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Britain is revealed to rank as the fourth most micro-business dense country in the world, with 81 micro-businesses to every thousand people.
- The UK is the fourth most micro-business dense country in the world
- However, it ranks less favourably in terms of GVA and employment made up from micro-businesses
- Findings highlight the need to create an environment in which micro-businesses can thrive and grow
The Czech Republic beats The United States and Indonesia to claim the title of country with the most micro-businesses per capita – with 89 micro-businesses for every thousand Czechs.
This is according to theGlobal Micro-Business Impact Report, released by Vistaprint. The new report investigates the impact micro-businesses have on the global economy, by combining and comparing the latest available data from research leaders such as The European Commission and OECD.
Whilst the UK ranks highly in entrepreneurship, micro-businesses contribute less to Gross Value Added (GVA) and employment compared to other countries.
Micro-businesses make up a fifth (20.4 per cent) of the UK economy (measured in GVA), narrowly missing the global average of 20.5 per cent, whilst Norway sees two-fifths (38.1 per cent) of its GVA come from micro-businesses – the highest globally.
UK micro-businesses employ 17.3 per centof the British workforce, which is just above half the global average of 32.3 per cent. Comparatively, Australia’s micro-businesses employ 44.5 per centof their workforce and Spain’s employ 41.1 per cent.
Oliver Harcourt, Head of Vistaprint UK says: “Small businesses are an essential part of the UK economy and it’s fantastic to see we have so many micro-businesses among us.
“The results from the research truly show the entrepreneurial spirit Britain embodies. However, it’s important we recognise the challenges micro-businesses are currently facing, including political and economic uncertainty, business rate increases and dampened consumer confidence.
“We, as the UK, need to ensure we continue to create an environment in which micro-businesses can thrive and grow.”
The results from this report draw attention to the importance of micro-businesses to the UK economy, whilst highlighting the potential gains that could come from increased support.