Small states: New business density (new registrations per 1,000 people ages 15-64)

Key figures

What the numbers say

In 2022, Small states' new business density (new registrations per 1,000 people ages 15-64) fell 0.1 on 2021 (from 6.56 to 6.46).

Across the 15 yearly changes before that (2007 to 2021), the average change was +0.02 and a typical year strayed about 0.63 from that (the standard deviation). This year's change was 0.2 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

On record, the biggest yearly rise was 1.44 in 2021 and the biggest yearly fall was 0.99 in 2007. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2013 to 2022 the straight-line trend is upward, about 0.21 a year. A straight line explains 80% of the movement over 10 observed years.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

A straight-line projection, tested first

Extending that straight line gives about 6.87 for 2025. We show this only because the same method, fitted on earlier years, predicted 2020 to 2022 better than "no change" would have: its average miss was 0.47, against 0.74 for assuming no change. Treat it as a continuation of the recent pattern, not a forecast of events: it cannot see a recession, a policy change or a revision to the data.

See how a linear trend forecast works and the guide on forecasting without fooling yourself.

How it compares

See how every economy compares in the full ranking.

What this measures

The number of newly registered firms with limited liability per 1,000 working-age people (ages 15-64) per calendar year.

Limitations: The definition of entrepreneurship used is limited to the formal sector. Yet, it should be noted that the exclusion of the informal sector is based on the difficulties of quantifying the number of firms that compose it, rather than on its relevance for developing economies. Data collected from economies categorized as offshore financial centers by Eurostat are excluded from the analysis, because registered entities in these countries may not fit the objective of the Entrepreneurship Database aiming at measuring formally registered companies with actual economic activities.

Regional and income-group figures are computed by the World Bank as a unweighted average.

All 17 values

New business density (new registrations per 1,000 people ages 15-64) in nearby economies

• Afghanistan — 0.22 (2018)
• Algeria — 0.83 (2024)
• Bahrain — 6.16 (2024)
• Egypt, Arab Rep. — 0.26 (2022)
• Iraq — 0.12 (2022)
• Israel — 2.92 (2024)
• Jordan — 0.67 (2024)
• Kuwait — 2.14 (2024)
• Malta

More private sector & trade data for Small states

• Merchandise trade (% of GDP) — 70.42% (2025)
• Merchandise imports (current US$) — US$141.38 billion (2025)
• Merchandise exports (current US$) — US$100.88 billion (2025)
• Merchandise imports from economies in the Arab World (% of total merchandise imports) — 4.65% (2023)
• Merchandise imports from high-income economies (% of total merchandise imports) — 72.82% (2023)
• Merchandise imports from low- and middle-income economies outside region (% of total merchandise imports) — 12.31% (2023)
• Merchandise imports from low- and middle-income economies in East Asia & Pacific (% of total merchandise imports) — 13.45% (2023)

Reading data like this

• Where to find free public data, and how to check it before you trust it — 2 min read
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• Real change or random noise? A plain guide to reading your numbers — 2 min read

Questions people ask

What is Small states's new business density (new registrations per 1,000 people ages 15-64)?

6.46 in 2022, according to the World Bank (World Development Indicators).

How has it changed since 2006?

It is up 3.46% from 6.25 in 2006 (0.21% a year on average, compounded). The highest value was 6.56 in 2021 and the lowest 3.58 in 2009.

Source

World Bank, World Development Indicators, indicator IC.BUS.NDNS.ZS, licensed CC BY 4.0. Original source: Entrepreneurship Database, World Bank (WB), uri: https://www.worldbank.org/en/programs/entrepreneurship Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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