Services generated 51% of EU business economy value added in 2024

Nicosia, Cyprus. Services accounted for 51 per cent of the EU’s business economy value added in 2024 and employed more than half of its business workforce, according to Eurostat. The figures highlight the sector’s importance to economies including Cyprus.

EU business economy totals

Around 34 million enterprises operated in the EU in 2024, employing 164.5 million people and generating more than €38.7 trillion in net turnover.

These businesses generated €10.9 trillion in value added. Services were the largest of the EU’s four main business sectors.

Large and medium-sized enterprises

Large enterprises, defined as those employing more than 249 people, represented just 0.2 per cent of all enterprises in the EU’s business economy. They employed 37 per cent of the workforce and generated around 49 per cent of total value added.

Medium-sized enterprises, with between 50 and 249 employees, accounted for 0.8 per cent of enterprises, 15 per cent of employment and 16 per cent of value added.

Micro and small enterprises

Micro and small enterprises made up 99 per cent of all EU enterprises. Together, they employed 48 per cent of the business economy workforce and generated 35 per cent of total value added.

The figures show the central role of smaller businesses in the EU economy’s structure, while larger companies accounted for shares of employment and value added that substantially exceeded their share of enterprise numbers.