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Services Drive More Than Half Of EU Business Value Added, With Small Firms Dominating The Landscape

by THEFUTURE.TEAM

October 5, 2026

Services remained the backbone of the European Union’s business economy in 2024, generating more than half of total value added and employing the majority of the bloc’s business workforce, according to Eurostat data that also highlight the sector’s importance for economies such as Cyprus.

A Business Economy Dominated By Smaller Firms

The EU counted around 34 million enterprises in 2024, employing 164.5 million people and producing more than €38.7 trillion in net turnover. Those businesses generated €10.9 trillion in value added, underscoring the scale of the bloc’s corporate base and the concentration of economic output among a relatively small share of firms.

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Large enterprises — defined as those with more than 249 employees — accounted for just 0.2% of all businesses in the EU. Yet they employed 37% of the workforce and generated about 49% of total value added.

Medium-sized companies, with between 50 and 249 employees, made up 0.8% of enterprises. They represented 15% of employment and 16% of value added.

By contrast, micro and small enterprises accounted for 99% of all EU businesses. Collectively, they employed 48% of the business economy workforce and generated 35% of total value added. The data reinforce a familiar but important reality: Europe’s economy depends heavily on a broad base of smaller firms, even as larger companies contribute a disproportionate share of jobs and output.

Services At The Center Of Growth

Among the EU’s four main business sectors, services were the clear leader in 2024. The sector accounted for 51% of total value added, represented 64% of all enterprises and employed 53% of the business economy workforce.

Industry contributed 28% of value added despite accounting for only 7% of enterprises, and it employed 20% of the workforce. Trade generated 15% of value added, made up 17% of enterprises and employed 18% of workers. Construction represented 12% of enterprises, produced 7% of value added and employed 8% of the workforce.

The numbers place services firmly at the core of the EU’s business model, not only as the largest source of jobs but also as the sector creating the most economic value.

Why The Numbers Matter For Cyprus

The European pattern is especially relevant to Cyprus, where services also play a central role in economic activity. Tourism, shipping, professional services, information and communication, and other service-based industries remain essential pillars of the island’s economy.

Recent figures from the Cyprus Statistical Service (Cystat) have pointed to broad-based growth across several service activities, while the Employers and Industrialists Federation (Oev) has repeatedly highlighted the sector’s contribution to employment, growth and competitiveness.

Tourism remains one of the most visible components of Cyprus’s service economy, while shipping continues to represent a globally oriented and strategically important segment. The same applies to professional, scientific and technical services, information and communication, administrative and support services, and real estate.

A European Pattern With Local Implications

Cyprus broadly mirrors the wider EU structure identified by Eurostat: a business economy dominated by services and shaped by a large number of small and medium-sized firms. That mix matters. It points to an economy that relies on flexibility, specialised service activity and entrepreneurial depth, while also depending on a small group of larger employers to drive a substantial share of value creation.

In short, Eurostat’s data show a European business economy built on two enduring pillars: services as the main engine of output, and smaller enterprises as the overwhelming majority of businesses. For Cyprus, the figures offer a clear European benchmark for the continued importance of both.

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Europe’s Deadly Summer Heat Exposed The Cost Of A Warming Continent

by THEFUTURE.TEAM

October 23, 2026

Europe experienced its deadliest summer for heat-related deaths on record in 2026, with an estimated 24,400 excess deaths linked to extreme temperatures across 30 countries. Researchers estimate that human-induced climate change was responsible for around 32,000 of the deaths attributed to heat in the study’s broader analysis, accounting for 65% of the total.

The findings highlight the growing public-health consequences of global warming, largely driven by fossil fuel use, as extreme heat becomes more frequent and severe.

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A Summer Of Dangerous Heat

Between June and August, heatwaves pushed temperatures in Western Europe to an average of 2.9°C above the 1991–2020 norm, with some days reaching 12°C above average. Nearly a third of estimated heat-related deaths occurred during a particularly intense heatwave between 17 June and 1 July.

“These numbers are a stark reminder that our hotter, more extreme summers are having an increasingly severe impact on public health,” said Dr Clair Barnes, a researcher at Imperial College London and co-author of the study.

The estimated toll exceeded previous peaks of around 29,000 deaths in summer 2022 and 28,000 in 2003 across the region studied.

How Researchers Estimated The Toll

Researchers modelled the relationship between temperature and mortality across 854 urban areas in the EU, UK, Norway and Switzerland, covering around 40% of the population in the 30 countries studied.

The analysis incorporated temperature records, age, socioeconomic conditions, environmental factors and access to healthcare. By comparing actual temperatures with those expected without human-induced warming, the team estimated the additional deaths attributable to climate change.

Final official mortality figures for summer 2026 are not yet available in many countries, and heat-related deaths are often underreported because their effects can be difficult to identify directly.

Older People Face The Greatest Risk

People aged 85 and over accounted for roughly half of the estimated deaths. However, the impact extended across age groups, with around 800 excess deaths among adults aged 20–44 and approximately 6,000 among people under 65.

Southern Europe experienced the highest mortality burden, reflecting hotter temperatures and other vulnerabilities, including air pollution, limited green space and unequal access to healthcare and heat-alert systems.

Italy, France And Spain Record Highest Toll

Italy recorded an estimated 13,303 heat-related excess deaths, followed by France with 7,268 and Spain with 6,824. Germany recorded around 6,340, while the UK saw an estimated 4,354 deaths.

In the UK, the heat also placed significant pressure on healthcare services. Andrew Hartle, Professor of Practice of Anaesthesia at Imperial College Healthcare, said demand during the summer resembled that of a severe winter virus season.

Cities Urged To Strengthen Heat Protection

Researchers say cities can reduce the risks through climate shelters, external shading and building retrofits, alongside measures to help residents avoid exposure during the hottest hours. Checking on vulnerable people, staying hydrated and following heat alerts are also important.

The researchers stress that adaptation must go hand in hand with reducing fossil fuel use to limit further warming. The findings underline that extreme heat is already a major public-health threat across Europe, with thousands of lives at risk each summer.