Cyprus’ Economic Momentum: Stability, Growth, and a Resilient Banking Sector

by THEFUTURE.TEAM

February 7, 2025

Cyprus continues to show economic resilience, with strong fiscal policies and key industries driving growth. Speaking at the Cyprus Shipping Chamber (CSC), Central Bank Governor Christodoulos Patsalides highlighted a sharp decline in public debt and a positive GDP outlook.

Public debt fell from 114% of GDP in 2020 to 74% in 2023, with a target of below 50% by 2028. The CBC forecasts 3.7% growth for 2024, well above the Eurozone’s 0.7%, driven by technology, trade, tourism, financial services, shipping, and construction. Annual GDP growth is expected to remain around 3% through 2027, supported by rising domestic demand and infrastructure investments under the Recovery and Resilience Plan.

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Shipping, Employment, And Inflation

Despite global challenges, Cyprus’ shipping sector remains strong, ranking third in service exports at 17.2%. Unemployment fell to 5% in 2024, with a projected drop to 4.6% by 2027, outperforming the Eurozone’s 6.1%. Inflation eased to 2.2% in late 2024, with forecasts stabilizing near 2% through 2027.

Banking Sector: Progress With Challenges

Cyprus’ banking sector has strengthened, with the non-performing loan (NPL) ratio dropping from 7.9% in December 2023 to 6.5% in September 2024. However, the country still lags behind the EU average of 1.9%. Patsalides urged weaker banks to accelerate improvements.

With sound fiscal policies, a stable banking system, and ongoing investment, Cyprus is well-positioned for sustained growth despite global uncertainties. “We are strategically prepared for the challenges ahead,” Patsalides concluded.

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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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