Mid-sized firms punch above weight
A report by financial software company Sage has found that mid-sized firms now contribute £165bn a year to GDP, an increase of 33% in five years. Growth in the sector is also accelerating, meaning gross value added (GVA) to the economy will reach £199bn by 2019. Despite making up just 1.5% of all UK firms, based on data from Eurostat and Cebr, the mid-market sector contributed 17% of the UK's economy's GVA last year. Sage also calculated that revenues from mid-sized companies reached £575bn in 2014, driven by manufacturing. Three quarters of mid-sized enterprises expect turnover to at least stay the same or grow by up to 50% over the next five years, and employment figures are expected to grow from the 3.02m people recorded in 2014, with an extra 159,000 jobs to be created within five years. Some 70% of mid-sized business bosses expect staff numbers to grow during that period, the highest proportion across 12 European countries. The UK's mid-market exports £41bn worth of goods, according to the latest available data from 2012. This is equivalent to 14% of exports. Over the past five years, R&D spend has increased by 92% as mid-sized firms focus on innovation.
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