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Small Enterprises are Hit Hardest by Recession

eurocrisisIn Greece, small and medium-sized enterprices (SME) have been hit by the extended recession much more than the larger enterprises. However, according to the annual report of European Commission on SMEs, published on November 26, it appears that the basic indices in SME sector will increase in 2013.
The report says that “more than 50% of private employment in Greece is concentrated in very small enterprises (with up to nine employees).” Since most of those enterprises are too small to look for exports, they depend mainly on domestic consumption. This has lead to great damage as the fiscal adjustment and the austerity measures have hurt the buying power of Greeks.
The data is showing that in Greece the number of medium-sized businesses is only 0.4% of all enterprises, while in Europe their numbers reaches 1.1%. Their employees represent 13.6% of the total, while in Europe 17.3%. About a third of private sector employees work in large enterprises, as opposed to just 15.2 % in Greece. The report concludes saying that  “The SME sector in Greece depends more on very small enterprises than in other EU states.”

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