Cyprus Records 7% Annual Increase in Salaries

Recent data released by the Statistical Service reveals a noteworthy surge in earnings within Cyprus, with a nominal average increase of 7% on an annual basis. As of the close of the second quarter of 2023, the average gross monthly wage stood at €2,250, up from €2,091 during the same period in 2022.

Adjusted for seasonal fluctuations, earnings for the second quarter of 2023 reached €2,346, signifying a 1.6% uptick compared to the preceding quarter.

Breaking down the figures, men earned an average gross monthly wage of €2,437, while women earned €2,016 during the second quarter of this year. These numbers indicate an 8.3% increase for men and a 6.2% increase for women, compared to the corresponding quarter in 2022. Looking at the entirety of 2022, the average monthly gross earnings stood at €2,202.

However, when considering inflation, the nominal 7% increase in average wages for 2022 translates to a 1.2% contraction in real terms. The median gross monthly earnings were recorded at €1,701.

It's important to note that this data specifically pertains to the wages of employees. This substantial rise in earnings indicates positive economic trends within Cyprus, with both nominal and adjusted figures demonstrating a significant boost in income levels. As the year progresses, economists and analysts will closely monitor these trends for further insights into Cyprus' economic landscape.

By fLEXI tEAM