Written question WQ97240
- Asked by
- Jane DoddsLib Dem
- To be answered by
- Cabinet Secretary for Economy, Energy and Planning
- Tabled
- Due
- Answered
- Time to answer
- 8 days
Question
Will the Welsh Government outline how much small and medium-sized businesses currently contribute to the Welsh economy, and how this compares with each of the previous five years?
Answer
Answered by Cabinet Secretary for Economy, Energy and Planning
In 2023, small and medium-sized enterprises (SMEs) in Wales had an estimated combined annual turnover of £55 billion, accounting for 43% of all business turnover, with large enterprises accounting for the remainder. Turnover is defined as the total value of sales and does not take into account costs, so it is more limited than Gross Value Added (GVA). However, GVA breakdowns by business size are not available for Wales.
SME turnover in Wales increased by 9% between 2019 and 2023 (this does not account for the effects of inflation). Estimated turnover for SMEs was £50 billion in 2019, £52 billion in 2020, £52 billion in 2021 and £49 billion in 2022.
In 2023, SMEs in Wales employed an estimated 718,000 people, accounting for 62% of all business employment. SME employment in Wales decreased by 3% between 2019 and 2023. Estimated employment for SMEs was 738,000 in 2019, 735,000 in 2020, 723,000 in 2021 and 721,000 in 2022.