Lidl Cyprus, through its annual Socioeconomic Impact Report, showcases its significant contributions to Cyprus’s economy and society. With €126 million added to the GDP, over 2,000 jobs created, and €544,000 invested in community and environmental initiatives, Lidl Cyprus is dedicated to fostering a sustainable and prosperous future for the island.
What is the impact of Lidl Cyprus on the island’s economy and society?
Lidl Cyprus significantly contributes to Cyprus’s economy and society by:
- Adding €126 million to the GDP (0.41% of national GDP)
- Generating €22 million in tax revenues (0.25% of total tax revenue)
- Providing over 2,000 jobs, supporting livelihoods for more than 5,000 individuals
- Investing €544,000 in community and environmental initiatives
- Aligning with the UN Sustainable Development Goals for a sustainable future.
Commitment to Socioeconomic Development
In an impressive display of corporate responsibility, Lidl Cyprus has once again demonstrated its commitment to the Cypriot society and economy. With unwavering transparency, the company has prepared its sixth Socioeconomic Impact Report covering March 2022 to February 2023. This annual report is a testament to the company’s contributions, both directly and indirectly, across various sectors including employment, economic growth, and social welfare.
The essence of the report lies in its methodical approach to quantifying the impacts brought about by Lidl Cyprus’s operations. The report meticulously evaluates the added value to the local economy, the support for employment, and the financial contributions in the form of taxes and state contributions. By aligning its corporate strategy with the United Nations Sustainable Development Goals, Lidl Cyprus not only sets a benchmark for accountability but also for a sustainably-driven business model.
Economic Contributions and Employment
Lidl Cyprus’s operations have a substantial impact on the island’s economy. The study reveals that over the one-year period, Lidl Cyprus contributed a remarkable €126 million to the Gross Domestic Product (GDP) of Cyprus. This substantial figure represents 0.41% of the nation’s GDP. Moreover, the retailer has been responsible for adding €22 million in tax revenues, which is equivalent to 0.25% of the total tax revenue collected by the Cypriot state.
As a major employer with a widespread presence across the island, Lidl Cyprus operates 20 stores and boasts one of the largest domestic logistics centers. The company plays a significant role in the labor market, providing over 2,000 jobs, which translates to 0.48% of the total employment in the country. Each direct employment at Lidl Cyprus supports an additional 1.9 jobs, underlining the retailer’s role in supporting a livelihood for more than 5,000 individuals in Cyprus.
Investing in Society and Sustainability
Beyond its economic impact, Lidl Cyprus is deeply invested in the wellbeing of the community and the environment. In the reporting period, the retailer invested €544,000 in various initiatives that bolster Cypriot society and promote sustainable practices. These investments span across sponsorships and donations of products to numerous non-profit organizations, highlighting the company’s dedication to social causes.
Lidl Cyprus recognizes its influential role within the community and strives to ensure that its operations contribute positively to the people and the environment. With a clear vision for the future, the company is committed to fostering a society that thrives economically and socially while maintaining an enduring respect for the natural world.
Ensuring a Sustainable Tomorrow
The commitment of Lidl Cyprus is not limited to current contributions. The company is dedicated to the long-term prosperity of Cyprus, underscoring its intention to remain a pivotal force in building a sustainable and prosperous future. From employing thousands to significant economic injections and environmental initiatives, Lidl Cyprus is paving the way for a brighter tomorrow.
Lidl Cyprus continues to engage with the community through various platforms, ensuring transparency, and ongoing dialogue with customers, stakeholders, and the general public. This approach has solidified the company’s reputation as a trustworthy and socially responsible entity on the island.
Through strategic investments, responsible business practices, and a commitment to sustainable development, Lidl Cyprus is setting an example for corporations everywhere. Its endeavors resonate with a corporate ethos that goes beyond profit, carving a niche as a business that genuinely cares for the community and the environment it operates within.
1. What impact does Lidl Cyprus have on the island’s economy and society?
Lidl Cyprus significantly contributes to Cyprus’s economy and society by adding €126 million to the GDP, generating €22 million in tax revenues, providing over 2,000 jobs, and investing €544,000 in community and environmental initiatives. These contributions support economic growth, employment, and social welfare on the island.
2. How does Lidl Cyprus support employment in Cyprus?
Lidl Cyprus plays a significant role in the labor market, providing over 2,000 jobs, which translates to 0.48% of the total employment in the country. Each direct employment at Lidl Cyprus supports an additional 1.9 jobs, supporting livelihoods for more than 5,000 individuals in Cyprus.
3. What initiatives does Lidl Cyprus invest in to support society and sustainability?
Lidl Cyprus invests €544,000 in various initiatives that bolster Cypriot society and promote sustainable practices. These investments include sponsorships and donations of products to numerous non-profit organizations, highlighting the company’s dedication to social causes and sustainable development.
4. What is Lidl Cyprus’s commitment to the future of Cyprus?
Lidl Cyprus is dedicated to fostering a sustainable and prosperous future for Cyprus. The company is committed to long-term prosperity, employing thousands of individuals, making significant economic contributions, and implementing environmental initiatives. Lidl Cyprus engages with the community through transparency and ongoing dialogue, solidifying its reputation as a trustworthy and socially responsible entity on the island.
