By Diana Othman

SMALL and medium enterprises (SMEs) have increased their contribution to Singapore's economy to 49 per cent in 2007 from 46 per cent in 2003, according to a report released by the Singapore Department of Statistics (SDS) on Friday.

They also account for about half of Singapore's GDP.

The report on Profile of Enterprises in Singapore also revealed that 99 per cent of the 16,000 enterprises in 2007 were SMEs, employing about six out of every 10 workers and generated almost half of the total enterprises' value-added.

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