Female owned firms now worth £8 billion to Scottish economy

Firms owned by females are now worth more than £8 billion annually to the Scottish economy.

Fresh research published by the Federation of Small Businesses (FSB) confirms the massive contribution made by women-owned enterprises.

They contributed a GVA (gross value added) figure for Scotland of £8.8billion in 2015 – a jump of 76% on the £5billion recorded in 2012.

Female-owned businesses are also responsible for having created 231,000 jobs north of the border, well ahead of the 153,000 in 2012.

The FSB says women are increasingly becoming the job creators and growth drivers both in Scotland and throughout the UK.

Female-owned businesses contribute £105billion annually to the UK economy – 6.3% of total GVA.

From a sector perspective, Scottish women-owned businesses contribute more GVA than for food & drink and life sciences combined (£7.26billion) or more than for creative industries and sustainable tourism combined (£8.3billion).

Lorna Trainer, a Glasgow businesswoman and member of the FSB’s Scotland policy unit, said: “Over the last decade, the community of female entrepreneurs in Scotland has grown dramatically.

"That’s due to any number of factors, but we shouldn’t forget to give credit to the women themselves.

"Up and down Scotland, women in business have been turning hard work and determination into jobs and turnover.  

“But we can’t rest on our laurels. Scotland’s business start-up rate still lags behind both the UK average and our international competitors.

"One way to address this problem is to get even more women to start up on their own."

Carolyn Currie, chief executive of Women’s Enterprise Scotland, which compiled the report for FSB, added: “Our research shows that women-owned businesses are providing critical employment in communities throughout Scotland and are now contributing £8.8billion to the Scottish economy.

"We must ensure that this momentum continues and we are calling on decision makers and key business influencers to step forward and help to provide the needs-based support that these businesses need to continue growing.

"With dedicated resources and support, women-owned businesses have the opportunity to harness the momentum already created and continue to grow their economic impact and value across all areas of the UK and all sectors.”