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Austria's small and medium enterprises among the best in Europe

October 30, 2014

Austria's SME sector does very well in latest performance review by the EU Commission.

The European SME Assembly held in Naples, Italy, presented the latest performance review of SMEs – Small Business Act Data Sheet 2014. The results for the Austrian SME sector were very good.

Austria’s SME sector has kept on growing throughout the crisis. After a small dip in 2009, the number of firms expanded by an additional 19,000 to more than 307,000 in 2013. The newly-created firms (together with established businesses) created almost 90,000 additional jobs – a net increase of more than 5% since 2008. Simultaneously, value added grew by more than 17%.

According to the European Commission, Austria features one of the most competitive SBA profiles in the EU. The Commission sees the Founder Fund and Business Angel Fund from Austria Wirtschaftsservice GmbH as best practice examples. Both funds are part of an initiative to support young entrepreneurs and to provide better access to finance at a very early and risky stage of setting up a business.