Average monthly earnings in Cyprus rise by 7.2 per cent

Preliminary data released by the state’s statistical service on Thursday revealed a 7.2 per cent increase in average gross monthly earnings for employees during the first quarter of 2023, compared to the same period in 2022.

According to the data, the average gross monthly earnings for employees during the first quarter of 2023 are estimated at €2,217, compared to €2,068 during the same quarter in 2022.

Adjusted for seasonal variations, the average gross monthly earnings during the first quarter of 2023 are estimated at €2,289, representing a 2.5 per cent increase compared to the fourth quarter of 2022.

During the first quarter of 2023, the average gross monthly earnings for men are estimated at €2,376, while for women, the figure stands at €2,016.

In comparison to the first quarter of 2022, the average monthly earnings for men and women increased by 7.3 per cent and 6.7 per cent, respectively.

The data highlights a positive trend in employee earnings, indicating steady growth in salaries for the first quarter of this year.

However, it should be noted that this increase could be attributed to various factors, including economic recovery, inflationary pressures, and adjustments in labour market conditions.

Further analysis and a comprehensive report on employment and earnings statistics for the aforementioned period are expected to be published by the Cyprus Statistical Service (Cystat) in the coming weeks.

These findings will provide deeper insights into the evolving dynamics of the domestic labour market and its impact on the overall economy.