2025
2024–2025 Key Findings at a Glance: Cyprus shows strong entrepreneurial momentum, with 68.3% of adults personally knowing an entrepreneur, 59.9% believing they have the skills to start a business, and 24.1% expecting to launch one within the next three years. Established business activity is also strong at 8.4%, above the European average, while early-stage entrepreneurs show growth ambition through job creation, digital adoption, and increasing interest in AI.
2024
In 2023/2024, Cyprus recorded a notable increase in nascent entrepreneurial activity, reaching 6.8%, compared to 4.5% in 2022/2023 and 5% in 2021/2022. In addition, new business ownership increased to 4.7% from 3.9% the previous year. These figures clearly demonstrate a positive trend, signalling recovery and growth in entrepreneurial activity. This progress is a strong indication that entrepreneurship in Cyprus is on the rise and the business environment is improving.
2023
The 2022/2023 report marks the 24th year of GEM’s continuous global research on entrepreneurship. In 2022/2023, more than 170,000 individuals were interviewed across 49 economies, adding to the total of over 3 million individuals interviewed for the GEM Adult Population Survey (APS) over the past three decades. Overall, the 22 economies participating in this year’s APS represent about 66% of the global population. Additionally, GEM’s National Expert Survey (NES), a survey of national experts of each participating country, includes 51 economies in 2022/23.
2022
In 2021/2022, more than 148,000 people completed the GEM APS, adding to the core GEM database of over three million APS respondents across 120 different economies since the first survey in 1999. This year’s report draws on empirical data to shed light on how the second pandemic year affected entrepreneurship. Aiming to discuss the status of entrepreneurial indexes and ecosystem conditions in the mist of the pandemic, in this version, we compare the 2021/2022 results, with the results of the previous two years to reflect on the pandemic impact between the two years of the pandemic and between the pandemic and pre-pandemic years.
GEM Cyprus 2020/21 highlights the island’s entrepreneurial activity, including the impact of the pandemic. On the positive side, 54.8% of the population indicated no substantial change in their income due to the pandemic. 49.7% of the population perceive that it is easy to start a business, whereas 68.1% noted that they personally know an entrepreneur. Also, 29.2% of the population stated that they know someone who has started a business due to the pandemic.