industries in the US by Revenue Growth (%) in 2021. Natural-gas plants—which are fast to build, entail low capital costs, and have a small carbon footprint—can provide an alternative to diversify the power supply. This untapped market has 40% of the world’s known resources, with an estimated 36,000 tonnes of undeveloped resources. Some investment and business opportunities include infrastructure development; accommodations like hotels, boutique hotels, lodges and resorts; adventure, eco-adventures, sports, conference and cultural tourism; leisure complexes and world-class golf courses; attractions and activity-based tourism; and museums and heritage, cultural, music, arts festivals and events … only to name a few. When compared to even the best-industrialized countries, South Africa’s banking sector is a tough competitor. Agriculture is one of the fastest growing industries in South Africa known for their vast lands and profitable farming opportunities. The cell phone market has only three operators but there are world-class telecommunications brands as well like Siemens, Alcatel, Telecom Malaysia and Vodaphone. South Africa’s ICT sector grew at a whopping 5%, which is 15X times faster than the entire South African economy. The country’s cell phone market is also the 4th fastest growing in the world at a rate of 50% per year. Of all travelers, 74% were non-South African. Manufacturing has always been a dominant industry and sectors such as agro-processing, automotive, chemicals, technology, and electronics, metals, textiles, clothing and footwear are helping the country to become a new potential global powerhouse. FinTech is one of the newest and fastest emerging industries in Africa. Despite recent challenges in South Africa and the rest of Africa, spending seems to remain the same. ICT actually beats out agriculture as one of the fastest growing industries in South Africa. These industries include agriculture, mining, manufacturing, communications, tourism, textiles, wholesale and retail trade and even real estate, finance, and business services. [email protected]. The market created throug… Across most sectors, these companies are growing faster and are more profitable than their global peers. Musical Groups & Artists in the US. The African economy mostly comprises of industry, trade, agriculture as well as human resources. Added to petroleum, its other major natural resources comprise of gypsum & natural gas. The industrial sector of the economy of South Africa began with diamond mining in the last half of the 19th century. Thanks to structural changes in many African countries, productivity revolution is helping many companies to achieve greater economies of scale. 1. 169.9%. As at August 2019. Wholesale, retail and catering/accommodations contribute about 15%. Sub-Saharan Africa saw the world’s fastest rate of new broadband connections between 2008 and 2015, and mobile data traffic across Africa is expected to … This untapped market has 40% of the world’s known resources, with an estimated 36,000 tonnes of undeveloped resources. The economic outlook for Sub-Saharan Africa (SSA) is positive, with growth rising to 5.3% in 2012, and 5.6% in 2013, over the pre-crisis average level of 5%. These industries include agriculture, mining, manufacturing, communications, tourism, textiles, wholesale and retail trade and even real estate, finance, and business services. Some investment and business opportunities include infrastructure development; accommodations like hotels, boutique hotels, lodges and resorts; adventure, eco-adventures, sports, conference and cultural tourism; leisure complexes and world-class golf courses; attractions and activity-based tourism; and museums and heritage, cultural, music, arts festivals and events … only to name a few. “This is mainly driven by a growing middle class. Africa’s 10 fastest-growing economies Based on IMF growth predictions for 2019, Libya will be the fastest-growing African economy this year with a predicted GDP of 10.8%. Africa is home to fi ve of the world’s fastest-growing economies, and is being driven by young and growing populations. The agricultural industry cuts across both crop and livestock farming. Ethiopia and Rwanda round up the top three with 8.5% and 7.8% respectively with Tanzania, Uganda and Kenya being the other East African economies in the top 10. Companies: YDE (1995 – 2007), Über Flavour (2014 – present) Turnover : YDE had a turnover of R160 million at the time of its sale to the Truworths Group. Additionally, EyeSee is the 10 th fastest-growing Belgian company on the list, keeping the ranking it assumed in Deloitte’s 2018 fast 50 list. This year, 99 African American-led businesses made the Inc. 5000 list of the fastest-growing private companies in the country, measured by revenue growth over the past three years. In 2017, this industry witnessed an upsurge of approximately 7.4% growth. These cookies do not store any personal information. The JSE’s fastest-growing company derives its income, perhaps ironically, from digging in the dirt. Financial, real estate and business sector services are the pillar of South Africa’s economic growth and made it on our list as one of the fastest growing industries in South Africa. Ethiopia and Rwanda round up the top three with 8.5% and 7.8% respectively with Tanzania, Uganda and Kenya being the other East African economies in the top 10. 