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SMEs make up 99.5 percent of businesses in Luxembourg
Economics

SMEs make up 99.5 percent of businesses in Luxembourg

15.10.2012 From our online archive
A Eurostat report has found that over 99 percent of businesses in Luxembourg are small or medium sized enterprises (SMEs), accounting for over 72 percent of the economic added value.

(CS) A Eurostat report has found that over 99 percent of businesses in Luxembourg are small or medium sized enterprises (SMEs), accounting for over 72 percent of the economic added value.

These figures were compiled as part of a European Commission assessment of the implementation of the Small Business Act.

The study also found that 67.8 percent of employment in the private non-financial sector was provided by SMEs. Around 36 percent of SMEs are active in the high-tech manufacturing and knowledge-intensive service sectors.

Even excluding financial services, Eurostat found that the services sector dominates in the Grand Duchy, concluding that the country's SME sector has fared better than most in the EU, with around 4,200 jobs lost between 2008 and 2012.

While value added by SMEs and the number of employees in the sector dropped sharply between 2008 and 2009, both have been steadily growing since then. The value added has risen back to pre-crisis levels according to Eurostat.

The number of employees in the sector meanwhile is still trailing behind its 2008 level.

The number of SMEs on the other hand saw a steady increase between 2008 and 2010, but has since declined again, however, still surpassing pre-crisis levels.