SME Performance Review Annual Report 2023/2024

The SME Performance Review is a key tool the European Commission uses to monitor and assess countries' progress in implementing SME policies, including the SME Strategy, the Small Business Act (SBA), and the SME Relief Package. Emphasising these priorities, the review provides comprehensive information on SME performance in two parts: an annual report on European SMEs and SME country fact sheets.

The annual report, prepared on a yearly basis, provides a synopsis of the size, structure and importance of SMEs to the European economy and an overview of the past and forecasted performance of SMEs from 2008 to 2024.

European SMEs have faced significant challenges in recent years. After dealing with an unprecedented pandemic and global supply chain disruptions, Russia's war of aggression against Ukraine and surging energy costs hit SMEs. This led to historically high inflation and threatened their economic recovery.

Additionally, the new European Industrial Strategy, which focuses on transitioning to a green and digital economy and the Open Strategic Autonomy (OSA) paradigm, offers opportunities but also challenges to SMEs.