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Cyprus Economic Index Up 1.2%, extending Growth Trend

by THEFUTURE.TEAM

The Cyprus Composite Leading Economic Index (CCLEI), developed by the Economics Research Centre (CypERC) of the University of Cyprus, showed a year-over-year increase of 1.2% in November 2024.

This marks the third consecutive month of growth, following similar increases of 1.2% in October and 1.0% in September, based on the latest revised data.

The sustained growth of the CCLEI reflects the positive performance of its underlying components. Key drivers include improvements in the Economic Sentiment Indicator (ESI) for both Cyprus and the eurozone, alongside a decrease in Brent crude oil prices compared to November 2023. Domestically, the CCLEI benefited from rising property sales contracts, increased tourist arrivals, growth in credit card transactions, expansion in retail sales volumes, and higher electricity production.

The CCLEI serves as a predictive tool for economic activity in Cyprus, combining various indicators to provide insights into future trends. The recent growth highlights optimism in key sectors like tourism, real estate, and retail, as well as a recovery in consumer confidence. Policymakers and investors can view this upward trend as a sign of sustained economic resilience heading into 2025.

Only 1% Of Cyprus Farms Use Precision Farming Technologies

by THEFUTURE.TEAM

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.

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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