79 Figure 5.1 Africa has an opportunity to triple historical manufacturing output growth rates, and to double output, in 10 years Potential revenue growth from African manufacturers by 2025. Manufacturing has always been a dominant industry and sectors such as agro-processing, automotive, chemicals, technology, and electronics, metals, textiles, clothing and footwear are helping the country to become a new potential global powerhouse. Shortly after the discovery of diamonds here, gold deposits were also located, leading to the serious growth and development of the mining sector. According to the latest Tourism and Migration Survey, almost 3.5 million tourists passed through South Africa’s ports of entry in August 2017. Experts forecast that the manufacturing industry will nearly double its output from $500 billion today to $930 billion in 2025, making this one of the, There are many opportunities in tourism, as it is one of the. The GDP from manufacturing in South Africa increased to USD 33 million in the third quarter of 2017 from USD 32.9 million in the second quarter of 2017. Other heavy civil engineering construction. Experts say that ⅓ of the world’s gold has yet to be mined. This untapped market has 40% of the world’s known resources, with an estimated 36,000 tonnes of undeveloped resources. In 2016, Ivory Coast was labelled the fastest growing economy with multiple flourishing industries in agriculture. “Banking is one of the fastest growing market sectors in Mozambique,” notes DHL country head Dominique Lalous. In many countries on the continent, access to financial services is very poor. South Africa’s financial sector is very sophisticated despite the country’s “emerging market” status. More information can be found at the CTCP website. known for their vast lands and profitable farming opportunities. Wholesale, retail and catering/accommodations contribute about 15%. The communications tech sector contributed more than 7% to South Africa’s GDP in 2016. In this regard, players can find any online casino in Kenya on. The retail market is one of South Africa’s biggest, most affluent and important sectors. The country’s economy mostly depends on its huge oil reserve and its oil revenues account for more than 50% of its total GDP. In 2016, Ivory Coast was labelled the fastest growing economy with multiple flourishing industries in agriculture. Africa’s 10 fastest-growing economies. The strong financial sector is built on a foundation of concrete legal and physical infrastructures that promise stable economic growth. https://www.seekcapital.com/blog/fastest-growing-industries Long-term projections for GDP from mining forecast it to reach USD2.07 million in 2020. All around the world, this is one sector whose growth doesn’t seem to be stopping anytime soon. It is a green light among the top 10 fastest growing business in Nigeria because every sector today can’t do without transportation. A government initiative, The Clothing and Textile Competitiveness Programme (CTCP), is a program meant to improve South Africa’s global competitiveness. 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. Africa’s travel and tourism industry is growing by leaps and bounds and is now ranked the second-fastest-growing industry in the world after Asia Pacific.Continued investments in the tourism sector, coupled with the enactment of policies geared towar. The ICT industry has shown consistent growth in this industry. Another thing that is making the ICT industry thrive is the market for cell phones. Textiles and apparel accounted for 14% of manufacturing in South Africa and is their 2nd largest source of tax revenue. It is mandatory to procure user consent prior to running these cookies on your website. The. Still, 70 percent of the African population, directly or indirectly, are actively involved in … Looking through the past years we can obviously notice that Africa has greatly evolved. : The Casino industry in Kenya is a multimillion-dollar industry. Experts say that ⅓ of the world’s gold has yet to be mined. 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