Over the last few months Kenya’s softening economy has put thousands of jobs in corporate Kenya on the line. Political uncertainty coupled with the slowdown in credit growth and a biting drought earlier in the year caused a decrease in net earnings for companies as well slow expansion in National wealth. Firms sought to reduce performance pressure by cutting operating expenses mainly through cutting down of staff. This has led to a rapid decrease in Job creation month on month since August 2017.
Data Fintech’s Job Market Index confirms this trend, experiencing a 37.02 points drop in October 2017 to 323.40 points. Some of the industries that usually create the highest number of jobs experienced a drop in job creation. This included Sales/Business Development, Tourism, IT and Telecommunication and Education/Training. The only industry that recorded an increase number of jobs created in October 2017 was the Healthcare and Pharmaceuticals Sector.
Kenya’s neighboring country, Uganda experienced quite the opposite. Uganda saw a 50.93% surge in job creationin the services industry which contributes to 51.90% of Uganda’s GDP. DF’s Job Market index for Uganda currently stands at 127.29, which is a 35.6% increase from September 2017. The main sector creating the highest number of jobs in Uganda is Project/Programme Management. Tanzania also experienced a growth in job creation in the services industry but a dip in the Agriculture sector which contributes 52.10% of the country’s GDP. DF’s Tanzania Job Market Index stood at 222.88 in October 2017.
The study has been realized by Data Fintech, based on data collected from BrighterMonday, the leading online Job’s Marketplace in Kenya, Uganda and Tanzania.
Data Fintech is a big data service provider, specialized in data brokerage services. With a team of 10 data specialists the company is active in Africa, Middle East and Europe. Data Fintech buys and sells data, helping
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business recommendations to make better and faster business decision
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