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Cyprus Sees 10% Annual Decline In Registered Unemployed Persons In July

by THEFUTURE.TEAM

August 6, 2024

The latest data from Cyprus reveals a notable 10% annual decline in registered unemployed persons for July, signalling a positive trend in the nation’s labour market. This reduction reflects the ongoing recovery and resilience of the Cypriot economy, which has been navigating the complexities of post-pandemic challenges. The decrease in unemployment underscores the effectiveness of strategic economic policies and the adaptability of the workforce.

The decline in unemployment figures is a testament to the robust measures implemented by the government to stimulate job creation and economic growth. Various initiatives, including incentives for businesses to hire and retain employees, targeted support for key industries, and investment in training and education programs, have contributed significantly to this positive outcome. These efforts have not only provided immediate relief but also laid the groundwork for long-term economic stability.

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A crucial factor behind this improvement is the recovery of the tourism sector, a cornerstone of the Cypriot economy. As global travel restrictions have eased, there has been a resurgence in tourist arrivals, boosting employment in hospitality, retail, and related services. This uptick in tourism has had a multiplier effect, creating job opportunities and stimulating local businesses, thereby reducing the overall unemployment rate.

Additionally, the construction sector has shown remarkable resilience, driven by both public infrastructure projects and private investments. The demand for residential and commercial properties has remained strong, further supporting job creation in construction and allied industries. Government-backed infrastructure initiatives have also played a pivotal role in sustaining employment levels, demonstrating the importance of strategic public investment in economic recovery.

The technology and services sectors have also contributed to the decline in unemployment. With a growing emphasis on digital transformation, many companies in Cyprus have expanded their operations, leading to increased demand for skilled professionals in IT, finance, and business services. The government’s focus on fostering a conducive environment for startups and tech firms has further propelled job creation in these high-growth areas.

However, while the reduction in unemployment is a promising sign, the CBC Governor’s call for vigilance remains pertinent. It is essential to address potential challenges that could impact the labour market, such as global economic uncertainties, inflationary pressures, and potential disruptions from geopolitical tensions. Maintaining a proactive stance in monitoring and mitigating these risks is crucial to sustaining the positive employment trend.

Moreover, ensuring that the benefits of economic recovery are widely distributed across all segments of society is imperative. Policies aimed at promoting inclusive growth, such as supporting small and medium-sized enterprises (SMEs), enhancing workforce skills, and providing social protection for vulnerable groups, are vital for creating a resilient and equitable labour market.

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Only 1% Of Cyprus Farms Use Precision Farming Technologies

Cyprus remains one of the European Union’s least digitised agricultural economies, with just 1% of farms using precision farming technologies in 2023, according to Eurostat.

The findings come as the EU continues to encourage the adoption of digital tools aimed at improving agricultural productivity, efficiency and sustainability.

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Internet Access Expands, But Digital Uptake Lags

Internet access has improved across the bloc, although adoption remains uneven. Eurostat found that 43% of EU farms had internet access in 2023, with northern and central European countries leading the way.

Denmark, Germany, Slovakia, Latvia, the Czech Republic and Austria all reported internet access rates above 90%.

Greater connectivity, however, has not translated into widespread digital adoption. Farm management information systems, which help farmers manage day-to-day operations, were used by only about 11% of EU farms. France was a notable exception, with around 60% of farms using the technology.

Precision Farming Concentrated In Larger Operations

Robotics adoption also remained relatively limited, with only about 7% of EU farms using robotic technologies. Overall, around 18% of farms with utilised agricultural area employed at least one precision farming technology or practice in 2023.

These included robotics for plant protection, band spraying, variable-rate application, precision crop monitoring and soil analysis. Despite representing fewer than one in five farms, these holdings accounted for around 44% of the EU’s utilised agricultural area.

The figures suggest that precision farming remains concentrated among larger agricultural businesses, where investment in digital technologies is typically easier to support.

Cyprus Lags Behind EU Leaders

Luxembourg, Finland and Estonia recorded the highest shares of utilised agricultural area managed by farms using precision farming technologies, each exceeding 75%.

At the other end of the ranking, Cyprus recorded just 1%, while Greece and Romania reported between 10% and 15%. The results indicate that Cyprus remains at an early stage of digital adoption in agriculture, even as precision farming becomes more widespread across parts of the European Union.