In 2023, the number of businesses operating in Cyprus reached 125,152 compared with 119,816 in 2022, marking an increase of 4.5%, according to figures released by CySTAT.
Of these, 94.8% employed fewer than 10 people. Only 156 businesses, or 0.1% of the total, employed 250 people or more.
Employment in businesses has shown a generally upward trend, with the exception of 2020, when a decline of 3.3% was recorded. In 2023, businesses with 0–9 employees accounted for 38.1% of total employment, while businesses with 250 or more employees accounted for 25.3%.
The largest sector in terms of the number of businesses was 'Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles' with 16,672 enterprises, followed by 'Professional, Scientific and Technical Activities' (13,235) and 'Construction' (10,311). The smallest sector was 'Mining and Quarrying' with only 46 enterprises.
In terms of employment, 'Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles' was also the largest sector with 77,046 employees, followed by 'Accommodation and Food Service Activities' with 57,041 and 'Public Administration and Defence; Compulsory Social Security' with 55,067.
(Source: CNA)
