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University of Cyprus ERC Boosts 2024 Economic Growth Forecast to 3.5%

by THEFUTURE.TEAM

The University of Cyprus Economic Research Centre (ERC) has updated its 2024 economic growth forecast for Cyprus, projecting a rise to 3.5% due to favorable economic conditions observed in early and mid-2024. The projection for 2025 remains steady at 3.3%. Key growth drivers include a stable labor market, controlled inflation, and lower interest rates, while ongoing positive trends in tourism, consumer spending, and vehicle registrations further boost economic activity. The ERC also mentions potential risks, including external economic conditions, fiscal policies, and geopolitical events that could impact growth stability.

ERC reports robust domestic indicators for the third quarter of 2024, including higher tourist arrivals, increased property transactions, and a reduction in unemployment. Nonetheless, it highlights that sustained reforms and investment are crucial to supporting projected growth and addressing potential challenges, such as climate risks and external inflation pressures.

It also underlines that “fiscal risks owing to pending infrastructure projects and incomplete reforms could lead to lower-than-projected growth. On the other hand, a stronger reform drive, new investments, and targeted measures to address cost-of-living pressures may result in better-than-forecast growth rates.”

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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