The number of businesses operating in Cyprus grew by 4.5% in 2023, reaching a total of 125,152 enterprises, according to data from the Statistical Service. The business landscape remains overwhelmingly dominated by small companies, with nearly 95% of all businesses employing fewer than 10 people.
The Dominance of Small Businesses
While the total number of businesses increased from 119,816 in 2022, the structure of the economy remains consistent. Small businesses with 0-9 employees make up 94.8% of all enterprises and are the largest source of employment, accounting for 38.1% of the total workforce.
In stark contrast, large corporations with 250 or more employees are a rarity, comprising just 0.1% of all businesses (156 in total). Despite their small number, they employ a significant 25.3% of the country’s workforce.
Key Sectors by Enterprise and Employment
The “Wholesale and Retail Trade; Repair of Motor Vehicles” sector is the largest in the economy, both in terms of the number of businesses (16,672) and the number of people it employs (77,046).
The “Professional, Scientific and Technical Activities” sector has the second-highest number of individual enterprises (13,235). However, in terms of employment, the “Accommodation and Food Service Activities” sector is the second-largest employer with 57,041 people, highlighting the critical role of tourism and hospitality in the national job market.
Source: Stockwatch.com.cy