In the European Union today, SMEs are economically important with 98% of an estimated 19.3 million enterprises defined as SMEs, providing around 65 million jobs. Again, almost all of these are small enterprises, with 18 million enterprises (93.2%) employing less than ten people and only 35,000 enterprises employing more than 250 people. The average European business provides employment for four people, including the owner/manager. Figures show that SMEs account for roughly two thirds (66%) of employment within the EU, with micro enterprises accounting for 34%, small enterprises accounting for 19% and medium-sized enterprises accounting for 13%; more than half (52%) of private sector turnover within the EU, average turnover being approximately 500,000 Euros (EUROSTAT 2003).