Small businesses are the lifeblood of our economy

Small Business Minister John Banks today released the factsheet ‘Small Businesses in New Zealand’ that highlights the significant contribution small and medium-sized firms make to New Zealand’s economy.

The factsheet is a summary of results from recent Statistics New Zealand surveys relating to small and medium enterprises.  It shows that smaller businesses dominate our industries and play their part in generating jobs, innovation and overseas income.

Key results include:

• 97.2 per cent of all enterprises have fewer than 20 employees.  These firms employ 30.2% of workers in New Zealand
• Enterprises with fewer than 50 employees create nearly half of all jobs, contribute over a third of New Zealand’s Gross Domestic Product and are increasingly engaged in innovation and exporting activity.

“Small businesses are different in many ways from larger firms and face their own unique challenges, but they are a dynamic group,” said Mr Banks.

“I am always amazed by the ability of many small business owners to adapt to the changing economic, social and technological environment.  

“The factsheet ‘Small Businesses in New Zealand’ is available on the Ministry of Business, Innovation and Employment website, along with links to detailed data on small and medium enterprises from Statistics New Zealand’s business surveys.

“This aligns with the Better Public Services goal to have more information relevant to the needs of businesses online and in one place,” Mr Banks said.

The PDF of the factsheet can be found at: http://www.med.govt.nz/business/business-growth-internationalisation/small-and-medium-sized-enterprises