Cyprus large firms account for 25.7 per cent of services exports outside the bloc

Cyprus’ large enterprises accounted for 25.7 per cent of services exports to countries outside the European Union in 2024, with smaller businesses also contributing to the country’s international trade in services, according to figures published by Eurostat on Thursday.

The figures place Cyprus relatively close to several other European economies, including Italy, where large enterprises accounted for 27.3 per cent of services exports, Spain at 30.8 per cent and Luxembourg at 25 per cent.

The comparison highlights differences in the structure of services exports across the EU, where the contribution of large businesses varies considerably between member states.

In Cyprus, the figures also need to be viewed in the context of the country’s wider European trading relationships.

Eurostat’s statistics cover services exports to destinations outside the EU, meaning that services supplied by Cypriot businesses to customers in other EU member states are not included in these particular figures.

Consequently, the figures do not capture the entirety of Cyprus’ international services activity, particularly where businesses have commercial relationships with customers across the European single market.

Across the EU, services exports to countries outside the bloc reached €1.58 trillion in 2024, representing a 9.7 per cent increase compared with 2023.

Large enterprises, defined as businesses employing 250 or more people, accounted for 41.7 per cent of the total, making them the largest contributor by company size.

Small enterprises, employing up to 49 people, generated 11.8 per cent of exports, while medium-sized businesses, with between 50 and 249 employees, accounted for nine per cent.

The remaining 37.4 per cent came from enterprises whose size was not identified in the data.

The figures also reveal substantial differences between EU member states. In nine countries, large enterprises accounted for more than half of all services exported outside the bloc.

Denmark recorded the highest proportion, with large businesses responsible for 71.7 per cent of services exports, followed by Finland at 71.2 per cent and Germany at 69.1 per cent. Slovakia completed the leading group, with 65 per cent.

Elsewhere, smaller enterprises made a particularly significant contribution to services exports. Malta recorded the highest share, at 78.6 per cent, followed by Estonia at 61.4 per cent and Luxembourg at 56.8 per cent.

The data also examined services exports according to the main economic activities of the exporting enterprises, identifying information and communication as the leading sector.

Businesses primarily operating in information and communication generated €362 billion, representing 22.9 per cent of EU services exports to non-EU countries.

Manufacturing enterprises ranked second, accounting for €249.3bn, or 15.8 per cent of the total.

They were followed by businesses involved in transportation and storage, which generated €236.2bn, equivalent to 15 per cent of exports.

The figures are drawn from Eurostat’s Services Trade by Enterprise Characteristics (STEC) statistics, which examine international trade in services according to the size and main economic activity of the businesses involved.