The number of businesses in Cyprus rose by a fourth consecutive year in 2020, albeit the annual rise was contained to 2% due to the Coronavirus pandemic, data released today by the Statistical Service of Cyprus show.
According to the enterprises registry for 2020 published on Wednesday by Cystat, the number of enterprises reached 109,220 in 2020 compared to 107,062 in 2019, marking the slowest annual increase since 2016.
In 2019 the number of enterprises rose by an annual 5.8%, in 2018 by 4.3%, in 2017 by 4.2% and in 2016 by 3.2%, CyStat said.
Furthermore, 95.1% of the enterprises, or 103,836 were employing less than 10 persons, while 4.2% of total enterprises or 4,550 employed up to 49 persons. Businesses employing up to 249 persons amounted to 0.6% of the total (714) while businesses employing over 250 persons amounted to just 0.1% or 120 firms.
According to the data, the biggest productive sector in terms of the number of enterprises was “Wholesale and Retail Trade and Repair of Motor Vehicles and Motorcycles”, followed by “Professional, Scientific and Technical Activities” and “Construction”, while the smallest productive sector was “Mining and Quarrying”.