Cyprus Sees Decline In Loans And Rise In Deposits In October 2024

by THEFUTURE.TEAM

November 29, 2024

Cyprus experienced contrasting financial trends in October 2024, with total loans decreasing by €213 million while deposits increased by €377.6 million, according to data released by the Central Bank of Cyprus.

Deposits on the Rise

Total deposits reached €54.6 billion in October, recording a net increase of €377.6 million compared to a €485.7 million rise in September. The annual growth rate of deposits climbed to 5.4%, up from 4.5% the previous month.

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Deposits by Cypriot residents contributed significantly, with an increase of €230.2 million. Within this category:

Household deposits rose by €64.9 million.
Deposits from non-financial corporations increased by €115.8 million.
Other domestic sectors added €49.4 million to the total.

Loans Continue to Decline

The total loan portfolio shrank to €24.8 billion in October, following a €213 million net decrease, in contrast to a €107.3 million increase in September. The annual growth rate of loans remained steady at 2%.

Loans to Cypriot residents dropped by €130.4 million, with mixed performance across sectors:

Household loans saw a modest increase of €9.4 million.
Loans to non-financial corporations declined sharply by €132.2 million.
Other domestic sectors recorded a €7.6 million reduction in loans.

Key Insights

The data suggests a cautious approach by borrowers amid economic conditions, alongside growing confidence in savings, as reflected by the increase in deposits. This trend highlights a shift in financial behaviour within Cyprus, with implications for lending strategies and deposit incentives in the coming months.

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Only 1% Of Cyprus Farms Use Precision Farming Technologies

by THEFUTURE.TEAM

July 24, 2026

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.

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