One in ten Cyprus jobs provided by foreign firms — contribution reaches €4.76bn

Foreign-controlled firms in Cyprus employ more than 40,000 peopleForeign-controlled enterprises accounted for 10 per cent of jobs in Cyprus in 2024 while generating €4.76 billion in value added, highlighting their relatively small presence by number but significant contribution to the economy, according to Eurostat. There were 681 foreign-controlled enterprises operating in Cyprus across industry, construction and market services, employing 40,187 people, according to the data. Their combined value added amounted to €4.76bn, representing a significant contribution despite the relatively limited number of such businesses. Across the European Union, 364,308 foreign-controlled enterprises employed 25.64 million people and generated €2.68 trillion in value added in 2024. Foreign-controlled enterprises accounted for just 1 per cent of all market producer enterprises in the EU, with 59 per cent controlled by institutional units from other EU countries and the remaining 41 per cent based outside the bloc. Despite their small share of the business population, these enterprises accounted for 16 per cent of employment across the EU and 24 per cent of total value added. In Cyprus, however, foreign-controlled enterprises accounted for 10 per cent or less of employment, placing the country alongside Italy at 10 per cent. Greece recorded a slightly lower share, with foreign-controlled enterprises accounting for 8 per cent of employment. Luxembourg had by far the highest proportion of foreign-controlled enterprises, at 28 per cent of all enterprises, followed by Estonia at 12 per cent. In every other EU member state, the proportion was 5 per cent or less, ranging from just 0.3 per cent in Poland and Italy to 5 per cent in Croatia. The contribution of foreign-controlled enterprises to national economies varied considerably across the bloc. Ireland recorded the highest share of value added generated by foreign-controlled enterprises, at 72 per cent, followed by Luxembourg at 62 per cent and Slovakia at 50 per cent. At the other end of the scale, foreign-controlled enterprises accounted for 15 per cent of value added in France and 18 per cent in both Italy and Germany. Cyprus’ 681 foreign-controlled enterprises generated €4.76bn in value added, according to Eurostat’s table covering industry, construction and market services. The figures for Cyprus compare with 4,548 foreign-controlled enterprises in Greece, where they employed 281,558 people and generated €22.31bn in value added. Across the EU as a whole, the 364,308 foreign-controlled enterprises employed 25,635,679 people and generated €2.68 trillion in value added. The figures illustrate the disproportionate economic weight of foreign-controlled businesses, which represent only a small proportion of enterprises but account for a substantially larger share of employment and economic output.