Our Credit Union is a financial co-operative, owned and run by its members. We are proud to be part of a global family of three million co-operatives worldwide, with over one billion members. Here is a selection of interesting facts about co-operatives around the world.
Worldwide, co-operatives provide jobs or work opportunities to 10% of the employed population, employing over 12 million people in 772,000 offices and outlets. 19% of these co-operatives operate in banking and financial services. The remaining 81% encompass health, education, social care, agriculture, food and utilities, amongst many other industries.
Combined, the global co-operative economy is larger than France’s economy and, if it were a country, it would be the fifth largest, just behind Germany. Co-operatives around the world generate £2.2 trillion in annual revenue, equivalent to 4.3% of global GDP.
Over one thousand co-operative organisations have a turnover over US$100 million (£77 million), with 49 of those in the banking and financial services sector.
Co-operatives around the world
- In New Zealand, 3% of Gross Domestic Product (GDP) is generated by co-operative enterprises and co-operatives are responsible for 95% of the dairy market.
- Co-operatives in Brazil are responsible for 37% of agricultural GDP and 5.4% of national GDP. Health co-operatives provide medical and dental services to 17.7 million people – almost 10% of the population.
- 63% of the population of Kenya derive their livelihoods from co-operatives.
- Credit unions in Costa Rica account for 8.5% of the assets of the country’s financial sector.
- In Uruguay, co-operatives are responsible for 3% of GDP and they produce 90% of the milk, 34% of the honey and 30% of the wheat in the country.
- Agricultural co-operatives in Japan generate almost £70 billion, with 91% of all Japanese farmers in membership.
- In the United States, 30,000 co-operatives provide more than two million jobs.
Martin Groombridge, Chief Executive of the Credit Union, said: “Co-operatives are one of the world’s great success stories, employing millions of people in hundreds of thousands of businesses.
“As they are owned and run by their members, all those involved with co-operatives have an interest in the success of the business, which helps to ensure people are more committed to, and supportive of, their co-operatives than they ever would be with shareholder-owned companies.”
