The market created throug… 1. And many companies, religious sectors, and schools outsource their transportation service, and that is where outsourcing comes in. It is a green light among the top 10 fastest growing business in Nigeria because every sector today can’t do without transportation. The country’s cell phone market is also the 4th fastest growing in the world at a rate of 50% per year. 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. African businesses are also quite the spenders, with stats from 2015 stating they spent USD 2.6 trillion annually. The market’s rapid growth making it an extremely successful and fast growing industry not only to be in, but also to invest in. In many countries on the continent, access to financial services is very poor. 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. Thanks to structural changes in many African countries, productivity revolution is helping many companies to achieve greater economies of scale. The Site uses cookies to record users' preferences in relation to the functionality of accessibility. In 2016, Ivory Coast was labelled the fastest growing economy with multiple flourishing industries in agriculture. When compared to even the best-industrialized countries, South Africa’s banking sector is a tough competitor. Not to forget the private sector as well, it was reported by the Kenyan Commercial guide. The 10 Fastest Growing Industries in the US. It may come as a surprise that the Casino Industry is included, but it is actually a fact that this industry is fast growing. According to the World Travel and Tourism Council, tourism contributes about 7% of the GDP and employment in South Africa. The GDP from the agricultural sector is expected to reach beyond USD 6 million by the end of the first quarter of 2018. 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. It is highly concentrated, with Egypt and Nigeria alone accounting for one-third of total agricultural output and the top ten countries generating 75 percent. Afrihost finished … Über Flavour is still in start-up phase. These industries generated impressive sales growth in 2017. Shortly after the discovery of diamonds here, gold deposits were also located, leading to the serious growth and development of the mining sector. FinTech is one of the newest and fastest emerging industries in Africa. The cell phone market has only three operators but there are world-class telecommunications brands as well like Siemens, Alcatel, Telecom Malaysia and Vodaphone. Growing in revenue by 489%, EyeSee secured a spot as one of the 500 fastest-growing tech companies in Europe, the Middle East, and Africa (EMEA region). . 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. Nearly 97% of tourists travel through for a holiday while the rest were either for business or school. The agricultural industry cuts across both crop and livestock farming. This is because of the never-ending technological inventions that have equally created a demand for technological products. 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. ICT actually beats out agriculture as one of the fastest growing industries in South Africa. In South Africa. 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. I would like to congratulate all the companies featured in this report, and I South Africa is forecasted to be one of the next major world markets promising exponential growth and opportunities. 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. 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. 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. Textiles contribute about 9% to the country’s GDP. 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. as recent reports have shown a laudable improvement. This untapped market has 40% of the world’s known resources, with an estimated 36,000 tonnes of undeveloped resources. Experts say that ⅓ of the world’s gold has yet to be mined. Musical Groups & Artists in the US. 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. The Construction and Real estate industry: This is also another fast-growing industry in Kenya. It’s no secret that Ethiopia’s economy is booming and its economic growth has been hovering around 8-11%for over 10 years now. 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. Deloitte recently announced the winners of its Fast 50 competition, recognizing South Africa’s fastest growing technology companies. There is no lack of abundance of mineral resources, resulting in mining as one of the fastest growing industries in South Africa. One of the ke… Africa’s 10 fastest-growing economies. A government initiative, The Clothing and Textile Competitiveness Programme (CTCP), is a program meant to improve South Africa’s global competitiveness. Based on IMF growth predictions for 2019, Libya will be the fastest-growing African economy this year with a predicted GDP of 10.8%. The African economy mostly comprises of industry, trade, agriculture as well as human resources. 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%). 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. 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 Spending by African consumers reaches a whopping USD 4 trillion annually, with household consumption expecting to grow 3.8% by 2025. South Africa is forecasted to be one of the next major world markets promising exponential growth and opportunities. 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. Yet since 2008, average annual GDP growth has slowed to just 1.8 percent, while unemployment has stubbornly remained at 25 percent. In 2017, this industry witnessed an upsurge of approximately 7.4% growth. According to the latest Tourism and Migration Survey, almost 3.5 million tourists passed through South Africa’s ports of entry in August 2017. However, as of 2013 Africa was the world's fastest-growing continent at 5.6% a year, and GDP is expected to rise by an average of over 6% a year between 2013 and 2023. All around the world, this is one sector whose growth doesn’t seem to be stopping anytime soon. . With about 30 legal gambling facilities in Kenya, one of the household names being Casino Flamingo in Nairobi. There are daily improvements in technology, and technological devices are usually high in demand. 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. 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