The latest data from the Statistical Service sheds new light on the number of businesses operating in Cyprus, including the economic activities not only of companies but also of private employers. A noteworthy subset of these statistics highlights the employment practices within households. In 2023, approximately 29,167 households employed nearly 24,207 domestic staff. Although this figure includes drivers and gardeners, over 90% of these roles were filled by household helpers.
Sector Breakdowns: Funeral Homes, Salons And Wellness
An in-depth analysis reveals that Cyprus is home to at least 21 funeral offices, which employ 84 workers. Additionally, there are 4,974 businesses in the sectors of hairdressing, barbering, and beauty institutes, collectively employing more than 7,445 individuals. In the realm of physical wellness, 211 companies operate with a combined workforce of over 489 employees.
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Robust Business Growth And Employment Distribution
According to the Statistical Service, the total number of businesses in Cyprus reached 125,151 in 2023, marking a 4.5% increase compared to 2022. Historically, the business landscape has seen an average annual growth of around 5%, aside from the pandemic period. With early estimates predicting a similar or slightly higher growth rate, the number of businesses is expected to rise by several thousand in both 2024 and 2025.
Leading Economic Sectors
Delving further into the data, the wholesale and retail trade, along with the repair of motor vehicles and motorcycles, leads the pack with 16,773 companies. These are followed by the professional, scientific, and technical activities (13,235 businesses) and the construction sector (10,311 businesses). On the lower end of the spectrum, the mining and quarrying sector is notably small with only 46 businesses.
Employment Concentration In Smaller Enterprises
The employment structure across Cypriot enterprises is striking. An overwhelming 94.8% of businesses employ fewer than 10 individuals, accounting for 38.1% of the total workforce. Meanwhile, 4.4% of firms have between 10 and 49 employees (20.1% of the workforce), 0.7% employ between 50 and 249 workers (16.5%), and a mere 0.1% of businesses employ over 250 people, representing 25.3% of total employment.
Yearly Trends And The Pandemic Effect
The annual variations in the number of businesses reflect the impacts of recent challenges, particularly during the COVID-19 pandemic. In 2018, Cyprus had 101,323 businesses. In 2019, the number increased by 5.7% to 107,056. However, 2020 saw a muted growth of only 1.3% (108,400 businesses), followed by a recovery of 3.8% in 2021 with 112,486 businesses. The trend continued with a 6.5% jump in 2022 bringing the total to 119,816, and 2023 recorded a 4.5% rise to 125,152. Projections for 2024 and 2025 anticipate a similar annual increase of around 5,000 businesses.
