Small businesses consider for 99.3 percent of all private sector businesses at the start of 2017 and 99.9 percent were small or medium-sized (SMEs) businesses. Total employment in SMEs was 16.1 million, 60 percent of all private-sector employment in the UK. The integrated annual turnover of SMEs was £1.9 trillion, 51 percent of all private sector turnover in the UK. In the USA, as of 2016, there were 28.8 million small businesses, which consider 99.7 percent of US businesses. Small business forms the mainstay in some of the largest economies of the world and is one of the rapidly growing sectors.