In nominal terms, earnings in Cyprus went up by an average of 7 per cent on an annual basis, according to data just released by the Statistical Service.

Average gross monthly wages at the end of the second quarter of 2023 stood at €2,250, compared to €2,091 at the end of the second quarter of 2022.

Adjusted for seasonal fluctuations, average earnings at the second quarter of 2023 were €2,346 – a 1.6 per cent rise compared to the first quarter of the same year.

For the second quarter of this year, average gross monthly earnings for men were €2,437, and €2,016 for women. Compared to the same quarter of 2022, the increases for men and women were 8.3 per cent and 6.2 per cent, respectively.

For the whole of 2022, average monthly earnings (gross) stood at €2,202.

Nominally, average wages grew by 7 per cent compared to 2022. But in real terms – taking inflation into account – earnings contracted by 1.2 per cent.

The median monthly earnings (gross) were at €1,701.

The data concerns the wages of employees.