articles | 24 December 2021

Businesses increased during pandemic

The number of businesses in Cyprus rose for a fourth consecutive year in 2020, albeit the annual rise was contained to 2% due to the coronavirus pandemic.

According to the enterprise registry published by Cystat, the number of businesses reached 109,220 in 2020 compared to 107,062 in 2019, marking the slowest annual increase since 2016.

In 2019 the number of enterprises increased by an annual 5.8%, in 2018 by 4.3%, in 2017 by 4.2% and in 2016 by 3.2%.

Furthermore, 95.1% of enterprises, or 103,836, employed less than ten staff, while 4.2% of enterprises  (4,550) employed up to 49 people.

Businesses employing up to 249 staff were only 0.6% of the total (714), while those with over 250 personnel was just 0.1% or 120 firms.

According to the data, the biggest sector for enterprises was Wholesale, Retail Trade and Repair of Motor Vehicles and Motorcycles, followed by Professional, Scientific and Technical Activities and Construction.

The smallest productive sector was Mining and Quarrying.

Source: Financial Mirror

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