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Coca-Cola HBC Cyprus contributes 0.3% to Cyprus’ GDP and national employment, according to a 2024 study by EY Cyprus Advisory Services Ltd. The findings, unveiled during a stakeholder event, underscore the company’s substantial role in the country’s economy and labor market.
The study estimates Coca-Cola HBC Cyprus’s economic impact at €77.9 million, with every €1 of value generated by the company translating to €3.30 in the broader economy. On the employment front, the company supports a total of 1,365 jobs, one direct job for every five indirect, also representing 0.3% of the country’s total workforce.
The company, which has operated in Cyprus for over 70 years, produces more than 60% of its beverages locally across three facilities. It collaborates with over 750 local suppliers and accounts for 41% of the beverage sector’s turnover and 21% of its workforce.
At the event, Minister of Labour and Social Insurance Yiannis Panayiotou, representing the President, commended the company’s contributions, calling it “a strong example for the entire productive sector.”
Coca-Cola HBC Greece and Cyprus General Manager Svetoslav Atanasov emphasized the trust and long-standing ties with the local community. “Together, we support the economy and employment, creating a positive impact and opening new horizons for a better future,” he said.
Sales Director George Priftakis echoed the sentiment, recalling the company's deep local roots and the resilience of its value chain.
The full EY report on the Social and Economic Footprint of Coca-Cola HBC Cyprus is publicly available.
