Cyprus had the biggest percentage increase in the number of high growth enterprises in the EU in 2017 with 57%, although the absolute number is relatively low (102 in 2016 and 160 in 2017) according to figures released by Eurostat on Tuesday.
High growth construction companies here jumped from eight to 19, wholesale and retail companies from 26 to 42, transportation and storage from six to 12, accommodation and food services from 10 to 24 and professional and technical services companies from 11 to 14.
High-growth enterprises are defined as enterprises with an average annualised growth in the number of employees of more than 10% per year over a three-year period and at least 10 employees when the growth began. High-growth enterprises play an important role in contributing to economic growth and job creation.
In 2017, the number of high-growth enterprises in the European Union (EU) increased by 6% compared with 2016. According to the preliminary data for 2017, the number of high-growth enterprises in the EU was 190,000, compared with 180,000 in 2016.
These enterprises provided jobs for around 16 million employees: a year-on-year increase in employees of 5 %.
Highest increase in Cyprus, Romania and Slovenia
Between 2016 and 2017, the number of high-growth enterprises increased by more than the EU average in 16 EU Member States.
The increase was highest in Cyprus (57%), however, the absolute number of high-growth enterprises in Cyprus is relatively low (102 in 2016 and 160 in 2017). Slovenia was in second position (20%), followed by Finland (19%) the Netherlands (17%), Italy and Lithuania (both 16%).
A decrease in the number of high-growth enterprises was recorded in five EU Member States: Malta (-18%), Slovakia (-8%), Hungary (-3%), the United Kingdom and Romania (both -2%).
Highest increase in the construction sector
The number of high-growth enterprises increased in all economic sectors for which figures are available. The highest increases were in ‘construction’ (11.3 %) and ‘mining and quarrying’ (10.7%), followed by ‘transportation and storage’ (8.6%) and ‘professional, scientific and technical activities’ (8.0%). The smallest increase was in ‘manufacturing’ (2.5%).
The source dataset is available here.