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12° Nicosia,
21 July, 2024
 

Business booms and busts in Cyprus

Detailed statistics shed light on enterprise dynamics in 2021 in Cyprus and across European Union

Newsroom

Newly released data from Eurostat, the statistical service of the European Union, provides insights into the business landscape in 2021. The rate of "enterprise births" in Cyprus was 10.2%, while the rate of "enterprise deaths" stood at 6.3%. This marks the first time Eurostat has published detailed statistics on "business demography."

Comparatively, the EU's enterprise birth rate averaged 10.7%, with a preliminary rate of enterprise deaths at 8.5% in 2021. Across most EU countries, more companies were created than dissolved, except for Estonia, Lithuania, Bulgaria, Poland, Denmark, and Germany, where enterprise dissolution outpaced creation.

Lithuania recorded the highest enterprise birth rate at 20.2%, followed by France at 16.2%, and Malta and Portugal at 14.4%. Conversely, Estonia, Austria, and Greece had the lowest birth rates at 3.1%, 6.0%, and 7.2%, respectively.

The data sheds light on the dynamics of the service economy, particularly in sectors like 'education' or 'arts, entertainment, and recreation,' where birth rates exceeded 10% in 18 out of 27 EU member states.

In terms of employment size, newly born enterprises in 2021 varied from 0.4 persons in the Netherlands to 2.3 persons in Lithuania. The EU averaged 1.1 persons per newly born enterprise, while Cyprus reported an average size of 1 person.

Regarding enterprise preliminary death rates, Greece led with the lowest rate at 2.2%, followed by Belgium at 3.6% and the Netherlands at 4.2%. Estonia recorded the highest death rate at 23.4%, trailed by Lithuania at 22.6% and Bulgaria at 17.6%.

[Information sourced from CNA]

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