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Cyprus Leads EU GDP Growth With Highest Annual Increase In Q3 2024

by THEFUTURE.TEAM

In the third quarter of 2024, Cyprus achieved the highest annual GDP increase among EU member states, recording a notable 3.8% growth, along with the second-highest quarterly rise of 1.0%, according to Eurostat’s latest report. 

Across the EU, seasonally adjusted GDP grew by 0.3% during the same period, with the eurozone experiencing a slightly higher quarterly increase of 0.4%. This compares to Q2 growth rates of 0.3% in the EU and 0.2% in the eurozone. Year-over-year, GDP rose by 1.0% in the EU and 0.9% in the eurozone, reflecting steady progress. 

For context, the U.S. reported a 0.7% GDP increase in Q3 2024, consistent with its Q2 performance. On an annual basis, the U.S. economy grew by 2.7%, a slight slowdown from 3.0% in the previous quarter.

Employment in the EU and eurozone also edged up, with quarterly increases of 0.1% and 0.2% respectively, and annual gains of 0.8% in the EU and 1.0% in the eurozone, signalling continued, if modest, job growth. 

Cyprus’ exceptional GDP performance underscores its economic strength within the EU amid broader regional and global trends.

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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