Cyprus sees 7.5 per cent rise in hourly wages in 2022

Eurostat, the statistical service of the EU, this week released a report showing that hourly wages and salaries in the whole economy rose in 2022, with the average hourly wage in Cyprus estimated at €15.6, rising to €22.9 for the EU, and €25.5 for the euro area.

These figures represent a year-on-year increase of 7.5 per cent in Cyprus, 4.4 per cent in the EU, and 4.0 per cent in the euro area.

In the euro area, hourly wages and salaries increased across all member countries. The smallest increases were seen in Italy, Malta, and Finland (+2.3 per cent each), while the largest increases were recorded in Lithuania (+13.4 per cent), Estonia (+8.8 per cent), and Croatia (+8.7 per cent).

For EU countries outside the euro area, hourly wages and salaries expressed in national currency increased in all countries. The smallest increases were seen in Denmark (+2.2 per cent) and Sweden (+3.0 per cent), while the largest increases were recorded in Hungary (+16.4 per cent), Bulgaria (+15.5 per cent), Romania (+12.3 per cent), and Poland (+11.7 per cent).

What is more, hourly wages and salaries in the euro area rose by 2.9 per cent in the (mainly) non-business economy and by 4.4 per cent in the business economy, with increases of +3.9 per cent in industry, +4.9 per cent in construction, and +4.5 per cent in services.

In the EU, hourly wages and salaries grew by 3.2 per cent in the (mainly) non-business economy and by 4.9 per cent in the business economy, with increases of +4.6 per cent in industry, +5.2 per cent in construction, and +5.0 per cent in services.

In Cyprus, hourly wages and salaries increased by 7.5 per cent in industry, 4 per cent in construction, and 9.7 per cent in services. The economic activities that recorded the highest annual increases in hourly wages and salaries in Cyprus in 2022 were accommodation and food service activities (+24.5 per cent), arts, entertainment, and recreation (+19.2 per cent), information and communication (+13.1 per cent), and administrative and support service activities (+9 per cent).

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 per cent), followed by professional, scientific and technical activities (+6.4 per cent), and electricity, gas, steam, and air conditioning supply, along with financial and insurance activities (both +5.6 per cent).