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Small Businesses Account for 31% Of Province’s GDP: Saskatchewan Small Business Profile

Almost a third of Saskatchewan’s gross domestic product came from small businesses in 2016 according to the 2017 Saskatchewan Small Business Profile. This was released in conjunction with the Business Development Bank of Canada (BDC) Small Business Week.

The theme for this year’s BDC Small Business Week is ‘Future-proof your business: Adapting to technology and demographic trends.’  Free seminars will be offered on Facebook, as part of a Boost Your Business with Facebook series.

According to the Saskatchewan Government, small businesses have less that 50 employees and they account for 98% of all businesses in Saskatchewan. The province has 129 small businesses per thousand people, the highest rate in Canada and above the national average of 105.

“We know that small business in Saskatchewan is actually big business. These enterprises help to grow our economy, create jobs and encourage investment in communities across the province – contributing to the quality of life we all enjoy,” says Economy Minister Steven Bonk.

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He goes on to say, “small businesses are active in almost every sector of the economy, and are a source of innovative products and services that advance our quality of life. The provincial government is committed to creating and maintaining a positive business environment with policies that enable this sector to thrive.”

In 2016, there was more than 148,500 small businesses, employing 31.1% of the province’s workers and there was more than $6.2 billion in wages and salaries, according to the province. Nationally, Saskatchewan ranks third for the share of its total economic output generated by small businesses.

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