Eurostat: Cyprus home to the least number of high-growth enterprises in the EU in 2014

Cyprus was at the bottom of the EU list with countries hosting so-called high-growth enterprises in 2014, according to Eurostat. Only 70 such companies existed in Cyprus, a share of 2.2% in the local market, employing just 4,897 people, or 3.6% of the work force.

In 2014, around 145,000 companies, or almost a tenth (9.2%) of all active enterprises with at least ten employees in the business economy in the European Union (EU) were recognized as high-growth enterprises, providing work for over 12 million employees.

These firms have been distinguished using the following criteria: average annualized growth in number of employees greater than 10% per year over a three-year period and at least 10 employees at the beginning of the growth.

High-growth enterprises play an important role in contributing to economic growth and the creation of jobs.

Source: Cyprus News Agency