Cyprus lags in multinational company employment: New Eurostat data

Cyprus is among the countries with the lowest employment levels in multinational companies in Europe, according to Eurostat data. Recent measurements show that only 18% of workers on the island are employed by multinational corporations, which is significantly below the EU average. Only Greece recorded a lower figure (14%), while Iceland showed a result similar to Cyprus.

Meanwhile, in Europe as a whole, the role of multinational companies remains significant. In 2024, nearly 150,000 such companies operated in EU and European Free Trade Association countries, providing employment for 51.6 million people — about 30% of the entire business economy. The leaders in terms of employment share in multinational structures are Luxembourg (54%), as well as the Czech Republic and Sweden (44% each).

Despite weak employment figures, Cyprus shows some resilience in the number of multinational structures themselves. There are 3,390 such groups in the country, which corresponds to the European average and even reflects some recovery after a previous decline. However, the contribution of these companies to the labor market remains limited, indicating structural features of the economy and, possibly, insufficient integration into global production chains.

At the same time, a significant portion of multinational corporations in Europe is controlled by external players. Among them, the UK, the USA, and China along with Hong Kong lead the way. This highlights the high degree of globalization of the European economy and intensifies competition for investment and jobs between countries in the region.