EU businesses generated €38.5 trillion in combined turnover in 2023

Businesses across the European Union generated a combined net turnover of €38.5 trillion in 2023, and created value added of €10.5 trillion, new data from Eurostat has found.

According to the data, there were 33.1 million businesses operating across the EU in 2023, with these enterprises employing a total of 162.2 million people.

Large enterprises, which are defined by those employing more than 249 people, represented just 0.2% of the overall number of businesses – however despite their limited presence, they accounted for more than a third of all employment (37%) and nearly half of the total value added (49%).

Medium-sized enterprises, which employ between 50 and 249 people, again accounted for a small share (0.8%) of the overall enterprises operating in the European Union, while providing 15% of all employment and 16% of total value added.

Micro and small businesses, which boast a workforce of between 0 and 49 people, account for around 99% of all enterprises operating in the EU, employing 48% of all employees and contributing 35% of value added.

Sector by sector

The services sector is by far the biggest of the four main sectors (industry, trade, services and construction) in the European Union, the data showed, accounting for 63% of all enterprises and 52% of total employment.

The services sector, which includes transport, accommodation, information and communication, finance, real estate, and professional services, produced 49% of the overall value added in 2023.

The industry sector, covering manufacturing, mining, utilities, and waste management, accounted for 7% of all enterprises and 21% of all workers, while contributing 29% of the EU’s total value added.

Elsewhere, trade comprised 18% of the EU’s overall enterprises and 18% of total employment, as well as 15% of the total value added. Finally, the construction sector accounted for 12% of all enterprises, 9% of employment and 7% of value added, according to Eurostat’s data.

Trade represented 15% of the total value added, with 18% of the EU’s enterprises and an equal share of total employment. The construction sector made up 12% of all enterprises, accounted for 9% of employment, and produced 7% of the value added.

Eurostat‘s dataset excludes public administration and defence; compulsory social security; and activities of membership organisations. Read more here.