Cyprus hourly wage below EU average at €15.6

1267 views
1 min read

Last year, the average hourly wage and salaries in the whole economy were estimated to be €15.6 in Cyprus but below the €22.9 for the EU and €25.5 in the euro area, according to Eurostat.

Compared with 2021, they increased by 7.5% in Cyprus, 4.4% in the EU and 4.0% in the euro area.

Within the euro area, hourly wages and salaries grew among all members.

They increased the least in Italy, Malta, and Finland (+2.3% each) and the most in Lithuania (+13.4%), Estonia (+8.8%) and Croatia (+8.7%).

For countries outside the euro area, the hourly wages and salaries expressed in national currency also increased in all countries.

They increased the least in Denmark (+2.2%) and Sweden (+3.0%) and the most in Hungary (+16.4%), Bulgaria (+15.5%), Romania (+12.3%) and Poland (+11.7%).

In 2022, compared with 2021, hourly wages and salaries in the euro area rose by 2.9%, mainly non-business economy and 4.4% in the business economy: +3.9% in industry, +4.9% in construction, and +4.5% in services.

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

In Cyprus, there was a 7.5% increase in industry, a 4% increase in construction and a 9.7% increase in services.

In the EU, the economic activities that recorded the highest annual increases in hourly wages and salaries were mining and quarrying (+9.6%), followed by professional, scientific and technical activities (+6.4%) and electricity, gas, steam and air conditioning supply along with financial and insurance activities (both +5.6%).

In Cyprus, the economic activities that recorded the highest annual increases in hourly wages and salaries were accommodation and food service activities (+24.5%), arts, entertainment and recreation (+19.2%), information and communication (+13.1%) and administrative and support service activities (+9%).