Small Biz: Big Contrbution

Small businesses have been busy “keeping our economy afloat”. That’s according to National Bank chief economist John McDermott commenting on figures published in the Bank’s Small Business Monitor last month.
These show the small business sector outperformed the rest of the economy, growing 1.4 percent in the three months to June and boosting its year-on-year growth rate to 5.5 percent. That compares with mere 2.7 percent annual growth rate in the economy as whole.
Great stuff, agreed Minister for Small Business John Tamihere, who pointed out that small-medium enterprises make up the bulk of New Zealand’s business scene (97 percent of companies employ fewer than 20 people; 87 percent have five or less) and make vital contribution to its health.
Now, if the rest of the economy could just match that growth rate…

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