Small businesses continue to drive economy

Small Business Minister Jacqui Dean recently welcomed the release of the Ministry of Business Innovation and Employment’s 2017 Small Business factsheet, revealing the stats behind the importance of the SMB sector to the economy.

“The factsheet brings together statistics that relate to small businesses, and provides us with an overview of how valuable they are to the New Zealand economy,” Ms Dean says.

“Businesses with fewer than 20 employees make up 97 percent of all enterprises in New Zealand, and contribute almost $65 billion to our GDP.

“Small businesses employ 29 percent of all workers in New Zealand, and it is important that we continue to support these businesses and help them thrive.

“Other key statistics highlighted in the factsheet are that small businesses created 42 percent of all jobs in 2015, and salaries in small businesses average $45,867 per annum.

“Currently New Zealand is rated number one in the world for ease of doing business and this is something this government is very proud of.

“Our businesses are young, with 33 percent of small businesses having existed for less than five years. We must continue to create a supportive environment to help small businesses mature and drive our economy forward. 

The fact sheet is released annually by MBIE and a copy can be found here.