Kiwi SMBs make 'huge contribution' to NZ economy

The Government is stressing the important role small businesses play in the New Zealand economy with the release of the latest Small Businesses in New Zealandfactsheet.

The factsheet gives a detailed snapshot of how small businesses in New Zealand are making an impact across all industries.

"Small and medium-sized firms make a huge contribution to New Zealand's economy and this factsheet really illustrates that," says Small Business Minister Craig Foss.

"It reinforces other reports. which show that smaller businesses dominate our industries and play a vital role in generating jobs, innovation and overseas income," he says.

According to the factsheet, 97% of all enterprises have fewer than 20 employees, and these small enterprises employ almost a third of workers in New Zealand.

The report says these businesses produce an estimated 26% of New Zealand's GDP.

Businesses with fewer than 20 employees created almost half of all jobs in the year ending December 2014, the factsheet shows.

"Small firms have a greater diversity of ownership structures and tend to be younger than larger firms," Foss says.

The factsheet is a summary of results from Statistics New Zealand data relating to small and medium-sized enterprises.