logo
Top 5 private sectors that employed the most Kenyans in its last fiscal year

Top 5 private sectors that employed the most Kenyans in its last fiscal year

Kenya's job market offers a complicated mix of developments and persistent challenges. As the country's economy goes through a recovery phase, structural problems affect workforce stability and employment opportunities.
Business Insider Africa presents the top 5 private sectors that employ the most Kenyans.
This list is courtesy of the Economic Survey report by KNBS.
Manufacturing in the private sector provided the most jobs for Kenyans.
According to the most recent Economic Survey report by the Kenyan Bureau of Statistics (KNBS), there was a 2.4% growth in formal sector employment in 2024.
During the year, the informal sector accounted for 83.6% of all employment in the country, with roughly 17.4 million people operating in this broad market.
'The informal sector created 703.7 thousand new jobs, which constituted 90.0 per cent of all new jobs created, with the exclusion of small-scale agriculture.
Further, the total number of self-employed and unpaid family workers within the modern sector was estimated to have increased by 1.8 per cent to 175.5 thousand in 2024,' the report revealed.
While the private sector accounted for just 16.4% of all employment, it boasted only 3.4 million people, underscoring the lack of job opportunities outside of make-shift industries.
The prevalence of informal employment limits access to social protections and stable incomes. Youth Unemployment.
High unemployment rates among youth contribute to social unrest and hinder economic progress.
In April 2025, Kenya's private sector enjoyed its fastest growth in 27 months, according to the Stanbic Bank Kenya Purchasing Managers' Index (PMI), which increased to 52.0 from 51.7 in March.
This expansion was fueled by strong client demand, which led to increased output, purchasing, and job creation, particularly in the services, agricultural, and construction sectors, as seen on Reuters.
Despite the positive momentum, company forecasts were among the lowest in the survey's history, with only 5% of enterprises expecting an output increase over the next year.
The PMI survey showed strong improvements in the services, agricultural, and construction sectors, but reduced sales in manufacturing and wholesale & retail.
In Kenya, the private sector continues to be a key driver of employment and economic expansion. Even if recent developments show encouraging momentum, overcoming current obstacles and ensuring inclusive, sustainable development will require coordinated efforts.
Kenya can fully utilize its private sector to promote economic growth and job creation by addressing structural problems and creating an environment that is conducive to private enterprise.
With that said, here are the private sectors where most Kenyans were employed in 2024, according to the Economic Survey Report.
Top 5 private sectors that employed the most Kenyans in its last fiscal year
Rank Sector Number of employment
1. Manufacturing 347,294
2. Agriculture, forestry and fishing 308,865
3. Wholesale and retail trade; Motor vehicle repair shops 276,127
4. Education 242,536
5. Construction 223,383

