Cyprus Current Account Deficit Widens As Services Surplus Narrows

Cyprus recorded a current account deficit of €1.3 billion in the first quarter of 2026, according to Eurostat, as a smaller services surplus weighed on the country’s external balance.

The figures, which are neither calendar nor seasonally adjusted, show the deficit widened from €1.0 billion in the first quarter of 2025.

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A Softer Services Position

Services remained the main contributor to Cyprus’ external accounts, although the surplus narrowed to €1.2 billion in the first quarter from €1.5 billion a year earlier. Throughout 2025, the services balance stood at €2.3 billion in the second quarter, €2.9 billion in the third and €2.5 billion in the fourth.

Cyprus’ current account remained in deficit throughout last year, recording shortfalls of €0.4 billion in the second quarter, €0.1 billion in the third and €0.8 billion in the fourth before widening again at the start of 2026.

European Union Posts Wider Surplus

Across the European Union, the seasonally adjusted current account surplus increased to €113.4 billion, or 2.4% of GDP, in the first quarter of 2026, up from €99.2 billion in the previous quarter and €104.9 billion a year earlier.

The improvement came despite a narrower goods surplus, which fell to €66.7 billion from €89.0 billion, while the services surplus increased to €52.1 billion from €43.9 billion.

Member State Divergence Remains Wide

Based on non-seasonally adjusted data, 16 EU member states recorded current account surpluses in the first quarter, while 10 posted deficits. France did not report data.

Germany recorded the largest surplus at €61.8 billion, followed by the Netherlands (€26.3 billion) and Ireland (€17.4 billion).

Among deficit countries, Greece posted the largest shortfall at €6.6 billion, ahead of Romania (€5.3 billion), Croatia (€3.4 billion) and Bulgaria (€2.4 billion). Cyprus also remained in deficit, at €1.3 billion.

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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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