We give a formula for the multiplicity of a holomorphic mapping $f:{ℂ}^n\supset \Omega \to {ℂ}^m$, m > n, at an isolated zero, in terms of the degree of an analytic set at a point and the degree of a branched covering. We show that calculations of this multiplicity can be reduced to the case when m = n. We obtain an analogous result for the local Łojasiewicz exponent.