Financial and insurance services companies make up 15.6 per cent of the 87,971 companies registered on the island, rapidly catching up with wholesale and retail trade activities which accounted for 20 per cent in 2015.

The past five years have seen a dramatic change. In 2010, according to the National Statistics Office, there were 73,116 registered businesses – meaning the island has seen a 20 per cent increase. And at that time, financial and insurance services only accounted for 10 per cent of activity.

The past five years have seen a dramatic change

In third place now is professional, scientific and technical activities.

The pace of activity has been increasing, with 6,262 companies being created in 2010 – but almost double that (11,721) last year.

The number of businesses closing down has been fluctuating between 3,000 and 4,000 a year – apart from outlier 2011, when 10,686 companies were taken off the register.

The size of companies has remained strongly biased towards microenterprises which employ less than 10 people, 85,673 out of the 87,971 or 97.4 per cent.

There were only 100 companies which employ more than 250 people, and 440 which employ between 50 and 249.