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

4 Top No-Load Mutual Funds to Add to Your Portfolio
4 Top No-Load Mutual Funds to Add to Your Portfolio

Yahoo

time17 hours ago

  • Yahoo

4 Top No-Load Mutual Funds to Add to Your Portfolio

Major U.S. indexes, such as the Nasdaq Composite and the Dow Jones Industrial Average, have recovered from the start of 2025 but remain down by 0.1% and 0.5%, respectively, whereas the S&P 500 has gained 1%. Investors' sentiment remains clouded due to mixed domestic economic data, geopolitical tensions and ongoing concerns regarding Trump's foreign tariff policy with major trading partners. The personal consumption expenditure (PCE) index, the Federal Reserve's preferred inflation gauge, has climbed 0.1% sequentially in April and 2.1% on a year-over-year basis, after increasing 2.3% in March. Consumer spending, which is the largest component of the U.S. GDP, rose 0.2% in April after an unrevised 0.7% jump in March. Personal income increased 0.8% month over month in April. Disappointing jobs data raise concerns as businesses struggle due to tariff uncertainties. The economy added only 37,000 private employees in May, less than the downwardly revised 60,000 jobs in April and sharply lower than the consensus estimate of 110,000. The Institute for Supply Management's (ISM) Services Purchasing Managers Index (PMI) fell to 49.9 in May from April's reading of 51.6. Any reading below 50% indicates a contraction in service activities. Geopolitical tension has flared up due to Ukraine's fresh attack on Russia's military assets, which has caused panic and might affect the global supply chain. Amid the current market conditions, investors looking for higher returns can consider no-load mutual funds like Fidelity Select Semiconductors Portfolio FSELX, Invesco SteelPath MLP Select 40 MLPTX, DWS Science and Technology KTCSX and Fidelity Select Defense & Aerospace FSDAX as these have a low expense ratio, which can translate into higher returns. Other factors such as the funds' performance history, investment style and risk tolerance also act in their favor. Investors with disposable income who wish to diversify their portfolios can opt for no-load mutual funds. These passively managed funds don't have any commission fees or any other charges for buying and selling that are generally associated with actively managed funds. The sales charges — referred to as a 'front-end load,' which is charged upon purchasing shares, or 'back-end load,' which is charged upon the selling of shares — are absent in such funds because shares are distributed directly by the investment company, instead of any third-party involvement like a broker, advisor or other professionals. Even a few additional basis points saved in fees can boost the overall return by minimizing expenses. However, charges like the fund's expense ratio, 12b-1 fees for marketing, distribution, and service, redemption fees, exchange fees, and account fees are commonly charged even if there is no load. The load charges are generally within the range of 0-6%. To understand the math, let's assume an investor wants to invest $1000 in a mutual fund that has a 5% entry and exit load. Then, $950 ($1000-$50 [5% of $1000]) is left with the mutual fund house to invest. Now, let's assume the fund has given a 15% return over the year. So, the current value of the portfolio is $1092.5 ($950+ $142.5 [15% of $950]). Now, when an exit load of 5% is applied, the investor is left with $1037.87 ($1092.5-$54.63 [5% of $1092.5]). According to the above hypothesis, the returns earned by the investor with front and back load are 3.78%, whereas he could have enjoyed a much higher return without load. We have thus selected four no-load mutual funds that boast a Zacks Mutual Fund Rank #1 (Strong Buy), have positive three-year and five-year annualized returns, minimum initial investments within $5000, and carry a low expense ratio. Notably, mutual funds, in general, reduce transaction costs and diversify portfolios without an array of commission charges mostly associated with stock purchases (read more: Mutual Funds: Advantages, Disadvantages, and How They Make Investors Money). Fidelity Select Semiconductors Portfolio invests most of its net assets in common stocks of domestic and foreign companies that areprincipally engaged in the design, manufacture, or sale of semiconductors and semiconductor equipment. FSELX chooses to invest in stocks based on fundamental analysis factors such as each issuer's financial condition and industry position, and market and economic conditions. Adam Benjamin has been the lead manager of FSELX since March 15, 2020. Most of the fund's exposure was to companies like NVIDIA (25.0%), Taiwan Semiconductor Manufacturing (8.3%) and Broadcom (8%) as of Feb. 28, 2025. FSELX's three-year and five-year annualized returns are nearly 24.4% and 28.3%, respectively. FSELX has an annual expense ratio of 0.62%. To see how this fund performed compared to its category and other 1, 2, and 3 Ranked Mutual Funds, please click here. Invesco SteelPath MLP Select 40 fund invests most of its assets, along with borrowings, if any, in the master limited partnership of companies, which are engaged in the transportation, storage, processing, refining, marketing, exploration, production, and mining of minerals and natural resources. MLPTX advisors also invest in derivatives and other instruments with similar economic characteristics in the same industry. Stuart Cartner has been the lead manager of MLPTX since April 1, 2010. Most of the fund's exposure was in companies such as MPLX (8.4%), Energy Transfer (7.8%), and Western Midstream Partners(7%) as of Feb. 28, 2025. MLPTX'sthree-year and five-year annualized returns are 20.10% and 28.4%, respectively. MLPTX has an annual expense ratio of 1.01%. DWS Science and Technology fund invests most of its assets, along with borrowings, if any, incommon stocks and initial public offerings of domestic science and technology companies, irrespective of their market capitalization. KTCSX advisors may also invest in foreign companies from the technology sector or other industries within the technology sector from developed and emerging market economies. Sebastian P. Werner has been the lead manager of KTCSX since Dec. 1, 2017. Most of the fund's exposure was in companies like Meta Platforms (9.6%), NVIDIA (8.1%) and Microsoft (7.7%) as of Jan. 31, 2025. KTCSX's three-year and five-year annualized returns are 18.8% and 17.3%, respectively. KTCSX has an annual expense ratio of 0.68%. Fidelity Select Defense & Aerospace fund invests most of its net assets in common stocks of domestic and foreign companies that areprincipally engaged in research, manufacture, or sale of products or services related to the defense or aerospace industries. FSDAX advisors choose to invest in stocks based on fundamental analysis factors such as financial condition and industry position, along with market and economic conditions. Clayton Pfannenstiel has been the lead manager of FSDAX since December 27, 2021. Most of the fund's holdings were in companies like General Electric (20.9%), The Boeing Company (11.9%) and Raytheon Technologies (10%) as of Feb. 28, 2025. FSDAX's three-year and five-year annualized returns were 17.8% and 16.3%, respectively. FSDAX has an annual expense ratio of 0.65%. Zacks' free Fund Newsletter will brief you on top news and analysis, as well as top-performing mutual funds, each week. Get it free >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Get Your Free (FSDAX): Fund Analysis Report Get Your Free (FSELX): Fund Analysis Report Get Your Free (MLPTX): Fund Analysis Report Get Your Free (KTCSX): Fund Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research

Pound takes breather after hitting highest point against dollar since 2022
Pound takes breather after hitting highest point against dollar since 2022

