Data-Driven Insights Into Cyprus Business Landscape: A Statistical Deep Dive

by THEFUTURE.TEAM

November 18, 2025

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.

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Bank of Cyprus Upgrade Signals Fresh Optimism For Greek And Cypriot Banks

by THEFUTURE.TEAM

June 26, 2026

Regional Banks Enter A More Favorable Cycle

Bank of Cyprus and Eurobank are well positioned to benefit from a renewed re-rating of Greek and Cypriot bank stocks, according to Cyprus-based investment firm Roemer Capital, which upgraded Bank of Cyprus to a buy rating and reaffirmed its positive view on Eurobank.

The firm cited easing geopolitical tensions, resilient economic growth in Greece and Cyprus, lower funding costs and Greece’s expected transition to developed-market status as the main factors supporting the sector.

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Roemer Capital also lowered its cost of equity assumptions, updated its forecasts following first-quarter 2026 results and extended its valuation horizon to the end of 2027, raising target prices across its banking coverage.

Bank Of Cyprus Gets The Largest Upgrade

Bank of Cyprus received the biggest revision, with Roemer Capital upgrading the stock from hold to buy and setting a target price of €11.10, implying potential total upside of 27%.

The firm highlighted the bank’s strong capital generation, profitability and projected 100% dividend payout, describing it as the strongest capital-return story among the banks under coverage. Roemer Capital maintained its buy rating on Eurobank, assigning a target price of €4.90 and forecasting potential upside of 28%. The report said the bank is well placed to benefit from loan growth, improving operating performance and merger-and-acquisition synergies.

National Bank of Greece and Piraeus Bank also retained buy ratings, with expected returns ranging from 25% to 36%. Optima Bank was upgraded to buy, while Alpha Bank remained at hold on valuation grounds.

Why Growth Still Sets The Region Apart

According to Roemer Capital, Greek and Cypriot banks continue to benefit from stronger economic fundamentals than many western European peers. The report pointed to faster economic growth, healthier balance sheets, low levels of non-performing exposures, capital ratios approaching 20% and strong customer deposit bases.

Analysts expect performing loans across the sector to grow at a compound annual rate of 6% to 8% through 2028, supported by private investment, digitalisation, green manufacturing, supply-chain expansion and a gradual recovery in household lending.

The report also said the conclusion of lending under the EU Recovery and Resilience Facility is unlikely to materially affect credit growth, as banks have already shifted back towards traditional commercial lending. Roemer Capital expects Euribor to remain between 2.2% and 2.5%, a level it believes should support both lending activity and net interest margins.

Geopolitics, Valuation And Market Structure Support The Case

The report said improving geopolitical conditions have strengthened the investment outlook, noting that Brent crude prices have largely returned to pre-war levels while Greek government bond yields have stabilised at around 3.5%. Although geopolitical risks remain, Roemer Capital believes the likelihood of a major inflationary shock or significant pressure on bank profitability has eased.

Another important catalyst identified by the firm is Greece’s expected promotion to developed-market status by FTSE Russell, STOXX and MSCI over the coming months.

According to the report, the reclassification should improve liquidity and attract a broader base of international investors. Roemer Capital also said Euronext’s acquisition of the Athens Exchange is expected to strengthen market infrastructure and increase international visibility, particularly for Bank of Cyprus and Optima Bank.

The firm noted that Bank of Cyprus has already benefited from its Athens listing, with average daily trading value increasing from less than €400,000 before its September 2024 move to nearly €6 million afterwards.

Economic Momentum Remains A Core Tailwind

Roemer Capital said both Greece and Cyprus have moved beyond post-crisis recovery and are now supported by private-sector-led growth. For Cyprus, the report highlighted recent tax reform and efforts to simplify the legal and regulatory framework, while also noting that limited foreign banking competition continues to support domestic lenders.

Overall, Roemer Capital expects Greek and Cypriot banks to remain well-positioned for profitable loan growth over the coming years.

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