Irish SMEs key for jobs

A new EU report shows that Irish SMEs account for over 70% of all jobs in the non-financial business economy. However, they generate only 36.6% of value added, 20 percentage points below the EU average. This reflects the importance of foreign-owned multinationals in the Irish economy. The Small Business Act factsheet for Ireland (also published this week) shows that Irish SMEs performed above or well above the EU average in eight key areas in 2016 — entrepreneurship, ‘second chance’, ‘responsive administration’, state aid & public procurement, access to finance, single market, skills & innovation and internationalisation.

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