IMMEDIATE IMPACT, MIxED RECoVERy RATES SMEs in the EU-27, alongside larger enterprises, saw their gross value added decline from 2008 to 2009. After 2009, however, SMEs recovered to their pre-crisis GVA (Figure 1.3).
SMEs do not appear to have suffered equally from the economic downturn. According to a 2010 survey in the UK, 28% of SMEs reported turnover exceeding that of the precrisis period 2007/8, while 34% stated it was lower. For the remaining 34%, turnover had remained the same (BIS 2011).
One effect of recession may have been to increase the productivity of SMEs. Data for the EU for the three years from 2008 to 2010 show the negative impact on enterprise numbers, employment and GVA for SMEs in the immediate aftermath of the global financial crisis (Table 1.5).
Table