Cyprus hourly labour cost rises by 5.4 per cent in fourth quarter

Cyprus has seen a 5.4 per cent increase in hourly labour costs, referred to as the total cost, during the fourth quarter of 2023, compared to the corresponding period in 2022, according to a report released this week by the Cyprus Statistical Service (Cystat).

The report, which is based on preliminary data, revealed that both components constituting the labour cost witnessed significant hikes.

Monthly wages and salaries per hour worked surged by 5.6 per cent, while the non-wage cost per hour worked rose by 4.6 per cent when compared to the fourth quarter of 2022.

This surge follows a similar trend observed in the third quarter of 2023, where the hourly labour cost recorded a 5.4 per cent increase compared to the same period in 2022.

Moreover, in the fourth quarter of 2022, the hourly labour cost saw a rise of 3.2 per cent compared to the corresponding period in 2021.

Furthermore, the seasonally adjusted hourly labour cost experienced a 1.2 per cent increase compared to the previous quarter.

Analysing specific components, the seasonally adjusted hourly labour cost attributed to monthly wages and daily salaries increased by 1.3 per cent, while the non-wage hourly cost, adjusted for seasonal fluctuations, climbed by 0.8 per cent.