Number of SMEs in Bulgaria up by 32%

The number of the small and medium-sized enterprises in Bulgaria has increased by 32% in  the period 2005-2009, points out an analysis of the Executive Agency for Promotion of SMEs. It was micro-enterprises in the non-financial sector that contributed most to the growth of sector - by 14.5% in 2009 compared to 7.3% in 2008. Overall, they increased by 16.2%. Besides, the number of those employed by micro-enterprises also rose. This was largely predetermined by their lower dependence on the external environment and on the financial and economic crisis.

The number of small businesses also continues to increase (1%), albeit at a slow pace, while the number of the persons hired there remains close to the level of 2008.

For the period 2005-2009, the micro and small enterprises contributed most to the growth of the SMEs sector. The highest growth of 33% in terms of the number of enterprises was recorded by the micro-enterprises. In terms of job creation, the share (25%) of the small enterprises was the greatest. The employment rate of the large companies declined by 2%, states the analysis.

"It is impossible for small businesses to remain unaffected by the new wave of the financial and economic, but hey are adaptable and quickly adjust to the market conditions, and will survive," commented the Agency's CEO, Mariana Velkova. What could be problematic for these firms would be the reduction in order placements, she reckoned.

According to the analysis for the period 2006-2009, the number of the newly established small and medium-sized enterprises operating in Bulgarian amounted to 48,442, while their share in the total number of economically active companies was 19%.

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