Britain is revealed to rank as the fourth most micro-business dense country in the world, with 81 micro-businesses to every thousand people.
The Czech Republic beats the USA and Indonesia to claim the title of country with the most micro-businesses per capita – with 89 micro-businesses for every thousand Czechs.
This is according to the Global Micro-Business Impact Report, released by Vistaprint.
The report investigates the impact micro-businesses have on the global economy, by combining and comparing the latest available data from research leaders such as The European Commission and OECD.
Whilst the UK ranks highly in entrepreneurship, micro-businesses contribute less to Gross Value Added (GVA) and employment compared to other countries.
Micro-businesses make up a fifth (20.4%) of the UK economy (measured in GVA), narrowly missing the global average of 20.5%, whilst Norway sees two-fifths (38.1%) of its GVA come from micro-businesses – the highest globally.
UK micro-businesses employ 17.3% of the British workforce, which is just above half the global average of 32.3%. Comparatively, Australia’s micro-businesses employ 44.5% of their workforce and Spain’s employ 41.1%.
Oliver Harcourt, Head of Vistaprint UK says: “Small businesses are an essential part of the UK economy and it’s fantastic to see we have so many micro-businesses among us. The results from the research truly show the entrepreneurial spirit Britain embodies.
“However, it’s important we recognise the challenges micro-businesses are currently facing, including political and economic uncertainty, business rate increases and dampened consumer confidence. We, as the UK, need to ensure we continue to create an environment in which micro-businesses can thrive and grow.”