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Annual report on European SMEs 2013/2014 – a partial and fragile recovery
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Annual report on European SMEs 2013/2014 – a partial and fragile recovery

Final report -July 2014

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There can be no doubt that Small and Medium‐sized Enterprises (SMEs) have had to navigate a difficult economic terrain in recent years. This Annual Report on the economic performance of European SMEs, now in its fifth year, is a testament to those challenges – but also a window to the progress achieved by businesses across the EU28 in spite of these challenging economic conditions. It is also a reflection of the structural support channelled to SMEs by the European Commission and National Governments under the guise of the Small Business Act (SBA). Adopted in 2008, the SBA reflects the importance and centrality of SMEs to the European economy. It could have not come at a more critical time. SMEs were in some ways a bulwark against the devastating effects of the global financial crisis. They weathered the 2009 economic downturn more resiliently than their large enterprise counterparts and mitigated the economy‐wide decline in employment. Yet once the darkest days of the economic crisis were overcome, it was the large businesses that since 2010 to lead the recovery, fuelled mainly by strong growth in gross value added. The recovery of SMEs was much slower and its pace has slowed in the last three years, mirroring to a large extent the pace of the recovery of large enterprises during that period. Now, after promising signs last year, SMES are at a critical juncture. While there are some reasons for cautious optimism, the inescapable conclusion is that conditions remain extremely tough for SMEs and further support is needed to yield sustainable SME growth.
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Número de catálogo ET-04-15-079-EN-N
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ISSN ISBN DOI Número de catálogo ET-04-15-079-EN-N
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