Cyprus sees higher new business creations than closures in 2024 with 9,152 enterprises launched
In 2024, Cyprus recorded 9,152 new enterprises while 5,566 businesses closed, indicating a positive net growth in its business sector. The enterprise birth rate stood at 9.70%, slightly below the EU average of 10.36%, but the death rate was considerably lower at 5.90%, compared to the EU's 9.20%.
Eurostat data revealed that more enterprises were established than ceased operations in Cyprus, reflecting a healthier business environment relative to some other EU members. Across the EU, 3.5 million new enterprises were created, with approximately 3.1 million closures, resulting in a birth rate of 10.4% and a death rate of 9.2% overall.
Business creation outpaced closures in 19 out of 27 EU countries, with Lithuania leading in enterprise births at 17.5%. Meanwhile, certain countries like Germany and Denmark saw more business closures than start-ups. Cyprus’s strong performance highlights its growing entrepreneurial activity and stability in the business sector.
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