Cyprus Economy Thrives: Strong Q3 GDP Growth and Retail Boom in October

by THEFUTURE.TEAM

December 3, 2024

Cyprus’s economic performance continues to shine, with a GDP growth rate of 3.9% in real terms for the third quarter of 2024, marking a significant increase compared to the same period in 2023. The Cyprus Statistical Service revealed the figures on Monday, noting that seasonally and working day adjusted data placed growth at a slightly lower yet solid 3.8%.

The economic expansion is fueled by notable contributions from key sectors, including Hotels and Restaurants, Construction, Information and Communication, and Wholesale and Retail Trade, including Motor Vehicle Repairs.

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Retail Sector Posts Impressive Gains in October

In October 2024, retail trade recorded substantial year-over-year growth, reflecting a 4.7% rise in turnover value and a 4.6% increase in turnover volume, according to the Cyprus Statistical Service.

Specialised stores selling Food, Beverages, and Tobacco led the value index gains, while the volume index saw the largest boost from Cultural and Recreational Goods, such as books, stationery, sports equipment, and toys.

Conversely, Retail Sales Not in Stores experienced the most notable decline across both indexes.

For the first ten months of 2024, the Value Index of retail trade grew by 5.2%, with the Volume Index climbing by 4.1%, compared to the same period in 2023.

These figures underscore a vibrant and resilient economic landscape, with growth driven by diverse and dynamic sectors.

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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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