The earnings of freelancers and micro businesses is on the rise, according to a new study by Crunch Accounting.

Looking at figures from the last 12 months, the study found that the average freelancer or micro business owner invoiced £6,401 per month. This is a 27.4% increase on 2011’s figures, which were £5,024 per month.

The study comes as the UK winds down from yesterday’s National Freelancers Day, which was backed by high profile business names including Karren Brady and Nick Ferrari.

Darren Fell, managing director of Crunch Accounting, said: “Our data shows that the UK’s 1.7 million freelancers and contractors are not only leading the way in terms of economic growth, but blowing away all other areas of the economy with a significant 27% growth in revenue.”