Cyprus Sees Slight Gains In International Investment Position As Current Account Deficit Narrows

by THEFUTURE.TEAM

January 8, 2025

Cyprus’ international investment position (IIP) showed modest improvement in the third quarter of 2024, with the net liability position narrowing to €27,789.1 million, compared to €27,875.8 million in the previous quarter. These provisional figures, released by the Central Bank of Cyprus’ Statistics Department, offer insight into the country’s external economic dynamics during this period.

Adjusted IIP Reflects SPE Exclusions

When adjusted to exclude the impact of Special Purpose Entities (SPEs) — which are treated as non-residents for statistical purposes — the IIP revealed a more significant improvement. The adjusted net liability position dropped to €9,945.9 million in Q3 2024 from €10,010.2 million in Q2 2024, underscoring a positive trend.

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Current Account Deficit Contracts

Preliminary balance of payments data highlighted a substantial reduction in Cyprus’ current account deficit. The deficit shrank from €369.4 million in Q3 2023 to just €29.6 million in Q3 2024, marking a notable year-on-year improvement.

After adjusting for SPEs, the current account deficit stood at €108.2 million in Q3 2024, a significant reduction from €351.6 million in the same quarter of the previous year. This adjustment reflects a clearer picture of the underlying economic performance, excluding the disproportionate influence of SPEs.

External Debt Insights

Gross external debt fell slightly to €261,534 million in Q3 2024, down from €262,098.6 million in the preceding quarter. However, external assets in debt instruments decreased more sharply, falling to €243,834 million from €249,665.7 million in Q2 2024. As a result, Cyprus’ net external debt climbed by €5,267.1 million, reaching €17,700 million.

When factoring out SPEs, gross external debt was significantly lower, at €59,257 million in Q3 2024, down from €61,077.4 million in Q2. Correspondingly, the net external debt adjusted for SPEs dropped to -€20,789.7 million, compared to -€19,239.7 million in the previous quarter.

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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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