Yahoo

time21 hours ago

  • Yahoo

Pound takes breather after hitting highest point against dollar since 2022

The pound pulled back slightly against the dollar on Friday in European trading hours, dipping almost 0.3% to trade around the $1.354 mark. Sterling's rally has sent it to its highest point against the greenback since 2022, but that's largely due to dollar weakness, analysts say. 'Domestic factors have also been supportive of sterling," said Matthew Ryan, head of market strategy at global financial services firm Ebury. Read more: FTSE 100 LIVE: Stocks mixed as traders weigh up Trump-Musk row and trade war developments 'This week's updated UK PMI figures provide reason for optimism, as the composite index was revised sharply higher to 50.3 in May (from the initial 49.4 estimate), i.e. back above the key level of 50 that separates growth from expansion. 'As we've been stressing for some time, Britain's economy should be well positioned to weather the tariff storm, while at the same time inflation is printing well above the Bank of England's 2% target." The dollar index ( headed 0.2% higher, meanwhile. The index tracks it against a basket of other currencies. The pound was almost flat against the euro following a Thursday interest rate cut by the European Central Bank (ECB). Read more: Average UK house price falls in May after stamp duty changes The bloc cut interest rates by a quarter of a percentage point for the eighth time in a year, as the bank attempts to support the euro economy after the turmoil caused by US president Donald Trump's trade war. The benchmark rate on the deposit facility has been reduced from 2.25% down to 2%, from a high of 4% toward the middle of 2023. Gold prices headed higher as economic uncertainty persists surrounding president Trump's trade tariffs. The yellow metal rose despite a strengthening dollar. Spot gold prices rose 0.4% to $3,364, while gold futures headed 0.3% higher to trade around $3,384. The weakness in the dollar in recent weeks has made it cheaper for buyers holding other currencies to snap up gold — a safe haven in uncertain times. "There is considerable geopolitical uncertainty with Russia-Ukraine, Iran, Syria and China driving people to buy gold... and although traders may not expect gold to rise as quickly, there is still plenty of upside," Daniel Pavilonis, senior market strategist at RJO Futures told Reuters on Thursday. Oil prices were on the back foot on Friday, pulling slightly lower amid concerns about oversupply and economic growth. Brent crude futures (BZ=F) fell 0.3% to $64.59 a barrel, while West Texas Intermediate futures (CL=F) declined 0.3% at $63.18 a barrel. Read more: The most popular stocks and funds investors bought in May Saudi Arabia has bee pushing for a major increase in oil production and has slashed prices for Asian buyers, signalling weaker demand, analysts said. The July price cut by Saudi Arabia, which is the world's biggest oil exporter, comes after the decision from the Organization of the Petroleum Exporting Countries and their allies — known as OPEC+ — to increase output next in to access your portfolio

Top 10 African countries with the lowest GDP growth in 2025 compared to last year
Top 10 African countries with the lowest GDP growth in 2025 compared to last year

Business Insider

timea day ago

  • Business Insider

Top 10 African countries with the lowest GDP growth in 2025 compared to last year

In 2025, the economic outlook for most African countries in terms of real GDP growth is less optimistic than in the previous year. Business Insider Africa presents the top 10 African countries with the lowest GDP growth in 2025 compared to last year. This list is courtesy of the Africa Pulse report by the World Bank. South Sudan ranks number 1 on the list. Numerous obstacles and drawbacks for the continent's growth trajectory are presented by this declining tendency. These nations have the potential to influence trade patterns and regional integration by serving as pillars of stability and economic power in their respective areas. African nations with increasing growth are standing out in a year when many economies are slowing down; they are creating the foundation for long-term benefits, increased global significance, and better living conditions for their people. First and foremost, governments are less able to create jobs when GDP slows. The youthful population of Africa is growing quickly, with millions of young people joining the workforce every. Job creation falls behind population growth as economic development stagnates, which exacerbates underemployment and unemployment. More young people may be forced into informal or unstable labor as a result of this circumstance, which might intensify social discontent. Secondly, government revenue is constrained by slower GDP growth. Tax revenue declines with slowing economic activity, which leaves governments with less money to spend on vital areas like public safety, infrastructure, healthcare, and education. Significant investment in growth is hampered by high debt and limited fiscal flexibility. Investors generally prefer stability and growth, and a decline in economic performance indicates increased risk. This implies that countries experiencing slower development may have a more difficult time attracting investment for manufacturing, technology, and resource extraction initiatives, all of which are critical areas for long-term structural reform. Furthermore, countries with slower development are more susceptible to external shocks. Whether it's a rise in fuel prices, climate-related disasters, or trade disruptions, economies that aren't growing fast enough have fewer buffers to absorb these impacts, resulting in increased inequality and economic fragility. With that said, here are the African countries with the largest dip in real GDP growth this year, from last year, as per the Africa Pulse Report by the World Bank. Rank Country Real GDP growth rate 2025 Real GDP growth rate 2024 1. South Sudan -34.7 -7.2 2. Equatorial Guinea -3.1 1.6 3. Rwanda 7.0 8.9 4. Ghana 3.9 5.7 5. Angola 2.7 4.4 6. Democratic Republic of Congo 4.8 6.5 7. Ethiopia 6.4 8.1 8. Mauritius 3.2 4.7 9. Cabo Verde 5.9 7.3 10. Niger 7.1 8.4

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store