Economy category powered by

Hourly wages up in Cyprus but still below EU average

The average hourly wage and salary increased by 7.5% in Cyprus last year compared to the year before, reaching €15.60/h.

Though an improvement, and higher than the 4.4% and 4.0% increases in the EU and euro area respectively, it still remains significantly lower than the EU’s average hourly wage of €22.90/h (€25.50/h in the euro area).

The figures were released by Eurostat, which said that in 2022 compared with 2021, hourly wages and salaries in the euro area rose by 2.9% in the (mainly) non-business economy and by 4.4% in the business economy: +3.9% in industry, +4.9% in construction and +4.5% in services. In the EU, they grew by 3.2% in the (mainly) non-business economy and by 4.9% in the business economy: +4.6% in industry, +5.2% in construction and +5.0% in services.

In Cyprus, there was a 7.5% increase in industry, a 4% increase in construction and a 9.7% increase in services. The economic activities that recorded the highest annual increases in hourly wages and salaries were accommodation and food service activities (+24.5%), arts, entertainment and recreation (+19.2%), information and communication (+13.1%) and administrative and support service activities (+9%).

In the EU, the economic activities that recorded the highest annual increases in hourly wages and salaries in 2022 were mining and quarrying (+9.6%), followed by professional, scientific and technical activities (+6.4%) and electricity, gas, steam and air conditioning supply along with financial and insurance activities (both +5.6%).

Hourly wages and salaries increased the least in Italy, Malta and Finland (+2.3% each), and the most in Lithuania (+13.4%), Estonia (+8.8%) and Croatia (+8.7%).

For EU countries outside the euro area, the hourly wages and salaries expressed in national currency also increased in all countries.

They increased the least in Denmark (+2.2%) and Sweden (+3.0%) and the most in Hungary (+16.4%), Bulgaria (+15.5%), Romania (+12.3%) and Poland (+11.7%).

Read More

Due to popular demand: InBusiness magazine’s ‘1000+ Biggest Companies in Cyprus’ available until 30 November
City of Dreams Mediterranean to host international cocktail championship
Frederick University workshop on CSRD and impact of ESG on corporate risk and financing
THEMIS: Online auction featuring residential and agricultural land plots with reserve prices starting from €11,300
Jason Cave: There is a need for strong regulatory mechanisms in the fintech ecosystem
New contractor to be sought for Paphos-Polis Chrysochous road
Contracts for €175m projects about to be signed ahead of announcement of more worth €696m
Cyprus and 50 other countries in coalition to fight cyber-attacks on healthcare facilities
CySEC warns about fake posts and scams on TrustPilot and Google Business
Cyprus-based UAMCO and the US’s GE Aerospace enter milestone MRO collaboration