Cyprus average earnings at EUR 1,810 in Q3

The average monthly earnings of employees in the third quarter of 2009 in Cyprus reached EUR 1,810 (males EUR 1,990 and females EUR 1,588) according to the preliminary estimates of the Statistical Service.
Compared with the third quarter of 2008, an increase of 3.2% was recorded in the average monthly earnings of employees (males 2.8% and females 3.9%).
The corresponding increase observed during the third quarter of 2008 was 9.2%, indicating that the rate of increase of the level of earnings in Cyprus was lower in 2009 compared to 2008.
The Statistical Service said that this was partly due to the (inflation-indexed) Cost of Living Allowance (C.O.L.A.) on the gross earnings of employees, which resulted in the decrease of salaries by 1.44% from July 2009. In comparison with the second quarter of 2009 (seasonally adjusted data) there was a marginal increase of 0.1% in the average monthly earnings of employees (males 0.1% and females 0.3%).
The corresponding increase observed during the third quarter of 2008 was 1.8%.