n 2023, Cyprus recorded a notable boost in salaries, with the average gross monthly wage for employees reaching €2,363 — an increase of 7.3% from the previous year, according to the Cyprus Statistical Service. This follows a similar trend seen in 2022 when salaries rose by 7.1%, underscoring a pattern of steady wage growth over recent years.
Sector-Specific Growth Leading Wage Increases
The growth in wages varies significantly by industry. The information and communication technology (ICT) sector saw the largest jump, with salaries climbing 14.5%, while sectors like financial services also posted solid gains. In contrast, areas like agriculture saw much smaller increases, with wages remaining relatively stable.
Gender Pay Disparities Persist
Men continue to out-earn women, with average monthly earnings of €2,390 for men versus €2,015 for women. This gender pay gap remains a focus of ongoing discussions, especially given that women disproportionately occupy lower-income brackets.
Comparison with Other EU Nations
While Cyprus has seen consistent wage improvements, its average salaries still fall below those of wealthier European Union countries. According to Eurostat, the average salary in Cyprus — approximately €2,250 monthly or €27,000 annually — reflects a year-over-year increase of 7.6%, aligning with economic trends seen across Southern Europe.
However, when viewed alongside other EU nations, Cyprus remains mid-range. For example, Cyprus is ahead of some Eastern European nations like Bulgaria, where the average monthly salary is around €1,205, but falls far below high-paying countries such as Luxembourg, where average annual salaries reach €81,100, and Denmark at €67,600.
At the lower end of the EU spectrum, nations like Bulgaria (€13,500 annually) and Hungary (€16,900 annually) report significantly lower earnings, placing Cyprus in a comparatively favorable position, albeit still below the EU average of €37,900.
Overall, Cyprus’ salary growth reflects positive economic progress, though it remains behind the EU’s higher earners.
Source: Knews