Recent findings from an international study have unveiled Britain’s remarkable standing as the fourth most densely populated nation with micro-businesses worldwide, housing an impressive count of 81 micro-businesses for every thousand individuals.
The report, conducted by Vistaprint and titled the Global Micro-Business Impact Report, delves into the prevalence and impact of micro-businesses on a global scale. Surpassing economic powerhouses such as the United States and Indonesia, the Czech Republic claims the top spot, boasting 89 micro-businesses per thousand Czechs.
Oliver Harcourt, Head of Vistaprint UK, expressed enthusiasm about the vibrant entrepreneurial landscape, remarking, “Small businesses form a crucial part of the UK economy, and it’s heartening to witness the abundance of micro-businesses flourishing within our midst.”
However, Harcourt also underlined the prevailing challenges that these micro-businesses confront, citing uncertainties in politics and economics, escalating business rates, and a subdued consumer outlook. He stressed the need for the UK to foster an environment conducive to the growth and prosperity of such enterprises.
The comprehensive report, drawing data from prominent research entities like The European Commission and OECD, sheds light on the disparity in contributions made by micro-businesses to the Gross Value Added (GVA) and employment sector across nations.
Despite the UK ranking prominently in entrepreneurial activity, micro-businesses here contribute marginally less to GVA and employment compared to global averages. They represent 20.4% of the UK economy in terms of GVA, narrowly missing the global average of 20.5%. In contrast, Norway stands out with a staggering 38.1% of its GVA originating from micro-businesses, marking the highest worldwide contribution.
In terms of employment, UK micro-businesses engage 17.3% of the British workforce, only surpassing half of the global average of 32.3%. Australia and Spain notably lead the pack, with 44.5% and 41.1% of their workforce employed by micro-businesses, respectively.
These statistics underscore the vital role played by micro-businesses in the UK economy while highlighting the potential for substantial gains through increased support and encouragement.
The report’s release also prompts reflection on the significance of fortifying the ecosystem for micro-businesses in the UK, aiming to leverage their potential impact further.
The Top 10 Countries with the Highest Micro-Business Density per 1000 People are as follows:
- Czech Republic (89)
- Indonesia (86)
- United States of America (86)
- United Kingdom (81)
- Portugal (72)
- Slovakia (69)
- Iceland (68)
- Liechtenstein (67)
- Sweden (66)
- Paraguay (62)
This research amplifies the resilient entrepreneurial spirit within the UK while advocating for concerted efforts to bolster and support the thriving micro-business landscape for a more robust and inclusive economy.
